The ACORN Poison Pill
By Larry Johnson on September 26, 2008 at 2:39 AM in ACORN, Christopher Dodd, Current Affairs, Democrats, Housing & Housing Crisis, Republicans
Here is the outline of the draft agreement for the bailout:
The problem is in paragraph 3c–it earmarks money for the Capital Magnet Fund. A site, Blogs for McCain, has the story:
In the “agreement in principle,” there is the effect of a major “earmark” which commits money from future “profits” to be given to nonprofits organizations like ACORN, National Council of La Raza and potentially the National Urban League. This agreement clearly evidences that the Government expects to benefit in the future from the bailout when the values of property rises and mortgages or properties are then sold by the Federal government. The agreement –
“Directs a certain percentage of future profits to the Affordable Housing Fund and the Capital Magnet Fund to meet America’s housing needs.”
In the proposed bailout agreement, Sen. Christopher Dodd, the Senate Banking Committee and other Democrats desire to pre-direct that future funds (profits) not be returned to the taxpayers via the treasury but that they be used to underwrite potential questionable (maybe even illegal activities) of certain nonprofits which have had a hand in promoting and expanding access to “no money down” loans for minorities, illegal voter registrations and extensive lobbying activities.
My guess? The Republicans in the House will hold firm and the Dems will have to relent on this point. Earmarks for ACORN won’t fly.
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Wow, thanks for pointing that out, chapter and verse. I’m so happy that awful deal fell through. It seems 166 economists are saying, “not so fast!”
ACORN
http://puma-facts.com/CSI.aspx
…………………………..
Some info
In case anyone’s interested, I have something about this here:
More on the bailout deal that wasn’t
http://alegrescorner.soapblox.net/showComment.do?commentId=18840
Holy shit. That’s good reading!
I agree. Very thorough analysis.
Thanks,
Gee when will our journalist come back to work and tell us what is going on? We find out things here before it hits the main media. Alegre is a Patriot and an info Queen.
3-C has Barney Frank’s fat little fingerprints all over it.
Money for Acorn?…..Thats NUTS.
Barney’s and Obama’s; don’t forget Obama worked for ACORN. If you think there were problems in FL in 2000, read this:
” Two suspicious Seminole County voter registration cards became a flash point Wednesday in the Republican effort to suggest the community group ACORN is committing fraud in its historic Florida get-out-the vote efforts.
An ACORN spokesman said the group spotted what appeared to be forged registration cards weeks ago and fired a worker over them. Seminole’s election chief, Mike Ertel, said he was still “tremendously concerned,” but stopped well short of calling the incident “fraud.” The Republican National Committee, though, levelled the accusation and blasted the housing and wage advocacy group in a nationwide conference call with reporters, saying this wasn’t an isolated incident.
In Orange County, ACORN staffers submitted multiple, duplicate registrations on behalf of six separate voters this summer. One individual had 21 duplicate applications. Election Supervisor Bill Cowles and his staff protested, noting in a June memo that ACORN had been submitting sloppy forms as well.
ACORN, or the Association of Community Organizations for Reform Now, changed procedures, disciplined some staffers and improved relations with Orange. ACORN has signed up 135,000 new Florida voters since January in just three counties: Orange, Broward and Miami-Dade.
That’s a fifth of all new voters. More than 58 percent are Democrats, who now outnumber Republicans by almost 500,000 voters — providing Barack Obama a potentially crucial edge in the neck-and-neck race in Florida.”
It is scary: http://michellemalkin.com/2008/09/25/kill-the-bailout-more-acorn-funding/
Agree Harp. ACORN is being investigated in…How many States ? Never thought I’d agree with the Republicans on financial issues…chuckle…But they are correct on this one. I hope this is the issue that finally informs the electorate just how badly the Democratic leadership has mismanaged this.
Mundus Vult Decipi….Ergo Decipiatur
(The world wants to be decieved…so let it be decieved )
acorns, nuts … and brazile nuts ….. those r cut off
comment o the week, if this site has a vote.
Yes! Cut off the nuts! Let JJ loose on them all!
Larry
no yogurt for you, if you don’t have a side dish of Acorns.
enjoy the stay
These BOZOs should be held accountable & some serious jail time, trying to rob the taxpayers!
Raines who cooked the books & getting almost $115,000 per month pension is outrageous!!
Wake up America!!!
Mccain was right to delay debate as the Dems/Obama trying to pull a fast one!
Acorn leads right back to Obama & all the voter fraud etc…hmmm something really reeks in all this.
