Thursday, July 2, 2009

Bozo Barney


See the Asshole in the picture above? Just WAIT until you find out what he's up to this time! He wants to take any and all profits from the TARP repayments and spend them on--wait for it--people that don't pay taxes--AGAIN! If you will remember, any profits were supposed to go toward paying down debt. That was one of the things added into the bailout package to garner the necessary votes to get that piece of shit legislation passed. There is NO WAY, at this early stage of the game to even know if there will be a profit. Sure, maybe a few dividends are being collected right now, but who's to say that all the principal will ever get repaid? What will cover any losses that may, and probably will occur when some of the recipients go belly-up? When is that damned queer going to get aids and die? That's probably the only way we will ever get rid of the jerk, Massachusetts doesn't ever seem to vote the dumb bastards out of office. Kennedy is proof of that! Another thing, why did I have to stumble on this story? This bullshit SHOULD have been front page news in every paper and on every channel!

I am asking EVERYONE who reads this to contact your Senators and Representatives to vote AGAINST this theft! Call, write, or e-mail everyone you know and ask them to do the same. Write a blurb for your local newspapers. Get the word out to the max. If WE don't fight this stupid crap, it is our own fault. Here's the entire disgusting article for your reading displeasure. Here's the link.

Washington Examiner
By: Byron York
Chief Political Correspondent
07/01/09 9:19 PM EDT
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.

But now 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."

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."

Frank's proposal comes at a time when Republicans, and some Democrats, are expressing concern about the continued use of TARP money. Republican Sen. Orrin Hatch recently complained that TARP funds are "now being used as a go-to solution to address all of our nation's economic ills." Hatch and Democratic Sen. Blanche Lincoln recently introduced a bill that would require that TARP money goes back to the Treasury for debt reduction.

Spending the dividend payments now, as Frank proposes, would reduce the chance that TARP might ever be a break-even deal for the taxpayers. "We don't know if TARP is going to be making any money, so taking the dividend payments going back to Treasury is pretty questionable," says one House GOP aide. Indeed, in its June report, the GAO revealed that 17 troubled institutions have not paid their dividends, much less repaid the TARP money itself. And last week, the Wall Street Journal reported that three other institutions were not paying dividends. But now, Frank is proposing that dividends be spent immediately. "It defeats the idea of taxpayer protection," says the GOP aide.

20 comments:

My Thoughts said...

A-Hole is right...........

Chuck said...

Sorry, must be tired but I can't even dredge up pretend outrage. Just the same old same old from this idiot.

Jennifer said...

I truly wish I could say I was surprised, but I'm not and there is more to come. Promises being broken, did we really expect any different from Barney?

I feel like we are at the point where if we don't stand up and fight there will soon not be anything worth fighting for.

Lindsay said...

The government (probably for the FIRST TIME EVER) turned a profit...so rather than quitting while ahead, they are going to give money out to people who don't deserve it (because a. it wasn't their money to begin with b. the money was not allotted for them). It's like going to Vegas, you quit while you're head, don't gamble the rest and then take out a loan on your house and gamble that all away as well.

If they get government money, does that mean the government has a say in vacations they take, how they travel, and their compensation like the corporations? Granted these are all poor people, so the latter is negligible, but I think the point is valid.

Angie Lee said...

They probably can't get rid of him, even if they wanted to - look how the dirty bastard's district is gerrymandered.

What's really sickening is that he's screwed not only his home state and the boneheads who put him in office, but THE ENTIRE NATION - and the rest of us have to sit by and watch what he does next, having no right to boot his ass out of office, forced to wait until his "constituency" gets a CLUE!

It's time to repeal the 17th amendment. He's living proof (alongside Dodd, Reid, and a boat load of others). There was a REASON the Founding Fathers wanted senators elected by the state legislatures and NOT by popular vote. That's what the friggin' HOUSE is for!

Lindsay said...

I couldn't agree more Angie!

shoprat said...

At some primal level you almost have to admire a shameless thief. They are so open their crookedness. And he is a shameless thief.

My Thoughts said...

Hi AA and thanks for your visit to My Thoughts.
You and I are are the same page on just about every issue.

You have good taste...I guess

Im Here To Say It said...

Loved this post AA, keep em coming.

Left Coast Rebel said...

