Here is what it says:
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).
USE OF DEPOSITS.Of the amount referred to in paragraph (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
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.
Here is what it means:
The Democrats want to fund ACORN and other far left organizations — those groups are the recipients of the funding in these programs.
This provision must be stripped from the final bill. If not, it must absolutely be opposed. We cannot afford to have the Democrats fund their interest groups with a taxpayer bailout.
Moe Lane
Steve Maley
Dan McLaughlin
Neil Stevens
Daniel Horowitz
Of course..
LisaDe (Diary) Friday, September 26th at 11:31AM EST (link)Why else would the dems be so swift with a positive nod? Why else would they be smiling with the President? Hopefully McCain will handle it.
It is one thing to cram some bacon in a big
phred (Diary) Friday, September 26th at 12:04PM EST (link)omnibus package in the middle of the night. It takes real chutzpa to do it in broad daylight with a couple of hundred million sets of eyeballs wide open.
Liberalism: Equally shared misery.
Democrat stunts that will kill this bill
Marcus_Traianus (Diary) Friday, September 26th at 12:10PM EST (link)If this bill dies, it will be due to underhanded garbage like this.
Negotiating in the interest of all American’s? Hardly.
“Both of our political parties, at least the honest portion of them, agree conscientiously in the same object—the public good; but they differ essentially in what they deem the means of promoting that good. One side believes it best done by one composition of the governing powers; the other, by a different one. One fears most the ignorance of the people; the other, the selfishness of rulers independent of them. Which is right, time and experience will prove.”.Thomas Jefferson
Hilarious...
liberalrepublican (Diary) Friday, September 26th at 12:13PM EST (link)A $700 billion dollar bailout and we had to find reasons to kill it?
How about the fact it’s a $700 billion bailout?
I don’t really need more details than that to know I oppose it.
“Broadly speaking, liberalism emphasizes individual rights and equality of opportunity. … including extensive freedom of thought and speech, limitations on the power of governments, the rule of law, the free exchange of ideas, a market or mixed economy”
I agree the section in question must go.
tgharris Friday, September 26th at 12:42PM EST (link)I will also say that Republicans need to get out in front and explain WHY it must go….with documentation to back them up.
One of my greatest complaints about the Republican party is that they seem to be PR inept in a PR important business. Tell the American people what you oppose, and why….And keep telling them until it gets through the MSM filter.
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“We hold these truths to be self evident….”
Call Your Rep. And Your Two Senators an tell them to Vote No!
DavidS1787 (Diary) Friday, September 26th at 12:51PM EST (link)Remind them they work for you and that you wont forget it when you vote, if they vote in favor of this bill.
An abomination
Toneman Friday, September 26th at 1:07PM EST (link)Just came from the DC Federalist Society luncheon – John Fund pointed out this ridiculous provision as well. The WSJ is on it and knows about it; time to get the word out and force the rest of the MSM to address it.
ACORN needs to fall.
The ultimate irony
clintonformccain Friday, September 26th at 1:08PM EST (link)The Federal Housing Trust Fund and Capital Magnet Fund that are to receive this largesse are the ultimate source of funding for the Obama/Rezko shady low income housing deals. These mandatory set-aside programs and funds are pure pork
McCain ought to oppose this bailout.
asleep06 (Diary) Friday, September 26th at 1:09PM EST (link)It is obvious the Democrats are just putting more and more crap in because we are desperate.
McCain needs to call their bluff and oppose this bailout. Explain in detail all the crap the Dems are putting in it, and then oppose it. It is the conservative fiscal position, it is the right choice, and it will shut the Dems up.
It will also make McCain extremely popular with the rest of the country that is in revolt over this ridiculous bailout bill.
McCain needs to oppose the bailout now.
Small is beautiful.
I called McConnell's leadership office and the young lady...
JadedByPolitics (Diary) Friday, September 26th at 1:11PM EST (link)said they are still debating this and I told her that if they cannot get this egregious part removed they need not look to me to fund any part of this election for any of them anymore!
Call McConnell’s office at 202-224-3135!
Unified Patriots – How-To:
Activists Taking Action
Cash is king
WalterSobchak Friday, September 26th at 1:15PM EST (link)The whole thing needs to go. Let the market replace those who are broke with those who are not (I’m looking at you C, UBS and possibly WB). Only then will risk management be taken seriously.
