Economics

Barney Frank to Spend TARP Profits?

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barney frank

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.

NEXT: Coming to America

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  1. 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!

  2. Incoming condo market manipulation. Real estate bubble part deux.

  3. Pay of the debt you flaming douchebag!

  4. 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.

  5. Caption contest: “Betcha can’t guess where this has been!”

  6. If the money was just put aside, it might be enough to cover Rep. Frank’s congressional pension.

    Barely.

  7. 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)

  8. Did anyone seriously believe that we’d ever see any of this money ever again? HopenChange strikes again! Yay Obama!

    Fahk.

  9. Loving the “Spread the Word” popover. Very nice.
    All the competent webmasters gone home for the holiday?

  10. 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!

  11. 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?

  12. @ 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

  13. Until Barney Frank is hanged for his central role in the housing crisis, I know this country is doomed.

  14. 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.

  15. Pay off the debt you flaming douchebag!

    I think he’s trying to pay off his personal debt.

  16. faegs

    Medieval in their ass.

  17. Caption contest: “Viagra. For when you need it to be Just Like This.

  18. shrike, that was a horrible troll attempt, even for you. Have another dose of meds.

  19. The Honorable Barney Frank: “I would let adults do a lot of things, if they choose.”

    See, he’s not so bad.

  20. 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?

  21. 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?

  22. 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.

  23. 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.

  24. 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

  25. 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

  26. When I dump $800 in a slot machine and on the last pull I win $10, can I call it “profit”?

  27. Not at all surprised that shrike knows nothing about his field.

  28. 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.

  29. 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.

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