Quote:When President Obama announced on June 9 that some financial institutions would be allowed to repay Troubled Asset Relief Program dollars, he said the massively expensive TARP bailout had made money for the federal government. "It is worth noting that in the first round of repayments from these [TARP recipients], the government has actually turned a profit," the president said. Indeed, TARP supporters have long held out the hope that the program might be profitable.

Wow!!! This is great news!!!! We'll be able to reduce the National Debt!!!

Quote: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.

But, I thought these were temporary loans and the TARP program would pay the American Taxpayers back with INTEREST!!! Looks like Barney wants as NO interest in paying back the taxpayers, rather REDISTRIBUTING the wealth to the NO Tax Payers.

Quote: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."

So this is borrowed money FROM the American taxpayers we will never get back. What a load of CRAP!!!!

Barney Frank: Let's spend TARP profits before taxpayers can get them

When you read stuff like this it makes you wonder why anyone with even half a brain would vote for a democrat.

half a brain, Robert N sorry to have set the bar so high, don't feel obligated to reply to this we know why you vote democrat.