UPDATE: You should see the Senate version of the bill… I just got done reading it… holy god.
Note: Background info on ACORN as a follow up has been posted HERE
Back to our original programming…
HOLY CRAP!
No wonder the Republicans are freaking out over this bill and the whole thing is about to fall through…
The friggin Democrats put EARMARKS in the bill!!!!
And not only are they trying to earmark the bill, they are earmarking the bill for ACORN, an activist group that is under investigation for voter registration fraud in several states.
Leave it to the Democrats….
Will it never end? Seriously?
For more info MM is keeping updates.
UPDATE: An explanation from Papau2 (An Author Here On Texas Hill Country)
Sen. Lindsay Graham has jumped a few logic hurdles to get from the Affordable Housing Trust Fund — part of the legislation that passed the Senate Banking Committee in May and is poised to come to the Senate floor as early as this week — to a 20% of bailout bill will go to groups like the ACORN and the National Council of La Raza.
The “trust fund” does get its revenues from a legislatively fixed share of the surpluses of the government’s Federal Housing Administration or the profits from the government-sponsored enterprises Fannie Mae and Freddie Mac. The latest version — in the housing and GSE oversight bill that cleared the Senate Banking Committee in May — would establish the fund by taking 1.2 basis points of interest from Fannie and Freddie’s loan portfolio — about $500 million a year. – over the 2 year life of the bailout that is 1 billion out of $700 billion in the rescue bill with $625 million going to Acorn and such groups for “housing aid”- after two years, all of the money to Acorn would go to the housing grant for bailing out troubled homeowners through FHA guarantees of modified loans (Richard Shelby in May stated he had reached a “compromise” with committee chairman Chris Dodd on the housing fund such that money from the “trust fund” would be used to fund the bill’s main action of bailing out troubled homeowners through FHA guarantees of modified loans. After two years, all of the money would go to the housing grant. The version of the bill that passed the Senate committee in May “diverted” half of the money intended for the housing trust fund in its first year and 25% in its second year, but after that 100% of the funds go into the housing trust fund).
The trust fund would allow recipients (Acorn and such) to use the money for lobbying and possibly political campaigning only because the prohibitions on using the funds for lobbying and political activity contain virtually no teeth in enforcing these bans. There are no explicit requirements for recipients of the grants to fill out timesheets for housing activity, or restrictions on groups using grant money to pay employees who also happen to do other things — such as lobbying and political campaigning. And there are really no penalties other than being forced to give the money back and being disqualified for a new grant.
It is true that ACORN histrory includes election fraud and misuse of federal funds with several ACORN workers indicted and/or convicted of voter registration fraud with phony signatures, and with Acorn sanctioned specifically for misuse of federal housing funds. In 1994, the ACORN Housing Corporation (AHC) received a grant from the newly created Americorps to assist low-income families at finding housing. In applying for the grant, the AHC claimed its activities were completley separate from ACORN – only to find out one year later via the Americorps Inspector General that “AHC used Americorps grant funds to benefit ACORN either directly or indirectly” with several instances of cost-shifting from ACORN’s lobbying group to the housing entity, and also found several instances of steering recipients of housing counseling into ACORN memberships.
Filed under: Congress, General Politics | Tagged: acorn, Bailout, Delay, democrats, earmarks, Fail, Obama
I’m definitely sending in a comment about this on Congress.org. I consider this a special interest group that does not work in the best interests of all Americans.
[...] Elephant Owners, Webloggin, silent E speaks – Conservatively Speaking from Western Waukesha County, Texas Hill Country, Road Sassy, Cinie’s World, PrestoPundit, The Other McCain, Blog @ MoreWhat.com, Hot Air, Right [...]
[...] The Dems Earmark The Bailout Bill!?!?!? For ACORN?!?!?! « Texas Hill Country [...]
This topic is great fodder for a McCain campaign commercials, showing Obama in muslim hadj turban, and Louis Farrakhan, and Franklin Raines at his Fannie Mae desk, quite a collage.
I thought this was to help shore up Wall Street – not a goodie basket for everybody’s pet project. WTF are they thinking?!?!?!?!?!?!
Coyote, the Dems were thinking, as they always do, of allocating more money than needed, in order to fund their pet projects. It will be refreshing to have a man of real integrity in the WH!