Housing is still overpriced in most areas. About 20% of mortgages are underwater and inventory is high. If we follow Weimar Ben’s suggestion to buy trash near par-value, how on earth can they make a profit?!? Most of the Option-ARM loans haven’t reset their rates yet. When they do, more people will be underwater and MBS will be worth pennies on the $.
Maybe for you.
Flagstaff (Diary) Friday, September 26th at 1:33PM EST (link)What if it were called a “rescue package,” and your home was going to be rescued?
It’s nice to cut to the chase, but sometimes that misses critical details.
I’m against it too, but not because of the amount or what it’s called.
“The press is so powerful in its image-making role that it can make a criminal look like he’s the victim and make the victim look like he’s the criminal. If you aren’t careful, the newspapers will have you hating the people who are being oppressed and loving the people who are doing the oppressing.”– Malcolm X, Audubon Ballroom, December 13, 1964
Near par is not the answer.
Flagstaff (Diary) Friday, September 26th at 1:37PM EST (link)Some formula that starts there might be, though.
Needs to be transparently impartial.
“The press is so powerful in its image-making role that it can make a criminal look like he’s the victim and make the victim look like he’s the criminal. If you aren’t careful, the newspapers will have you hating the people who are being oppressed and loving the people who are doing the oppressing.”– Malcolm X, Audubon Ballroom, December 13, 1964
Aaaaarrrrgh! Should have been in reply to Walter Sobchak.
Flagstaff (Diary) Friday, September 26th at 1:41PM EST (link)nt
“The press is so powerful in its image-making role that it can make a criminal look like he’s the victim and make the victim look like he’s the criminal. If you aren’t careful, the newspapers will have you hating the people who are being oppressed and loving the people who are doing the oppressing.”– Malcolm X, Audubon Ballroom, December 13, 1964
Great, Erick
Flagstaff (Diary) Friday, September 26th at 1:45PM EST (link)We need to keep pushing this to the front of the public’s mind. It has been mentioned a few times on TV this morning, but the “reporter” (appropriate to put that in quotes these days) never seems interested in even asking “What’s ACORN?” As if everybody already knew.
“The press is so powerful in its image-making role that it can make a criminal look like he’s the victim and make the victim look like he’s the criminal. If you aren’t careful, the newspapers will have you hating the people who are being oppressed and loving the people who are doing the oppressing.”– Malcolm X, Audubon Ballroom, December 13, 1964
We should oppose the bill because
franimal Friday, September 26th at 1:48PM EST (link)the taxpayers are bailing out careless executives, not because the profits may go to help low-income homeowners.
How does that item relate to ACORN?-nt
Mike gamecock DeVine (Diary) Friday, September 26th at 1:49PM EST (link)5
Mike DeVine’s Examiner.com, Charlotte Observer and The Minority Report columns
“One man with courage makes a majority.” – Andrew Jackson
They haven't figured out...
jack_serious (Diary) Friday, September 26th at 2:03PM EST (link)…what the “economic crisis” pricetag is yet, and Obama and the Dems are already Earmarking possible profits.
How about, any profits will go to pay for assets and contracts that lose money in the deal? And if there’s anything left over (yeah right!) it goes to paying off existing expenditures.
filed under: Incredible Earmarks in History.
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The overriding rule for Radical Socialists is that there are no rules (the end justifies the means) while using others’ rules against them.
"I will make them famous and you will know their names."
Uma Richie (Diary) Friday, September 26th at 4:47PM EST (link)That’s what Sen McCain said that he’d do to Members of Congress who try to put earmarks into legislation when he is POTUS.
Let’s start now. I don’t want to hear that “Democrats” put this language in the draft resolution. I want names. If it was some staffer who wrote it, I want to know for whom he/she works. If it is a committee staffer, I want the chair’s name.
I have been reading so many different opinions on the bailout and I’m still undecided. Nonsense like this turns me off from the whole plan.
Bailout funding Acorn and LaRaza
Harod (Diary) Friday, September 26th at 5:07PM EST (link)ACORN’s voter-registration drives have come under fire from Republicans for being sloppy and allegedly fraudulent in North Carolina, Michigan, Missouri, New Mexico and Colorado, said Republican National Committee chief legal counsel Scott Cairncross.
http://www.americanthinker.com/blog/2008/09/acorndoingitsthingwilltax2.html
amen, uma
jack_serious (Diary) Friday, September 26th at 6:32PM EST (link)I want to know the details too!
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The overriding rule for Radical Socialists is that there are no rules (the end justifies the means) while using others’ rules against them.