That’s a wrong that definitely must be righted. No Mr Nice Guy. Unleash Bill O’Reilly on him.
Thanks Larry. I’ve been hearing this all day & its nice to see the actual proposal. I’m not sharp on economics, but this sounds like a terrible idea. Hope you’re having a great time!
So the Dems were trying to pull a fast one? Were they hoping no one would read the thing and pass it through before anyone noticed?
Every single Democrat and Republican that has been involved in this needs to be investigated. We the people need to demand it be done. All those wanting to add ACORN, La Raza need to be deeply investigate. We need to demand they step down, recall whatever needs to be done.
The government will grind to a halt? Reform is the only viable option?
How about impeachment…can you impeach Senators? I agree I was waiting for Larry or someone here at NQ to report this…It’s a deal breaker for sure..
Thank you Larry, you and all the people here at NQ are true Americans.
ACORN is a glimpse of the evil that is Obama and Axelrod.
what? dems are trying to swindle money from taxpayers to help Obama with votes?
Do the republicans in DC know this or not? McCain said he wants “no earmarks” AT ALL.
Is this why all the democrats were screaming at repubicans yesterday? They wanted them to hurry up and not notice, or notice it, but not figure it out?
Republicans have to know…uh
Its probably why they tried to put lipstick on this pig in the poke and get it smoothed over and passed before John SYDNEY McCain returned. They knew that time was limited. Maybe after 0mama loses, he’s going to take over ACORN and guarantee Democratic wins forevah, dontcha know?
By the way. I was looking at the picture that FOX News had of the meeting with Shrub. It was the one with him, Nancy, Boehner and Mac. Was that Nancy or her House of Wax double? The woman is Phylis Diller in the making.
/howling with laughter
McCain said he would make them famous. Thank God he put off the debates.
They should have to re-pay all the money they took in bonuses etc that they lined their own pockets with. Hope the FBI is on this big time.
Not related to your train of thought but this dawned on me in regards to the election: My observation is the FBI is has basically taken a hands-off approach. I think they don’t want to be blamed if anything goes too far awry. Students of this blog will know what I am talking about.
Taxpayers insist the profits go back to the treasury and not some cockamamie groups Obama wants them to go to. Remember it was our investment as taxpayers that produced the profits! We took the risk therefor the rewards are rightfully ours by all that is decent!
My friends call me Chock.
#%$ (* # %&##$@^^^!
I don’t feel the American people are being told anything close to the truth about this economic crisis. Why the urgency? These problems didn’t happen over night, but all of a sudden they have to be addressed in four days, fourty days before the election and three months before Bush leaves office? Are they planning to bail out credit cards companies as well? Things done in haste are usually repented at leisure. I know next to nothing about the economy, but some things are common sense. For example Warren Buffet invests $5Bil in Goldman Sachs at depressed prices, yet the very fact of his investment would seem to cause the stock prices to go up so he will make a profit, right? Chris Dodd comes out before lunch and announces an agreement on the deal so the stock market goes up and a few minutes after the market closes, the deal is off. The Democrats make an alternative offer which includes elements like ACORN which they must have known the Republicans would never agree to and will result in a veto if they manage to get it passed in the House and they don’t have enough votes to override. I still don’t understand why banks would have agreed to those bad loans to begin with and, according to Uppity Woman, other financial groups bought bundles of mortage securities without knowing if the loans were good or bad. I’m absolutely sure I would not invest in something without knowing what I am buying so why do banks? I have heard no more than 5% of mortages are in default and, if that’s true, there are more than 90% good loans with buyers making their payments. Wouldn’t that still result in a profit? I have a real problem with the Fed and Secretary of Treasuring waltzing into the congress demanding $700Bil dollars almost overnight and why did a conservative Republican president come out with this kind of bail out proposal to begin with? Who will own the actual properties and how will they be sold? What will happen to the market on Monday if there is no deal and will the damage be long lasting or will it recover when an agreement is reached?
Actually someone probably created this urgency, might have been the republicans. Seems like they tricked the dems into trying to use it against them and then republicans have flipped it back on them. one thing the anyone with marbles can tell about obama is that he does not deal well with change, confrontation, or controversial decisions. All through the primaries and the last few weeks obama has hid the media, and they be able to soften the edges, to make him sound good. And if they don’t like O’Reilly did in his interview, they get fussed at. Obama stopped doing debates after hillary clinton, clearly bested him on ABC. And People were able to discount McCains clear superiority at saddleback, saying they gave McCain the questions ahead of time. And then they went back to licking his boots.