One should note that the sub prime housing loans under the 92 bill (as modified in 95 and with less down payment via 99 law) worked find as the “can pay loan requirement” never changed. It was not until 2002 when Bush reduced supervision/regulation of this program, and then in 2004 stopped the “can pay back” rule beyond first year that the program became a fraud leading to the mess we have now, Seems Bush wanted to kill the low income subsidy for the FHA insurance by making the program fail, and ended up killing the economy.
Got to love “deregulation”.
If they give a bailout to Acorn they had BETTER have acorn halt ALL voter registration ASAP. Otherwise taxpayers are paying Obama’s group to get him votes. that is bullshit.
To think I used to vote a straight Dem ticket without reading
the fine print. Shame on me.
Now we know why everyone is squawking about McCain
making the debate more public.
NOT TRUE
As usual, the ability to stir hate and fear takes an ability to say if x and if y then z must be true. x-The bill says money from profits to housing support funds of the federal government. Profits may not come, y-These funds have provided money to ACORN in the past. So what. z- Thus ACORN will get money and use it for voter registration. That is a stretch.
ACORN voter registration corruption is also a stretch of what may have happened since workers for ACORN are accused of knowingly trying to incorrectly register low income folks. The attempted prosecution of these workers appears political and a distraction from the need to allow people to be legally registered.
A PIG FATTENED ON ACORNS >>>>>
Why, oh why, are people and the MSM not talking about this sickening twist?
THE ECONOMY IS IN A CRISIS AND THE DEMOCRATS ARE PORKING UP A RESCUE BILL WITH EARMARKS TO A-C-O-R-N (THE VOTER FRAUD OUTFIT).
NO WONDER THE GOP IS HOLDING FIRM.
http://hotair.com/archives/2008/09/26/the-democratic-acorn-bailout/
(excerpt:)
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.
I hope the GOP holds firm on this.
And that Sen. McCain drops a hint about the problem in tonight’s debate.
I have been quite concerned about the seedy voter registration tactics of Acorn… and how they could throw the election to Obama. Now that I know we, the taxpyers, are paying them to register six year old and “duplicates” … I am livid!
The assault on the American people must stop
Are there any gov’t agencies or community organizations
who are not corrupt?
NOBailout NoWay NOBama
A PIG FATTENED ON ACORNS >>>>>>
Why, oh why, are people and the MSM not talking about this sickening twist? Please forward this story to all of your media contacts in the hope that maybe the truth will accidently leak out!!!!
THE ECONOMY IS IN A CRISIS AND THE DEMOCRATS ARE PORKING UP A RESCUE BILL WITH EARMARKS TO A-C-O-R-N (THE VOTER FRAUD OUTFIT).
NO WONDER THE GOP IS HOLDING FIRM. PASS this to every media outfit you know so that maybe the truth will leak out about why McCain can not agree to such a mess!!!
http://hotair.com/archives/2008/09/26/the-democratic-acorn-bailout/
(excerpt:)
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.
I heard people calling in about this on Rush this afternoon. One woman was so upset and said her mother was so upset about this Acorn deal. I don’t even usually listen to Rush but this is one issue that I think a lot of Dems and Repubs are on the same page–NO ACORN BAIL-OUT!!
Why are my tax money going to crooks?
Acorn i investigated now for multiple counts of fraud
http://www.marketwatch.com/news/story/story.aspx?guid={573B31D0-6AB7-4353-B8E7-91300F4DFF81}
a joint House Administration and House Judiciary Committee oversight hearing on “Federal, State and Local Efforts to Prepare for the General 2008 Election,” where he highlighted “corruption at every level of ACORN including embezzlement, cover-ups, misuse of taxpayer funds and voter fraud.”
Great post – trust the damned Dems to earmark the living shit out of the bill. F***** amazing!
http://subprimeshowtime.wordpress.com/
One more thing: I was going to vote Democratic down ticket. If this Acorn theft passes, no more votes from me.
[...] The Dems Earmark The Bailout Bill!?!?!? For ACORN?!?!?! HOLY CRAP! No wonder the Republicans are freaking out over this bill and the whole thing is about to fall [...] [...]
I just hope the U.S makes sure McCain is the next big guy!
Cheers,
Greg
http://www.shareswatch.com.au/blog/
THIS IS NOT A WAY FOR TAXPAYERS TO MAKE MONEY!
