Originally Posted By Darkbeer <a href="http://hotair.com/archives/2008/09/26/the-democratic-acorn-bailout/" target="_blank">http://hotair.com/archives/200...bailout/</a> >>House Republicans refused to support the Henry Paulson/Chris Dodd compromise bailout plan yesterday afternoon, even after the New York Times reported that Treasury Secretary Henry Paulson got down on one knee to beg Nancy Pelosi to compromise. One of the sticking points, as Senator Lindsey Graham explained later, wasn’t a lack of begging but a poison pill that would push 20% of all profits from the bailout into the Housing Trust Fund — a boondoggle that Democrats in Congress has used to fund political-action groups like ACORN and the National Council of La Raza:<< MUCH MORE at the link
Originally Posted By Darkbeer More from the Wall Street Journal <a href="http://online.wsj.com/article/SB122247015469280723.html?mod=djemEditorialPage" target="_blank">http://online.wsj.com/article/...rialPage</a> >>Taxpayers are naturally suspicious that political insiders and contributors on Wall Street are going to make out like bandits once Washington starts spending the $700 billion in the financial market rescue. But Democrats have already decided to spin off potentially billions of taxpayer dollars from the bailout fund to their own political buddies -- not on Wall Street but on nearby K Street. The House and Senate Democratic drafts contain an indefensible and well-hidden provision. It would mandate that at least 20% of any profit realized from the sale of each troubled asset purchased under the Paulson plan be deposited in either the Housing Trust Fund or the Capital Magnet Fund. Only after these funds get their cut of the profits are "all amounts remaining . . . paid into the Treasury for reduction of the public debt."<<
Originally Posted By gottaluvdavillains And they funds in question are only if there is a profit made? <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.> So the Republicans are against affordable-housing and restoring devastated neighborhoods??? You mean like New Orleans and the surrounding areas after Katrina??? <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.>
Originally Posted By Darkbeer <a href="http://en.wikipedia.org/wiki/Association_of_Community_Organizations_for_Reform_Now" target="_blank">http://en.wikipedia.org/wiki/A...form_Now</a> >>False registrations by employees In some locations, ACORN employees have submitted false voter registration forms rather than obtaining registrations from actual eligible voters. In Ohio in 2004, four ACORN employees were indicted by a federal grand jury for submitting false voter registration forms.[17][18] In January 2005 two Colorado ACORN workers were sentenced to community service for submitting false voter registrations.[19] ACORN's regional director said, "we find it abhorrent and do everything we can to prevent it from happening."[20] On November 1, 2006, four part time ACORN employees were indicted in Kansas City, Missouri for voter registration fraud. Prosecutors said the indictments are part of a national investigation.[21] ACORN said in a press release that it is in part responsible in these individuals being caught, has fired them, and has cooperated and publicly supported efforts to look into the validity of the allegations.[22] ACORN was investigated in 2006 for submitting false voter registrations in St. Louis, Missouri. 1,492 fraudulent voter registrations were identified.[23][24] In 2007, five Washington state ACORN workers were sentenced to jail time.[25] ACORN agreed to pay King County $25 000 for its investigative costs and acknowledged that the national organization could be subject to criminal prosecution if fraud occurs again. According to King County Prosecuting Attorney Dan Satterberg, the misconduct was done "as an easy way to get paid [by ACORN], not as an attempt to influence the outcome of elections."[26][27] In 2008, the Michigan Secretary of State office told the Detroit Free Press that ACORN had been submitting a sizeable number of duplicate and fraudulent applications to vote.[28] On September 17 2008, the Bernalillo County clerk in New Mexico notified prosecutors that the office had received fraudulent registration cards.[29] << Come on, ACORN is a POLITICAL activist group, maybe with "some" housing help, but mainly a get the vote out for Democrats group.
Originally Posted By gottaluvdavillains Sorry I don't believe anything to be completely true on an unlocked wikipedia page. Are you saying that if I looked around for dirt on some of the republican sponsered groups I wouldn't find simular Stories?
Originally Posted By Darkbeer But the point is that ACORN is a DEMOCRATIC group, and that the Republicans decided to not vote because of ACORN!
Originally Posted By SingleParkPassholder I'd dispense with the usual Darkbeer insult but I'm too busy laughing hysterically.
Originally Posted By Mr X Apparently Darkbeer and the WSJ need to learn the definition of the word "profit". This isn't about taxpayer money whatsoever. If Paulson manages to turn a profit on any of this, it's a good thing. And it will only REDUCE the need for taxpayer cash. Duh.
Originally Posted By Sport Goofy Darkbeer, why don't you comment on the Republican proposal to cut capital gains taxes further as part of their bailout strategy? It seems they feel like the rich guys on Wall Street need a few more tax breaks to line their pockets and just bailing out their companies isn't enough.