One of the worst, if not the worst in Congress. A moron, a schmuck and such a crook that he wouldn't cut it as a used-car salesman. Great post. Follow me at LCR.

MK said...

"He wants to take any and all profits from the TARP repayments and spend them on--wait for it--people that don't pay taxes"

Typical leftist asshole, take from the productive and give to the parasites.

"....but who's to say that all the principal will ever get repaid?"

And who's to say any of the assholes running your country give a damn, they never cared when they threw your money down the toilet and they certainly won't care if none of it is ever repaid.

A pox upon these assholes.

Pamela D. Hart said...

But wait! If you act now you can get a car company for FREE! Yes, just call 1-800-CHE-ATER and it's YOURS!

I'm so tired I can't get mad or cry anymore. You can't write this crap in a fiction novel!

Mr Pink Eyes said...

I hadn't heard about this! Just another example of the administration doing the opposite of what they promised. Was there any obligation that the "profits" would pay down the debt or just a promise? We all know what Obama's promises mean.

Average American said...

My Thoughts, I call them like I see them! Welcome to the blog, hope you liked it.

Chuck, I know exactly how you feel. Every day gets worse!

Jenn, God forbid the government actually makes a profit, shit, the world would surely come to an end. Barney is trying to save the world. What a mental midget that asshole is!!!

Lindsay, welcome to my blog. I suppose if the government actually makes a profit, it should be listed in the Guiness Book of World Records, but I doubt there will be a profit. Some of those banks will probably fail, leaving us holding the proverbial bag. What irks me the most is that the part about paying down debt was part of the original bailout package. Had it not been in there, the bailout never would have passed in the first place.

Angie Lee, the queer bastard probably really will die of aides before those dumbfucks in Mass vote him out. It does suck having to live with stupid assholes that are elected by other states, but that is the system. I am undecided on the 17th. Are the schmucks in the state houses really any brighter than the electorate? I don't know. In MANY states, I doubt it!

Shoprat, as a human being, he is dispicable, as a politician, he is even worse than that.

My Thoughts, you're welcome and yes, I think we do see eye to eye. Good taste, I like to think so.

Im Here, thank you, and yes, I plan to. Liberal slaying, it's a nasty job, but somebodies got to do it.

LCR, that asshole is definitely in the top 10 of idiots that "gutta GOOOOOOOOO!" I use the blog roll instead of following, but consider yourself added.

MK, "take from the productive and give to the parasites." Our mistake was in letting this get out of hand. Now, it's getting to the point that there are more parasites than workers. Nobody on the left sees this as a problem. Stupid bastards! I hope you have a LOT of that pox to go around.

Pam, it actually wouldn't surprise me much if that was true. They even gave us a toll-free number! I gave up crying for me, it's the future generations that I cry---AND FIGHT for---now.

MPE, you didn't hear about it because it got buried or not even reported by our illustrious media. Yes, it was written right into the bailout bill.

Bloviating Zeppelin said...

Yeah, I wrote about that massive idiot here; it's amazing to think that fiscal insanity such as this would be given even a moment's consideration by ANYone.

BZ

Average American said...

I just can't get my mind wrapped around the idea that America has traveled so far and so fast to the left. Most of this bullshit that we are seeing lately took years to come up with. Soros and the gang have been working on this for a LONG LONG time!

Bloviating Zeppelin said...

AA: it IS staggering, is it not? And based but upon, as usual, feelings and emotions but not upon facts. FrankScam managed to tank not just the US but, now, essentially the world economy. Suuuuuure, let's give loans to people we KNOW CAN'T PAY THOSE LOANS BACK because it makes us FEEL GOOD.

BZ

Average American said...

BZ, the one individual who I give the largest % of blame is that pervert asshole Barney Frank. There is a lot of blame to go to many many places, but he gets the biggest piece of the pie. I rather doubt that the state of Massachusetts will vote his ass out of Congress, but I still hope and pray for that to happen.

Of all the garbage we have in DC right now, my three main targets would be NObama, Frank, and Piglosi, in no particular order.

shoprat said...

He doesn't care about the tax-payers. All he wants to do is buy more votes from the welfare crowd.

Average American said...

Shoprat, you would think that the welfare crowd votes would be cheaper than that. Talk about your inflation!