Bailout nation continues. Over at the Washington
Examiner, Byron York
writes up Barney Frank's plan to spend dividends from TARP
before the taxpayers can get their grubby hands on them. The idea
was that bailed-out financial institutions would hand over shares
of preferred stock that paid a dividend for the government in
exchange for the TARP money. If the dividends were paid promptly
and the institutions repaid the TARP funds, it would
theoretically be possible for the federal government to turn a
profit.
According to the GAO, the federal government has received over $6
billion dividends payments through June 12. Under the original
TARP legislation, such money was supposed to be used to pay down
the debt. Under Barney Frank's "TARP for Main Street Act of
2009," it will instead go to Democratic housing programs and
community activists, potentially including ACORN -- bad ideas
that will get worse if bailout recipients increasingly don't pay
dividends or repay the TARP funds themselves.
I'm beginning to think that the only thing that will keep the
Democrats from completely ruining the country is a tar and
feathering. Sociopaths, every single one of them. Barney, Nancy
and Barack...birds of a feather.
Tim| 7.8.09 @ 8:48AM
"That guy would steal dead flies from blind spiders".
Deborah D| 7.8.09 @ 7:41AM
I'm beginning to think that the only thing that will keep the Democrats from completely ruining the country is a tar and feathering. Sociopaths, every single one of them. Barney, Nancy and Barack...birds of a feather.
Tim| 7.8.09 @ 8:48AM
"That guy would steal dead flies from blind spiders".