Thursday, July 9, 2009

H.R. 3068 Tarp for Main Street 2009

One of the biggest complaints about TARP was that the taxpayers wouldn't get paid back and the taxpayers would be out $700 billion dollars.

Well, it turns out at least some of the banks ARE paying it back with interest. So what does Barney Frank want to do with the paid back proceeds? If you said pay it back and reduce the deficit, you are wrong. H.R. 3068 has provisions for $2 billion dollars in loans to borrowers to help pay their mortgage. Fannie Mae and Freddie Mac tried loans just like this to help reduce the foreclosure problem. They discontinued the program because, not unsurprisingly, it turns out borrowing money to catch up on all the money you borrowed isn't a solution to the problem. There is $4 billion more of giveaways in the bill as well.

I can't fathom how Barney Frank keeps getting re-elected. It has to be from people who want to vote themselves a paycheck instead of earning it.

I realize this sounds like a political post but I am about as apolitical as they come as I dislike both sides. I guess Barney Frank keeps getting my goat. I can only hope and pray that somewhere along the way H.R. 3068 gets quashed.

1 comment:

Noz said...

The entire government is filled with Barney Franks. As a matter of fact, most people in high places get in and stay in due to favoritism, charlatanism, and back door practices.

This is how the elite stay where they are...it's truly a free lunch for the Franks of this world.