The Washington Examiner's
Byron York
reported yesterday that Rep. Barney Frank (D-Mass.) has plans
for the cash coming in as banks repay TARP money:
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 other words, Frank wants to take any profit the government
would have made off of TARP and immediately spend it on low income
housing and mortgage subsidies. Never mind that TARP legislation
says
that any money the government receives from institutions paying off
their bailouts "shall be paid into the general fund of the Treasury
for reduction of the public debt."
While most institutions are still struggling to stay afloat, much
less pay back TARP funds, it still remains to be seen if the
stimulus program will ultimately end up paying for itself. In the
meantime however, it seems as if Frank is doing his darndest to
prevent what could be a positive outcome. Oh yeah, and did I
mention that the U.S.
debt is currently over $11.5
trillion?
Reason's Nick Gillespie on the failures of Barney Frank
here.
I say they should divert the money to fund a giant toga party on the Mall, including orgies, chemical stimulation, and anything else that comes to mind. Don't worry, the media won't take any pictures or report on the event in any way. Have fun!
the "TARP for Main Street Act of 2009"
Look on the bright side. It could have been the "Family
TARP for Main Street Act of 2009."
I would hope--by this egregious omission--that Barney Frank will
never reproduce.
And that's a good thing.
If the money was just put aside, it might be enough to cover
Rep. Frank's congressional pension.
Barely.
Since nobody really expected that money to be paid back, it's
just like found money.
At least when NJ "found" $400 million, they gave it directly to
middle class tax payers.
(It did go through)
Did anyone seriously believe that we'd ever see any of this
money ever again? HopenChange strikes again! Yay Obama!
Fahk.
Loving the "Spread the Word" popover. Very nice.
All the competent webmasters gone home for the holiday?
Let me guess. The "profits" will be based on sale vs. purchase price of assets, rather than outlays vs. income. Thus, TARP will lose money AND some of that money will be called "profits" which will be promptly wasted. I love government!
Frank wants to take any profit the government would have
made off of TARP and immediately spend it on low income housing and
mortgage subsidies.
So he wants to continue to try to artificially inflate house prices
while subsidizing the high cost of housing. Does Barney Frank have
a space heater next to his air conditioner?
@ mark @ 6:22pm
I am shocked! Shocked, I tell you, that you could suggest that
government could twist the meaning of words to perpetrate deception
and justify fiscal irresponsibility.
/big government mindset
Until Barney Frank is hanged for his central role in the housing crisis, I know this country is doomed.
Once again, the fucking idiocracy of the "right" jumps into the
fray with the same crap that has relegated them into a sorry 20%
approval rating like the fucking paleo Bushpigs.
We need strong ground rules and free markets - but the Bush-faegs
lick the cum from any real reform that puts markets above
lobbyists.
Pay off the debt you flaming douchebag!
I think he's trying to pay off his personal debt.
shrike, that was a horrible troll attempt, even for you. Have another dose of meds.
The Honorable Barney Frank: "I would let adults do a lot of
things, if they choose."
See, he's not so bad.
So are there any assholes on here *cough* shrike *cough* who continue to insist, despite the absolute fucking mountain of evidence to the contrary, that this piece of shit had no roll in the financial meltdown?
B-
Barney Frank was a minority House member until 2007.
One of 435. No filibuster in the House.
He was nothing.
Bear, Lehman, and Merrill were unregulated. This is my field,
idiot.
I know the fucking fat pedophile says its all Dodd and Frank -
despite the Bush regime of 2002-07.
You are a supine cocksucker, aren't you?
Shrike, this video proves that you're a fat, fag traitor moron just like your fat, fag traitor moron banksta queen idol Bawny fag. Now STFU, you 0-boy salad-tosser.
Bush RULZ! Shrieke SUKZ!
You want proof? I wouldn't look to Fox News. How about getting your
info directly from the horse's mouth. The Man with the power. The
Man who was part of Ayn Rand's inner circle. The Man who discovered
a fundamental flaw in her Philosophy at the expense of the entire
world economy.
In
His own words.
Bear, Lehman, and Merrill were unregulated. This is my
field, idiot.
This is even more stupid than most of your posts, and that is a
challenge.
Only a complete and total imbecile believes that major financial
institutions were "unregulated".
That is my field being an idiot.
FTFY
Are you fed up with our insane, out of control government? Do
you feel like you're Taxed Enough Already?
TEA parties are taking place tomorrow in over 1,400 cities across
America. Go to one near you and let President Obama and this
worthless Congress know that you've had enough and that you're
Taxed Enough Already!
http://www.teapartyday.com
When I dump $800 in a slot machine and on the last pull I win $10, can I call it "profit"?
Tulpa,
You're misinterpreting shrike's comment - the field in question is
"fucking fat pedophiles". Although it's more of a hobby than a
field, he does have lots of experience with it.
Tricky, imagine if you were the head of a bank, with a monopoly
on money, and with no responsibility to anyone but "the economy".
You might fuck up, no? I mean, you're trying to keep money moving.
No shareholders worried about how safe their money is. You're not
"investing" the bank's deposits, you're creating money out of thin
air. How do you measure success? Inflation targets? That's like
trying to lose only a certain percentage of money every year. If
you go on like that for a while people will start to get the idea
you're easy with money. You get duped by your opportunistic
business partners who you assumed were going to be altruists,
basically.
So when people come asking how you fucked up so bad, what could you
possibly say? I imagine you might say that your ideology was
flawed, or whatever, but that doesn't matter. You had a job no one
could do, and you were the wrong guy for that job. You thought that
people weren't going to take advantage of their favorable situation
on Wall Street, contrary to all common sense.
We need to privatize the banking system if there's going to be any
sanity in our economy. Otherwise it's bubbles till the end of
empire.
Reason on Facebook
Reason on Twitter
Reason on YouTube
Reason RSS
Site comments/questions:
Media Inquiries and Reprint Permissions:
(310) 367-6109
Editorial & Production Offices:
3415 S. Sepulveda Blvd.
Suite 400
Los Angeles, CA 90034
(310) 391-2245