It is called the “TARP for Main Street Act of 2009” which is all about spending the profits and repaid TARP money as it comes in Barney’s way and no, there is no mention of replacing the TARP money anytime soon from where it came.
TARP funds to bail out banks and other entities belong to American taxpayers and upon repayment of said funds were supposed to be repaid to taxpayers. However, the Democratic Party has now decided to recycle the TARP money elsewhere as they deem necessary.
In other words, the Democrats have their own agenda for our money.
“…Rep. Barney Frank, the chairman of the House Financial Services Committee, has come up with a proposal to spend any TARP profits before they can be returned to the taxpayers. Last Friday, Frank introduced the ‘TARP for Main Street Act of 2009,’ a bill that would take profits from the program and immediately redirect them toward housing proposals favored by Frank and some fellow Democrats.
In exchange for receiving TARP money, financial institutions were required to hand over shares of preferred stock that paid a dividend for the government. In theory, if a financial institution paid the dividend faithfully, and then repaid the TARP money, then the government would turn a profit. Last month, the General Accountability Office (GAO) reported that, through June 12, 2009, the government had received $6.2 billion in dividend payments. The original TARP legislation required that money made from the program ‘shall be paid into the general fund of the Treasury for reduction of the public debt.”
Obama is no different than a thug standing on the corners waiting for the perfect mark. The same goes for the rest of the Democratic Party. In this case, the American people are the mark and ripe for the picking.
The government has gone into the loan shark business. Once in debt to a loan shark, getting out is a problem since they would rather stay in your pocket forever. The same goes for government. In fact, several months ago, Frank admitted that he wanted to be in the pocket of every American. Hence, TARP money which belongs to the American taxpayer is no different.
“Frank, however, wants to spend the money before it can be used to pay down anything. First, the ‘TARP for Main Street’ proposal would take $1 billion ‘from dividends paid by financial institutions that have received financial assistance provided under…the Emergency Economic Stabilization Act’ and apply it to a trust fund that Frank has long wanted to create for low-income rental housing. (The measure, unfunded, was part of last year’s bailout of Fannie Mae and Freddie Mac.) Next, Frank would take $1.5 billion from TARP dividends for a so-called ‘neighborhood stabilization’ fund. Republican critics have charged that both measures might allow federal dollars to be distributed to activist groups like the Association of Community Organizers for Reform Now, or ACORN.”
The ‘TARP for Main Street’ bill would also spend $2 billion, apparently from remaining TARP funds, to subsidize people who are delinquent on their mortgages, and another $2 billion to ‘stabilize multifamily properties that are in default or foreclosure.”
Government must not be allowed to PLAY WITH THE TARP MONEY AKA OUR TAXPAYER DOLLARS. That money must go back to the Treasury where it belongs. It is immoral for the Democrats to squander our money, create more debt and headaches for the country while sticking us with the tab.
How does any of this make any sense except to anyone but a Democrat? If the Democratic Party has its way, the TARP money will be gone forever.
Furthermore, why should we allow the Democrats to put this money towards housing projects related to the crisis that they are responsible for.
In my book, Barney Frank, the subprime disaster king spending $1 billion of TARP money for “trust fund for low income housing” and $1.5 billion of TARP money for “neighborhood stabilization” is not acceptable.
Nothing will change and the ghettos will still be ghettos. Who does Frank think he is kidding here? This is nothing more than another Democratic con job.
cross-posted on: http://viewpointsofasagittarian.blogspot.com