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The $700 billion bailout of the financial system just got worse, thanks to a rewrite by Senate banking committee chairman Chris Dodd. If the government loses money on all the “bad debt” it’s buying, the taxpayers will pick up 100% of the tab. B
... Continue reading »
9 months ago
"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)— (A) 65 percent shall be deposited into the Housing Trust Fund .. (B) 35 percent shall be deposited into the
Capital Magnet Fund ..."
This appears to consider the sale of each individual asset by itself and takes money from those that might be profitable as opposed to considering the profitability, or rather more realistically, the loss to taxpayers on the assets as a whole. Just as Wall Street wants to privatize their profits while shifting the cost of their bad bets to taxpayers, the Democrats want to give any profits from any individual assets to their radical leftist buddies while sticking taxpayers with all the losses.
9 months ago
Is it really possible that these arrogant twits can so openly engage in graft and corruption with impunity?
9 months ago
7 months ago