Any debate McCain and obama do together, obama will most certainly come out on top if because the moderators will play to him. Just watching the view shows you how they will jump in and cut mccain off and not allow him to give an answer all the while allowing obama it give long winded melodic answers. So what better way for the republicans and maybe a few democrats who dislike obama to show them what he’s really made of, create a real but not looming issue into an all and out crisis and allow america to judge obama and mccain based on their response to that crisis. Did McCain do this, i’m not sure. But I wouldn’t’ doubt if Jesse and Bill didn’t have a hand in it. notice how at the beginning of the week hillary clinton was able to make the rounds and rise to the occasion as well. She was awesome, presidential so not obama. maureen dowd may have been on to something. Hell Rev Wright maybe cackling in the back ground. Cause obama used him too. Obama has a weakness, it’s big and it’s obvious. Only an unobservant, koolaid drinking americans can’t see it. Force obama into a crisis and watch him read “my pet goat”, and then analyze it with the class, take pictures, play some board games, and then maybe sometime with in the next week he will come up with a solution and give us an answer. Even though he’s smarter than bush, he’s so smart till he’s stupid. He’s also extremely passive aggressive. And it’s why everyone in the world thinks he will make a great president. Iran, North Korea, china, and russia will whip his behind and laugh at him. Just cause bush is stupid doesn’t mean he’s wrong about them being evil. Pakistan will be sending his behind to him on a platter. Think about it. obama’s father was smarter than him, and look how far he didn’t get. It takes more than brains it takes someone who can think quickly and adapt to suit the situation. it’s not just about looking and sounding good, i’ts about making hard decisions, and it is obvious obama cant’ do this. Plus the press is in shock it’s self and cant cover for him and soften his incompetence. Also they are so caught up in the urgency he’s probably beginning to disgust them.
ABC. As a nurse it’s how we make decisions. Airway, Breathing circulation. Who do you help first someone who’s bleeding, someone whose, choking, or someone having an asmtha attack. The choking victum, then the asthmatic, then the bleeder. Obama would be to fixated on remember ABC ment than he would about what to do. McCain or Hillary would have done the heimlich, and have moved on to the asthmatic, while throwing some gauze to the person bleeding or someone else and asking them to apply pressure to the wound.
If you look behind the scenes, it’s because of the Chinese (and other nations)….don’t forget China holds a lot of US debt. Want to crash the US economy? Demand that U.S government pay now. I suspect that is the dirty little secret and why it is so important to get this done now.
Ok, so let me get this straight. Democrats are now bashing Republicans when this supposed Economic Armageddon that needs immediate intervention on..
Fact is….Democrats are insisting on rerouting a percentage of taxpayer money, (to……illegal immigrant advocate “groups”
And these illegal immigrant “advocate” groups in turn want to sell people not even authorized to be in the country….houses? Are you kidding me?
This leads to the obvious question…..uh, just how many of these subprime and bad mortgages went to people not even authorized to be in this country and did these same groups have something to do with it?
and that makes me ask, well, what exactly is the percentage of defaults on home loans attributed to those not authorized to be in the country?
I don’t believe for one second that illegal immigrants caused the financial crisis but considering this news that I wasn’t aware of….
one must ask the question!
This is just unfucking believable. The Democrats man, all illegals, all of the time and I guess the citizens of this country can go to hell. That’s the message. (I am a Democrat but this is obscene!)
Another guilty party in this is the MSM. Especially the major newspaper chains. The NYT, WaPo, LaTimes Chicago Trib, etc all repeatedly printed articles cheerleading the idea of government authorized mortgages for illegal aliens. Like Fannie Mae, the bank and mortgage brokers, they too were both the initially the targets and then later turn co-conspirators of ACORN.
Lets face it for over a decade they loved the profits from the inch thick Sunday lurid real estate porn section they delivered each week.
Violent drug dealing criminal gangs are also heavily involved in these “undocumented” mortgage flipping schemes.
If the Republicans don’t squawk about ACORN they are idiots.
When Lindsey Graham mentioned it, a lot of people were listening. Everything around this deal will catch the public’s attention; their 401K’s are on the line.
The FBI needs to use RICO on ACORN ASAP
I agree.
