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September 29, 2008
Bailout from The Good (House Republicans) and The Bad and The Ugly Democrats
Nancy Pelosi and Bailout Plan
Republicans React to Bailout Plan
Elmer Fudd Barney Frank Reacts to Proposed Bail Out Bill
Statement by the President on Bipartisan Agreement on Economic Rescue Legislation
"Today, a bipartisan group of Members of Congress, working with my Administration, reached agreement on economic rescue legislation that is urgently needed to address a crisis in our financial system that threatens the entire U.S. economy.
I appreciate the leadership shown by Members on both sides of the aisle, who came together to write a very good bill. This bill provides the necessary tools and funding to help protect our economy against a system-wide breakdown. The bill will help allow access to credit so American families can meet their daily needs and American businesses can make purchases, ship goods, and meet their payrolls. And this plan sends a strong signal to markets around the world that the United States is serious about restoring confidence and stability to our financial system. Without this rescue plan, the costs to the American economy could be disastrous.
Many Members of Congress contributed important ideas to improve the legislation my Administration proposed. I appreciate the negotiators considering those ideas and incorporating them in this agreement.
Members of Congress will vote on this legislation soon. This is a difficult vote, but with the improvements made to the bill, I am confident Congress will do what is best for our economy by approving this legislation promptly."
Minority Leader John Boehner (R-Ohio) referred to the bill as a “crap sandwich” according to two sources in the room.
Sen. Jim DeMint (R-SC) outlined the troubling unconstitutional aspects of the financial rescue plan.
"‘There seems to be no real appreciation of the Constitutional Boundaries’
Wild Thing's comment............
Well this is horrible!!!!!!!! Not a happy camper here at all.
In my title I said, Good House Republicans because I am grateful to those I saw trying to fight back and keep this from being as bad as it was at the beginning. I am big on giving kudos, and yes it is not all I wished for in anyway. But still I am glad we had some that did speak up, how sad is that there were so few though.
This whole mess is because of Democrats, it started with Carter then Clinton and well you all know the rest. I truly believe if Republicans were in the majority this bill would not be what it is, no way. I truly can't stand being at the mercy in numbers of Reid and Pelosi when it comes to voting in our government on things.
This is why it is so important to vote and keep Republicans in the majority even if all they resemble are warm bodies imo. haha Not sure how else to put that.
The guilty, the criminals being put in charge of this bill and then bragging about it and acting like they are saving our country makes me sick.
During an interview on Fox News Channel, Sen. Jim DeMint (R-SC) outlined the troubling unconstitutional aspects of the financial rescue plan. Heritage’s legal scholars yesterday outlined the constitutional infirmities that remain.
Video at website
Anyway about the Bailout, well first I thought ACORN is out as it was listed before.......BUT if you look at section 106, in the pdf file below, ACORN got through but in a sly way, and now the Treasury can give that 65% of the 20% of the money from the sales of the troubled assets to ACORN as loans to people who can't make their payments.
Source for information below:
The QandO Blog Free Markets, Free People
TRANSFER OF A PERCENTAGE OF PROFITS.
. DEPOSITS.Not less than 20 percent of any profit realized on the sale of each troubled asset purchased under this Act shall be deposited as provided in paragraph (2).
2. USE OF DEPOSITS.Of the amount referred to in paragraph (1)
1. 65 percent shall be deposited into the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Regulatory Reform Act of 1992 (12 U.S.C. 4568); and
2. 35 percent shall be deposited into the Capital Magnet Fund established under section 1339 of that Act (12 U.S.C. 4569).
REMAINDER DEPOSITED IN THE TREASURY.All amounts remaining after payments under paragraph (1) shall be paid into the General Fund of the Treasury for reduction of the public debt.
20% right off the top is siphoned off and 65% of that goes to the Housing Trust Fund. Where does ACORN come in?
The Heritage Foundation picks it up from there:
"Just like any organized crime group, the Association of Community Organizations for Reform Now (ACORN) has a long and established history of using fraud, deceit and intimidation to achieve its goals. ACORN uses intimidation to shake down corporations for operating funds, deceives its own employees into supporting causes they don’t believe in, and cheats the entire country by submitting fraudulent voter registrations.
ACORN is also adept at co-opting government power to fund and legitimize a criminal enterprise. It has been winning federal money since the Carter administration and routinely receives millions of dollars in federal grants from the Department of Housing and Urban Development. In the 1990s, it began shaking down local business communities and has established local “Housing Trust Funds” in more than 300 states, counties, cities and towns. The funds funnel money through groups like ACORN to produce new homes and refurbish existing ones. The key to these trust funds is securing a dedicated source of public funds.
The Holy Grail for ACORN has been the establishment of a National Housing Trust Fund. During the brief economic downturn in 2001, ACORN pushed the fund as an economic stimulus. From 2003 through 2006 it pushed the fund as a solution to housing prices that were too high. Now liberals in Congress have included the National Housing Trust Fund in the latest housing bailout bill, arguing it’s needed because housing prices are too low."
