Posted on 09/28/2008 3:35:48 PM PDT by kristinn
The cable news networks are standing by for a press conference by House Republicans on the bailout bill. It should start some time after 6:30 p.m. EDT.
I took about all of FOX shoving their boy Obama down my throat that I can take. I guess I’m going to have to pass on the Republican news conference.
IMO, we, the TAXPAYERS, just bailed out ‘MAIN STREET’ = LOW INCOME DEMOCRAT VOTERS
******
Taxpayers are naturally suspicious that political insiders and contributors on Wall Street are going to make out like bandits once Washington starts spending the $700 billion in the financial market rescue. But Democrats have already decided to spin off potentially billions of taxpayer dollars from the bailout fund to their own political buddies — not on Wall Street but on nearby K Street.
The House and Senate Democratic drafts contain an indefensible and well-hidden provision. It would mandate that at least 20% of any profit realized from the sale of each troubled asset purchased under the Paulson plan be deposited in either the Housing Trust Fund or the Capital Magnet Fund. Only after these funds get their cut of the profits are “all amounts remaining . . . paid into the Treasury for reduction of the public debt.”
Here’s the exact, amazing language from the Democratic proposal, breaking out how the money would be divided and dispensed:
What we have here essentially are a pair of government slush funds created in July as part of the Economic Recovery Act that pump tax dollars into the coffers of low-income housing advocacy groups, such as Acorn.
Along with other potential recipients of these funds, including the National Council of La Raza and the Urban League, Acorn has promoted laws like the Community Reinvestment Act, which laid the foundation for the house of cards built out of subprime loans. Thus, we’d be funneling more cash to the groups that helped create the lending mess in the first place.
This isn’t the first time this year that Democrats have tried to route money for fixing the housing crisis into the bank accounts of these community activist groups. The housing bill passed by Congress in July also included a tax on Fannie Mae and Freddie Mac to raise an estimated $600 million annually in grants for these lobbying groups. When Fannie and Freddie went under, the Democrats had to find a new way to fill the pipeline flowing tax dollars into the groups’ coffers.
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National Housing Trust Fund
NATIONAL HOUSING TRUST FUND CAMPAIGN
President Signs Housing Trust Fund Into Law
July 30, 2008
Today, President George W. Bush signed the Housing and Economic Recovery Act of 2008. Among the bill’s numerous provisions is the establishment of a national Housing Trust Fund. This is a major victory for low income housing advocates and the lowest income people in our country with the most serious needs.
The Housing Trust Fund’s most important features are:
It is a permanent program with a dedicated source of funding not subject to the annual appropriations process.
At least 90% of the funds must be used for the production, preservation, rehabilitation, or operation of rental housing. Up to 10% can be used for the following homeownership activities for first-time homebuyers: production, preservation, and rehabilitation; down payment assistance, closing cost assistance, and assistance for interest rate buy-downs.
At least 75% of the funds for rental housing must benefit extremely low income households and all funds must benefit very low income households.
This is the first new federal housing production program since the HOME program was created in 1990 and the first new production program specifically targeted to extremely low income households since the Section 8 program was created in 1974.
Funds for the Housing Trust Fund will come from annual contributions made by Fannie Mae and Freddie Mac. The amount will be based on a percentage of each company’s annual new business. Using the formula in the bill, the amount in 2007 would have been $557 million. Because their new business is increasing, the amount in 2008 is expected to be higher. However, 25% of the funds each year must first go to a reserve fund at the Treasury to offset scoring problems.
http://www.nlihc.org/template/page.cfm?id=40
Date: 28 Aug 2008
Author: National Alliance to End Homelessness
This document contains the text of the Capital Magnet Fund section of the recently enacted Housing and Economic Recovery Act. The Fund provides resources for Community Development Financial Institutions and nonprofit housing developers for housing and economic development.
Bend over and shut up. LOL
Bookmark
Bend over and shut up. LOL
“Is there no bottom?”
Actually, from what I have read, no, there isn’t. That is one of the biggest reasons why short selling was stopped for this period.
LOL! How true.
They were also contradictory several times, eg, giving themselves complete credit for the bill, and then answering a reporter about the insurance aspect, Pelosi said she didn’t really understand it because that was a Republican part.
Acorn is out of the final bill. That is why it is in brackets. Atleast that is what a Freeper said.
See #123 in your link
>It will drive a lot of voters into the Republican camp come November 4th.
Unless the markets crash (which they are going to anyway bailout or no bailout as there is just too much crap out there).
Then then Dems will blame it on the Repubs saying “they should have done something” and Obama will take it in November.
This has been my big worry ever since the jockeying for position around this bill started.
But: as much as I LOATHE Obama, I’ve been wondering if maybe the Dems taking the election this November may not be a bad thing.
Whoever wins this year is going to be at the helm during a financial crisis that will probably be worse than GD1. In 2012 the Dems won’t be able to be elected again for 20 years if they’re running the show when this all goes down.
Short term, it would suck. Long term, it might be beneficial.
Assuming there is a long term after this, that is.
LQ
Who said do nothing? Cut the taxes. Cut the spending. Cut the roadblocks to private enterprise. Cut the government. Drill for oil. Build refineries. Build coal plants. Build nuclear plants. Prosecute and jail the guilty. Hang the traitors. Let free markets reign! Set our people free!
Make that posting here at #119
I know, I'm dying here!!!!
"However there is reference to sending troubled mortgagees TO such as ACORN for help with mortgages about to be foreclosed."
If ACORN wants to pay off or help w/ a mortage (I'm assuming that's what that means, is it?)isnt that okay?
“The republicans have no say in it what so ever,the dems can pass it without help. They simply want the republicans to share the blame when things go south later on. “
That’s why it doesnt make sense to capitulate on this bill.
It is going to pass anyway, they dont need the Rs.
And as soon as it passes, they arent going to give the Rs any credit anyway- “it’s all Bush’s fault”, “NObama is our hero”.
What is the up side to Rs voting for it>
For convenience, the link to the video is:
http://www.youtube.com/TheMouthPeace
If you do nothing this election cycle, this one action will hit home and influence many. Send to everyone and post on every board you visit.
If it has the slush fund provision. I'll bet ACORN, or any other group, doesn't need to be mentioned by name in order to get the money.
Use your own damn money.
That's the whole purpose for the bill, from the very beginning.
Don't call us morons. It was a bunch of morons who got us into this and want us hard-working Americans to bail them (the morons) out of it.
There may indeed be a need for A bill but not a full-scale Marxist takeover of the national economy.
You and a bunch of others are trying to stampede us all out of our free society into a Marxist one because you are SCARED SH**LESS. Nobody should take counsel from people gripped with fear.
This is a country that was built on courage not in fear of the boogeyman.
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