Well now, maybe I should feel a bit vindicated as you all are FINALLY gettin’ on to seeing the flagrant abuses that surround the Community Reinvestment Act. Everybody hates “an-I-told-ya-so”, but if you’ve been reading this blog for a year or longer you may recall I’ve done NUMEROUS postings railing against CRA. Remember originally Carter passed in in 19977 but it was Clinton/Reno who really enforced it, shoved it down the banker’s throats. Fearing a civil rights hassle the bankers got tired of fighting it & eventually embraced it, after gettin’ smitten with the fast bucks of CDOs, SIVs, etc. being bossed around became alot easier. The financial world went from a Gordon Gecko “Greed is good” mentality to Greed is spectacular & especially when debt can be easily securitized & pimped off as an asset. They even gave these clowns awards for writing bad paper. Glad you’re finally seeing the picture. In the first Obama/Clinton debate (the only debate, the rest were love fests) Obama charged Hillary with knowing CRA was being “mismanaged” but she just blew it off & he just let it go. The last thing he wants is to see CRA repealed, but it should be & the sooner the better, or at the least rewritten. Michelle Malkin recently wrote that a high per centage of delinquencies resulting in forclosures are on loans given to illeagle immigrants (see her blog) I’d be suprised if Mac will object to the BoA & Wachovia practice of giving no-doc loans to illeagles, however I’m wishing Richard Shelby will. I do biz with numerous banks & the common question asked (if you read the forms)is “Are you a US PERSON”, not a citizen, a U.S.person. What bullshit, if your a legal resident alien they really put you through your pasces. I’ll tell you there’s alot more dove tailing between the Clintons & the Bushes than your average Joe picks up on. We should all try to see beyond the partisan bullshit from time to time. Don’t worry mansions won’t be loosing much value but mid & lower income housing will continue to take hits! I call this the plantation factor. When you live in a house that costs over 4 or 5 million its easy to see 100k & 250k & 500k houses all kinda blending into “the quarters”, you know those quarters back behind the ole smokehouse…ring a bell & they all come runnin’ to see what work they can do for you that day. And since you know they’re all so lucky to work for you & you don’t want to pay much for their labors, it’s just easier on everyone if their quarters just loose value. I mean, you know, those houses don’t really have any value, all the value’s on the land. Sound famaliar?
The very fact that Barney Frank and Chris Dodd were demanding something be done NOW convinced me that something was very wrong with this deal.
Amen. They are both in this up to their eye brows. I want both of them investigated. I don’t give a damn about Barney Frank’s “lifestyle” — as a matter of fact, right now that’s the only think I like about that pond scum!
Well, yeah. I laughed when the Obamabots came on here repeating Dem talking points that McCain wasn’t really needed, and he was just skipping the debates. Do you really want Dodd and Frank working out a deal for you that STARTS at $700 billion?!!
Don’t forget Allen- option ARMS are good- Greenspan & his dirt cheap interest rates…look for the interest rates to drop really low as soon as the bail-out passes. It’s never about solvency with these clowns, it’s only about credit. Don’t be suprised if they do it all again, runnin’ it up to an even bigger bubble. If it wasn’t ruining so many lives it’d be laughable.
The Obama Bubble Agenda
By PAM MARTENS, Counterpunch, February 16, 2008
http://www.counterpunch.org/martens05062008.html
Some crystal ball, eh?
- from ‘The Obama Bubble Agenda’
By PAM MARTENS, Counterpunch, February 16, 2008
Thank God someone got impatient and pulled the trigger. I think they were hoping it would improve Obama’s chances at getting in the White House when it looked like McCain was winning and would mop the floor with him at the debates. I still think it was the rampant naked short selling that brought this disaster to a head sooner that, say, January 2009, but I don’t know much about that.
Money for ACORN?
…what’s the word I want to use…. I guess I’ll use a description:
You are walking/running to your destination, you can see the goal straight ahead, and then these masked thugs run up on you with baseball bats & start to hack away at your knees.
The sheer gall, the audacity of these people.
Money for ACORN?
I hope the McCain has a huge October surprise for Obama. I want them to go after him so hard that he never runs for office for the rest of his life.
And yet the media coverage on this and what was in this deal for Acorn, La Raza is deafening. That the Democrats wanted this as part of the deal. You can hear a pin drop…
Cash for ACORN? La Raza?
This is political patronage, pure and simple.
Political patronage codified and made LAW.
It has gone far beyond patronage. It is graft. Low income housing has been the mothers milk of machine Democrats for a long time. No where is it bigger than in Chicago. When the actual number of low income or housing underserved residents is looked at, the numbers are tiny for the poor, and enormous for everyone else who gets their take. The Repubs have the defence industry and the Dems have low income housing.
And socialized health care will be the be-all, end-all mother’s milk for the party in control. Imagine all the patronage, kickbacks, graft, bribery, etc. in purchasing goods and services for 1/6 of the nation’s economy.
Nationalized health care can’t be managed without corruption.