Posted by Wild Thing at September 29, 2008 05:45 AM
Comments
Well so much for the spine I thought they had acquired. Sounds like Boehner got rolled. And the democrats get what they want regardless what the consequences are to the country.
Posted by: Mark at September 29, 2008 10:55 AM
The Republicans were blind-sided by their own President, coerced by the media, and blackmailed by the Democrats. The "loyal minority" needs to become the watchdogs and scream at Paulson for every slip. If Obama gets elected this document will become a rough draft and he and that Demn Congress will rewrite it to their own choosing. There should be some way to make life hell for the "gang of four", Frank, Dodd, Reid, and Pelosi. Chairman Mao would love this bunch. But then, they trained on his little red book, didn't they?
Posted by: Horace at September 29, 2008 11:09 AM
Mark, I am so ticked off , this is socialism and I have been calling my Rep. this morning.
Posted by: Wild Thing at September 29, 2008 12:14 PM
Horace, they sure were!!
"Republicans were blind-sided by their own President, coerced by the media, and blackmailed by the Democrats."
I really had hoped and prayed too that even though we only had a few that were fighting back that they could stop this thing. But there just weren't enough of them and they caved in. This is more then disappointing this is not what America is about, it is socialism and it stinks to high heaven.
Posted by: Wild Thing at September 29, 2008 12:18 PM
On second reading of this post I see your continually displayed brilliance, Chrissie.
The Good-Republicans
The Bad-Democrats
The Ugly-picture below of Nancy Pelosi
You are keeping me sane.
Posted by: Horace at September 29, 2008 12:53 PM
Well over 38 years ago I learned a valuable lesson while studying metrology. It is a quote I live by and it was made by Lord Kelvin,also known a William Thomson, the British physicist and engineer."When you can measure what you are speaking about, and express it in numbers, you know something about it." It seems that the entire concept has been missed by Congress, they in their haste to cover up their complicity in a failed set of financial rules are facing the boot, a world wide depression and financial collapse, one of the engineers of the calamity says $700 Billion will fix it and the rest of the Democrats rally to the cause. None have actually quantified the magnitude nor the scope nor the depth of the corruption but they are all willing to have non transparent closed door sessions to steal yours and my heritage in order to cover themselves and acquit their part in the pillaging. Jimmy Carter, Bill and Hillary Clinton, Barney Frank Christopher Dodd, even The Annointed One himself-Obama and other members of the 110th Congress, none have admitted their roles in setting up this debacle, most profited handsomely from it. If the stench of some of those setting in their stools for the past in both houses didn't alarm them to action, nothing will. Dissapointed, naw I expect this from both sides, after this they can make it official, the split that occurred in the Democrat party back in 1854 is healed, they are now whole, one and the same. We had a few steadfast hold outs but like Tom Tancredo, they've had a belly full and are leaving. All these whores have been haggling about is the price, let the debauchery begin. Around January 21, 2009 the rules will change and like all govenment funded projects this one will need more money.
Posted by: Jack at September 29, 2008 12:55 PM
Wonderful, Jack. I guess that's where Robert Heinlein came up with my email signature:
If it can't be expressed in figures, it is not science; it is opinion.
-Robert Heinlein-
Posted by: Horace at September 29, 2008 01:04 PM
Everybody in congress knows the truth, the dems had this rigged from the get-go. Not a single Republican has the stones to mention this. What are they afraid of losing, hell we are losing our country everyday because of slimeballs like Reid, Pelosi, Fwank and the rest of those leftist bastards.
The democrats bought the vote with the re-adjustment of the government financial system so people who should never get a loan got one now the Chicken has come home to roost(and again the people who do pay their bills are going to pay this too.) and now they are trying to ensure they don't lose the vote they bought with our money.
Posted by: Mark at September 29, 2008 01:30 PM
Horace you are so kind, thank you. giggle
Posted by: Wild Thing at September 29, 2008 05:51 PM
Jack, really interesting. I want heads to roll, I want those at fault to be named no matter which side they are on. Clean it up and then we can talk about money or whatever. I agree Jack the main thing for me is our country and doing isome fast bill and hiding who is guilty or punishing those that are.
We all know the quilty ones but not everyone is online and uses a computer. Most of Nick's fammily don't even hacve a computer, they get all their news like any dedictaed Democrat from CNN. sheesh. Nick is always explaining things to them and some are starting finally to listen to him.
Posted by: Wild Thing at September 29, 2008 05:57 PM
Mark, ..."dems had this rigged from the get-go"...yes and I agree too that they need to be saying this outloud and on TV and in their speeches and political talk shows.
Posted by: Wild Thing at September 29, 2008 05:59 PM
Horace thanks for the quote too.
Posted by: Wild Thing at September 29, 2008 06:01 PM
