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
The White House

“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.
Draft of the Bailout
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.”