When I heard this on Greta last night I got back on the computer to find out what was going on…A bunch of us were mad over this…We were checking around for information, THANKS Larry…
OT but now I want to know what the hell is going on with this…I saw this headline..What are they going to arrest you now if you say something about Obama?..was what went through my mind.
Missouri Sheriffs & Top Prosecutors Form Obama “Truth Squads” & Threaten Libel Charges Against Obama Critics
What is this country going to turn into if he wins Larry?
Quit whining and practice your goosestep.
So you think this is fine…Ok what if they were going to arrest you if you lied about McCain? What if you thought it was true and said something…off to jail with you..Do you not see that this is wrong. What happened to freedom of speech?
I was snarking. Sorry.
What happened to freedom of speech?
George Bush’s executive order of July 17th, 2007, “Blocking Property of Certain Persons Who Threaten Stabilization Efforts in Iraq”, is what happened.
So much for the First Amendment. These folks get worse and more scary every day.
Hmmmm….Sounds like the typical machinations of…FASCISM….straight out of the handbook….
Amazing to think so many people worked so hard just for that (the PDF). And they composed it on a TYPEWRITER.
Somebody is out of touch!
This is breathtaking. I’m speechless.
The Democrats are a bunch of friggin’ losers. It was their doing led by Barney Frank, that allowed low income, bad credit consumers, many illegal aliens, to purchase a home who were not qualified. What happened to working hard to acquire the American Dream? It’s fine to make sure everyone has the same opportunities. But the same requirments should be expected of them all as well to get it. The Democrats don’t want to do that and it’s wrong.
They are making themselves look worse by the day. And more stupid if that is possible. History shows that since they rarely win elections. Here is what someone sent me this morning. This would boost the economy, No? People w bad debt, it would come out of this first:
This will never happen but is sounds really good…………
>
>
>I LOVE THIS PROPOSAL !!
>
>
>Im against the $85,000,000,000.00 bailout of AIG.
>
>Instead, Im in favor of giving $85,000,000,000 to America in a We
>Deserve It Dividend.
>
>To make the math simple, lets assume there are 200,000,000 bonafide
>adults in the U.S.
>
>Our population is about 301,000,000 +/- counting every man, woman and
>child. So 200,000,000 might be a fair stab at adults 18 and up..
>
>So divide 200 million adults 18+ into $85 billon that equals
>$425,000.00.
>
>My plan is to give $425,000 to every person 18+ as a
>We Deserve It Dividend?.
>
>Of course, it would NOT be tax free.
>
>So lets assume a tax rate of 30%.
>
>Every individual 18+ has to pay $127,500.00 in taxes.
>
>That sends $25,500,000,000 right back to Uncle Sam.
>
>But it means that every adult 18+ has $297,500.00 in their pocket.
>
>A husband and wife has $595,000.00.
>
>What would you do with $297,500.00 to $595,000.00 in your family?
>
>Pay off your mortgage housing crisis solved.
>
>Repay college loans what a great boost to new grads
>
>Put away money for college itll be there
>
>Save in a bank create money to loan to entrepreneurs.
>
>Buy a new car create jobs
>
>Invest in the market capital drives growth
>
>Pay for your parents medical insurance health care improves
>
>Enable Deadbeat Dads to come clean or else
>
>Remember this is for every adult U S Citizen 18+ including the folks who
>lost their jobs at Lehman Brothers and every other company that is
>cutting back. And of course, for those serving in our Armed Forces.
>
>If were going to re-distribute wealth lets really do it…instead of
>trickling out a puny $1000.00 (vote buy) economic incentive.
>
>If were going to do an $85 billion bailout, lets bail out every adult U
>S Citizen 18+!
>
>As for AIG liquidate it.
>
>Sell off its parts.
>
>Let American General go back to being American General.
>
>Sell off the real estate.
>
>Let the private sector bargain hunters cut it up and clean it up.
>
>Heres my rationale. We deserve it and AIG doesn?t.
>
>Sure its a crazy idea that can never work.
>
>But can you imagine the Coast-To-Coast Block Party!
>
>How do you spell Economic Boom
>
>I trust my fellow adult Americans to know how to use the $85 Billion, We
>Deserve It Dividend more than I do the geniuses at AIG or in Washington
>DC.
>
>And remember, The Birk plan only really costs $59.5 Billion because
>$25.5 Billion is returned instantly in taxes to Uncle Sam.
>
Where do I go to get in line…it works for me..
I think the decimal point was put in the wrong spot. This figure is way off.
