How would you feel if someone told you that attached to the Dem version of the bail-out bill was a provision to funnel 20% of any profits realized selling these toxic assets NOT back into the treasury (to pay us all back) but to a political activist group that has been found guilty repeatedly of voter fraud?
How would you feel if this group was the same group that had lobbied Congress to push for low-cost housing loans (sub-prime loans) in the first place so that people on the margins or who had no credit could buy homes?
And how would you feel if topping it all off, this group is known to be the group to go to when you aren't legally entitled to vote, but want to register anyway?
Welcome to the clause added to the bill by Senators Chuck Schumer and Chris Dodd:
TRANSFER OF A PERCENTAGE OF PROFITS.1. 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.
The organizations that will benefit from this 20% (hidden behind the nice legit sounding term "Housing Trust Fund" are ACORN and La Raza!
If this were the GOP funneling money to the NRA or Focus on the Family, people would be BULLSHIT, and rightly so!
This is some ornament on a Christmas tree! The Dems. are using this bail-out to BUY VOTES, quite literally.
This is from the WSJ about it:
The housing bill signed Wednesday by President George W. Bush will provide a stream of billions of dollars for distressed homeowners and communities and the nonprofit groups that serve them.One of the biggest likely beneficiaries, despite Republican objections: Acorn, a housing advocacy group that also helps lead ambitious voter-registration efforts benefiting Democrats. …
Partly because of the role of Acorn and other housing advocacy groups, the White House and its allies in Congress resisted Democrats’ plans to include money for a new affordable-housing trust fund and $4 billion in grants to restore housing in devastated neighborhoods. In the end, the money stayed in the bill; the White House saw little choice.
What most riles Republicans about the bill is the symbiotic relationship between the Democratic Party and the housing advocacy groups, of which Acorn is among the biggest. Groups such as the National Council of La Raza and the National Urban League also lobby to secure government-funded services for their members and seek to move them to the voting booth. Acorn has been singled out for criticism because of its reach, its endorsements of Democrats, and past flaws in its bookkeeping and voter-registration efforts that its detractors in Congress have seized upon.
I think I'm going to be SICK.
Call your reps, tell them NOT TO PASS THIS BILL WITH THIS SHIT IN IT! Tell them to stand firm to expose Obama for the hack Manchurian Candidate that he is!
I am seriously starting to wonder if all of this mess was by design....How can you NOT wonder?
Posted by insomnomaniac at September 26, 2008 6:27 PM | TrackBack