THE NC Herd Fan
Hall of Famer
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I Root For: Marshall
Location: Charlotte
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WE MUST SPEND IT NOW!!!!
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.
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07-02-2009 05:31 PM |
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GrayBeard
Whiny Troll
Posts: 33,012
Joined: Nov 2003
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I Root For: My Kids & ECU
Location: 523 Miles From ECU
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RE: WE MUST SPEND IT NOW!!!!
OK, so let's take more $$$ from the Taxpayers/consuming public so they won't have it to spend on Main Street, and let's give that $$$ to Main Street.
Gee, that makes a lot of sense.
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07-02-2009 06:45 PM |
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Fo Shizzle
Pragmatic Classical Liberal
Posts: 42,023
Joined: Dec 2006
Reputation: 1206
I Root For: ECU PIRATES
Location: North Carolina
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RE: WE MUST SPEND IT NOW!!!!
(07-02-2009 05:31 PM)THE NC Herd Fan Wrote:
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.
I agree..but..Lets not forget that Bush was the author of the TARP. There is plenty of blame to go around.
Over 90% of calls,letters and faxes to the nations leaders were in opposition to these bailouts. Yet....they happened. Anyone that thinks for a second that they have ANY voice in Washington...might need to reevaluate their thinking.
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07-02-2009 06:50 PM |
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Tripster
Most Dangerous Man on a Keyboard
Posts: 3,140
Joined: Nov 2008
Reputation: 16
I Root For: The Best Only
Location: Where the Action is
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RE: WE MUST SPEND IT NOW!!!!
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WHAT DID I TELL YA - WHAT DID I TELL YA - WHAT DID I TELL YA !!!! ??????
We would never see a single penny of that money back ... EVER.
And I was laughed out of the conversation by some here .....
WELL LAUGH YOUR ASSES OFF NOW HONEY CHILDS !!!!!!!
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07-03-2009 08:21 AM |
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Artifice
1st String
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Joined: Jul 2008
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I Root For: Beer
Location:
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RE: WE MUST SPEND IT NOW!!!!
I disagree with Frank on this. It has been my concern that this would happen.
That money either needs to go to its legislated purpose (reduce debt), or refunded pro rata to taxpayers.
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07-03-2009 09:13 AM |
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