Republicans are simply doing what they always do—trying to pin the blame for their catastrophes on the Democrats.
http://www.youtube.com/watch?v=0qomPp_Y9Ps
Perry, I wonder why you come to this website. You obviously are an OBAMA KOOL AID DRINKING TROLL. And that little smiley face you attach to all of your posts is a lame disguise. Your realm of knowledge seems to be limited to “uh uh, they did it first!” If you can’t offer anything substantial to the discussion, perhaps you need to educate yourself more. Or is the view better from the moronic ignorant section?
Perry is a long-time Democrat. He left leftie blogs that became Obama worship zones. The evidence is in his numerous videos.
Perry is merely responding to a demographic shift among NQ commenters(not bloggers)from nonObama posts to anti-Democrat posts, which is significant, given that this has been a pro-Hillary site. I think RepublicanChick will verify my point as well as many of the Republicans who have commented or lurked at NQ through time.
Frankly, it is more than reasonable for Perry to attack anti-Democrat, Republican talking points. It is probably a badge of honor for Perry to be called an Obot by pro-Republicans and a Republican by Obamacans. Hmm. Might that describe the circumstance of Hillary supporters?
leave perry alone, he just hates republicans, up until a few months ago when the dems went facist i hate them too. I thought i never could for give them for W. then I met obama. My world has not been the same since. Please understand, once we defeat obama we will go back to hating each other. I might stop buy now and then to say hi though, if i have a chance, detoxing the koolaid gang is going to take a while.
Yep. That’s why I’ve just kind of been lurking as well. There’s been a shift in the winds here at NQ comments. May I suggest republicans lay off the democratic bashing until after November 4th, keep nailing Barky though. Just a little suggestion.
Ehemmmm….I was a lifelong straight ticket Democrat since 1978. Commisar Brazeal & Comrade Dean the UberPutz suggested that I was an undesirable and that the New Party for a New America didn’t need me….
The Democratic Leadership crammed a crooked loser as candidate down the collective throat of America.
The Democratic Leadership has destroyed the Party built by FDR.
THIS WHOLE THING REEKS TO HIGH HEAVEN…
I am a Democrat in Exile and I am opposed to the Usurped Party with their Selected Candidate.
Country First!
Ut Sementem Feceris Ita Metes
As You Sew…Will You Reap
Yes, we homeless dems are in a sad circumstance. I, too, am pained to hear the Republican slant that they are blameless in this. Far from it. I will support McCain as the best anti-corruption candidate at this point, but there is no way I’ll forget the Reagan Revolution’s role in the corporate takeover of democracy. The dem’s fault is that they only fought for a piece of the action instead of democratic principle.
Fox is talking about ACORN now
Hey wodiej,
Did you ever think you would be defending a republican? I didn’t think I ever would..I won’t be supporting dems in the future that is for sure…
Actually,no I didn’t! I am voting straight Republican ticket this year and wont’ be voting for any Democrats in the future either. They have all soiled themselves over Obama and it’s a disgrace and a derelict of duty as public servants.
This is unbelievable! Joe Leiberman was just on Fox and he said that it was total fiction, there was no deal yesterday except between a few members of the Banking Committee (you know, Frank Dodd and Barney Frank, the darlings of Fannie and Freddie who brought us this whole mess), and that NOTHING was brought to the Senate Caucus (D)- Lieberman was there! This echoes exactly what the House Republicans said - they were totally not part of any agreement. The press conference yesterday announcing the “outlines of a deal” was total political theater, intending solely to embarrass McCain before he arrived, to suggest that he wasn’t needed.
Big surprise: there was no deal and McCain knew it.
I wonder if these Congressmen aren’t playing with the market, too. That’s the only explanation for these stupid announcements that are completely ungrounded in fact. I bet they make money off the market swings.
When I heard Lindsay Graham last night say that this bill had ears marks for ACORN, I thought I was going to puke….
Dodd”sweetheart morgage rates” and Frank”O Blow Me” should NOT STILL BE IN CHARGE.
Pelosi should have removed Frank, and put herself at the top. Reid should have removed Dodd and put Webb or some other no nonsense Sen in the top spot.
That these lying weasels would try to TRICK THE AMERICAN PEOPLE makes me sick….I say no bailout until the bill has been vacuumed of all pork, and all profits come back to taxpayers….and there can be no revision next week.
The MSM is so busy cleaning BO’s a== for him, that they once again are NOT REPORTING…except that McCain is a clown for not going to the debate.
The whole country is at risk, and the MSM is frantic they won’t have a TV program tonight…they can’t wait a few days…
Begala..I saw CNN last night when he called Bush a MORON…once again..Stupid, politically stupid.
I would think Reid and Pelosi were behind the ACORN thing also.
They gave it the old college try.
Hear, hear! But I don’t think we should use the word “profits” in this. They’re trying to make it sound like we’re being asked to make an investment. There won’t be “profits.” There will be some recovery of money risked that makes the losses smaller. Remember, the RTC cost the taxpayers $132B, and that was real money in 1995. This puppy is going to cost us dearly, so the idea of earmarking “profits” to ACORN is round-the-bend crackers.
McCain needs to call a press conference today @12noon, and let the American people know where this bill is…and the enormous high stakes poker being played here.
He needs to be articulate and not political.
I was thinking that last night…he needs to come out and tells us what is in it …where the money will go if any is made back…I think it should go to pay it back.. not to places like ACORN…they are in trouble all over the states..my God what an eye opener to the dems..
What D should be asked to help? Hillary?
Then the D’s will blame it all on her again.
The Dems never cease to amaze me. A one-page draft Dem plan and Chris Dodd holds a press conference saying a deal has been made, crisis over. If it wasn’t my country and its economic survival this Three Stooges program might be funny.
Thanks Larry for stayong on top of this and keeping us all informed.
ACORN!!!! Geez.
they just didn’t want McCain getting a boost in the polls…plain and simple. If McCain helps hammer out a deal then he looks more Presidential.
Thank you for posting this Larry.
I’m mad as hell about ACORN.
Just say “NO”.
Click on my name to see the interview with Lindsey Graham on Greta’s show last night where he discusses ACORN’s earmark.
CRL Testimony on ACORN’s Voter Fraud
Complete transcript of hearing testimony
PDF
Kill the bailout: More ACORN funding?!
http://dmm.broadchoice.com/www.johnbatchelorshow.com/whats_news_tonight/election_us_2008/
Xcellent…thanks for the post & link Will.
AMERICA SOMNO EXCITARE!…AUT ESSE RAPTUS REGALITER! America Wake Up!…Or Be Royally Screwed!
I want this ACORN provision exposed. Someone call a press conference and expose this travesty to the vast majority of Americans who have no clue what the Banking Cmte. thieves are trying to pull over on the American people and their own fellow-Congressmen.
I knew it!
The dems will try to throw in every hand-out possible…that’s the way they solidify support in the party.
Not on my dime!
I have had it up to my hair follicles with these “fee and free” grabbers!
This language from the bail out bill, does it mean that any single assets that are sold at profits with taxpayer funds will result in (at least) 20% being stripped from the public and put into the hands of private organizations such as ACORN, regardless of how many (other) toxic assets result in total loss to the public e.g. of billions of dollars? If so, it is ensured that this “bail out” will never be in the public interest. I am beginning to not trust my government even more.
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.
Hypothetically, a developer like Rezko could buy properties in a distressed neighborhood at fire-sale prices. They could use taxes to help develop it, and the profits they receive would be tax free. It used to be there was a one-time exception to help people retire. You could use your principle place of residence as part of your retirement, and sell it tax free. Then it was changed to make real estate gains tax free, which helped set off the bubble. Wouldn’t it make sense to at least tax investment property at the capital gains rate?
If Washington was interested in helping poor people they could cut out the middle men. For instance, when was the last time you heard a politco talk about cutting employment taxes? Wouldn’t that provide an incentive to stimulate the real economy? They always act like THAT would be irresponsible… as if this bailout regime was normal capitalism.
Looks like it means that 35% of any profit realized will go to ACORN and LaRAZA under the umbrella of Capital Magnet Fund.
And now the Democrats want more????
56 BILLION MORE????
• Unemployment benefits would be extended by seven weeks in all states and by an extra 13 weeks in high-unemployment states.
• Funding increases for food stamps, food banks, the Women, Infants and Children initiative and senior meals programs.
• Funding increases for low-income heating assistance and energy-efficiency programs.
• Increases in the federal funding shares for Medicaid payments to states, to help states coping with budget shortfalls due to Medicaid costs.
• Large increases in funding for infrastructure improvements, as well as funds that will jump-start construction projects and jobs for flood control, mass transit, highways and bridges.
ENOUGH IS ENOUGH! GO HOME HARRY, TAKE NANCY, DODD AND FRANK WITH YOU.
COUNTRY FIRST!
Sounds like the Dems want to make absolutely certain that the “bailout” doesn’t happen. Then they (and especially Obama) will point their fingers and whine “We had a perfectly good plan but the evil, nasty, America-hating Republicans wouldn’t let it pass!”
Chicago cancer metastasizes into Democratic Party. Where is the patient, at Corruption Are Us headquarters in Chicago.
Linsey Grahamn last night said it made up of 20%…is there any verification on that? I wouldn’t put it past these Frank, Reid and their ilk.
This is so incredible–thanks Larry for bringing this up. I hope this is what is stalling things, and that the TAXPAYERS are the sole recipients if anything positive is ever to come out of this witches brew.
The ROOT cause of this problem is described right here. It’s not enough to refuse to help fat cats. They are half the problem. The other half is the subprime lending criteria that FORCES lenders to provide mortgages to people who just plain have NO means to pay the mortgage—or face stiff law suits they will lose. This plan must not included any more socialism redistribution of wealth from the MIDDLE CLASS taxpayer’s wallet. Fannie and Freddie must be REGULATED now! And no more money to ACORN for God’s sakes.
I think it’s great to let EVERYONE re-negotiate mortgages though. Then who can’t pay, can’t pay. No preditory interest rates……….applying to all. But you still have to pay your mortgage. This country is run on nothing but credit and people buying that which they cannot afford. It’s time to throw a wrench in.
I would think this country would be far more interested in helping out people who are responsible who are losing their homes because of ILLNESS and Health care. Half the bankruptcies last year were do to medical bills and most of these people WERE insured and got shafted from HMOs etc. THAT kind of help, I believe in.
That’s the kind of help I believe in, too, Uppity. People should not be bankrupted by illness. And some people deserve to be able to renegotiate their mortgages with the losses going to those responsible where ever possible.
Credit card companies should not be able to change the terms of business. If they agree to give a person a line of credit, the credit company is supposed to judge the risk. To let them jack up interests rates after the fact is criminal.
This is just amazing. The Democrats are taking advantage of this situation to give a free for all at the taxpayers expense.
Oh yeah sure, claim we want the money back, then redirect it to their special interests instead of back to the people, BALLS!
And, that 25billion give away yesterday to automotive….was that their way to wooo Michigan.
Democrats are making me sick.
Same here. Love how they scream about now is not the time to play politics and then go out and bring home the bacon. I knew they were a long shot, but I had hopes. Not any more. As Hope Floats said, “flush twice.”
Acorn??
The democrats are always trying to figure a way to get more money for their leftist corrupt causes. Maybe they wanted more community organizers. Thankfully, the republicans derailed it, and will continue to do so.
I wish Bush would say something. Other than the war on terror, his leadership was been so weak. He lets the left walk all over him and he contimues to kiss their ass.
this is a complete outrage! how could the democrats who claim to love america, the amercian middle and poor classes be trying to pull this crap? why would they want to give our hard earned money to devisive groups like la raza? and acorn doesn’t sound much better. why isn’t the medica calling them out by name and verbally whooping their a$$e$? i hope we can vote every damn one of them out (except hillary) very soon!
I’ve been thinking about why the Dems would try to include a slush fund for ACORN in the bailout bill, so I asked a friend who knows alot about politics & he said ACORN has some really effective lobbyists.
Larry,
Thanks for posting my story and leaving a comment to let me know on the Blogs4McCain. Good to see the word spread quickly. Also enjoyed your readers comments. People are welcome to leave comments for the original ARRA News Service post at http://arkansasgopwing.blogspot.com/2008/09/major-earmark-in-democrat-bailout.html
If you would like to exchamge links with a our blog in the “heartland” let me know.
Dr. Bill Smith
Editor, ARRA News Service editor@arragopwing.com
Apparently it is the Republicans in the House that are the roadblock for this unprecedented attempt to finance ACORN. If you follow the timeline back, it was in large part on the instigation of entities like this nefarious group that pressure was applied to banks to approve the loans to those with no stable non-governmental income. I for one do not care if my Congressman and Senators are Rep. or Dem, if they vote for a bill with proceeds of repayment to go into the coffers of these anti-American groups, I will actively campaign for their defeat in their next election cycle. There is too much at stake beyond our hard earned tax dollars for them to give outright support for organizations that would like nothing better than to undermine further our Constitution.
Write your Representative and Senator, make your determination known. I am sending a copy of this post to all of the Reps and Sens, all of those on my email list, if we get the chain going, they cannot help but to hear and fear. It is time for them to represent US again.
Contact Links
https://forms.house.gov/wyr/welcome.shtml
http://www.senate.gov/general/contact_information/senators_cfm.cfm
http://banking.senate.gov/public/index.cfm?FuseAction=Contact.Form