If you wold like to make money buying and selling mortgage loan paper GO INTO THE BUSINESS! ITS NOT FUN TRUST ME!
Those homes are trashed who is going to refurb them to get them to liveable standards to HOPE they pay for them?
THE ONLY SOLUTION
1. Inspect every home loan and prosecute all fraudulent loans
2. Get all bribe”donation” money back into the company PROSECUTE BRIBERY
3 Go through all books and get money back from all severance and compensation packages
4 Tell freddie and fannie ” You wrote the bad loan you foreclosed you now own a house! go refurbish it and resell it to a GOOD BUYER THAT WILL PAY! welcome to the mortgage business
MOST IMPORTANT: inspect each and every property and prosecute the home owner for destruction of private property
In the mortgage business that’s what you do, so why would the US government buy a bunch of houses that were worthless and tore up to let them sit and not be lived in or tore down and never be paid on its ludicrous!
HOMEOWNER PROTECTION IS NOTHING OTHER THAN LETTING THOSE FORMER HOMEOWNERS HAVE A FREE RIDE in a house they no longer want and would not go back to in the first place!
This is particularly directed at David Lambert.
ACORN is currently under investigation in 14 states for electoral fraud. Here in Texas they are currently registering bogus voters for every address on the list of those properties destroyed by hurricane Ike.
Like many you misunderstand what ACORN’s purpose is. They are Alinskyites. Their fraudulent voter registrations are not designed to garner false votes for Democrats. They are electoral sabotage designed to bring the system down. By generating hundreds of thousands of fraudulent voter registrations they make it impossible for local electoral commissions to process all the registrations or keep track of who is actually registered. This means that virtually anyone can walk in and vote and the local electoral commissions will not challenge them. It’s not the fraudulent registrations which get votes for the democrats, but the multiple revotes and fraudulent ballots which it is impossible to challenge because the voter rolls are completely compromised.
Dave
http://www.republicofdave.com
[...] Posts The Dems Earmark The Bailout Bill!?!?!? For ACORN?!?!?! Obama.com Teaches Supporters How To Manipulate Online PollsMcCain’s Post Debate AdvertizementGibson [...]
Over 6 billion in earmarks???? The very people that caused this debacle, Franks, Dodd, etc are being put in charge, of the bailout???? When is this filth going to be indited, prosecuted and incarcerated???
The dems are so desperate for the white house they are willing to sell the country, no give the country to the “barack husaine obama” loosers.
Fannie Mae and Freddie Mac Lavish Contributions on Jesse Jackson as Companies Melt Down
Date: July 14, 2008
Contact: Peter Flaherty 703-237-1970
Website: http://www.nlpc.org
Falls Church, Virginia — The National Legal and Policy Center (NLPC) today criticized the managements of Fannie Mae (FNM) and Freddie Mac (FRE) for their recent sponsorship of the Rainbow/PUSH Coalition and Citizenship Education Fund Annual Conference. The event took place June 28 through July 2 in Chicago. It is Jesse Jackson’s main fundraising event of the year.
According to the conference program, Freddie Mac was a “Platinum Sponsor,” a designation costing $150,000, and Fannie Mae was a “Diamond Sponsor,” a designation costing $100,000.
Fannie and Freddie are so-called Government Sponsored Enterprises (GSE) that own and guarantee mortgage securities. Shares of each are down approximately 85% in the last year. On Saturday, the Treasury announced it would offer a line of credit to help ensure the survival of each company
NLPC President Peter Flaherty said, “It is outrageous that rapidly evaporating shareholder equity is still being dished out to Jesse Jackson. The CEOs of these companies have repeatedly shown poor judgment, and this is just more evidence.”
Even before the present crisis, NLPC was a critic of the companies’ financial backing of Jesse Jackson. In 2006, NLPC sponsored a Freddie Mac shareholder proposal critical of the support.
Jesse Jackson’s relationship with Freddie Mac began in 1998 when Jackson accused Freddie Mac of racial discrimination and encouraged major shareholders to sell their stock. Freddie Mac began financial support for Jackson’s organizations and his criticism
Any insight into why Jesse Jackson, Jr. and 19 other members of the Congressional Black Caucus voted against the bailout bill last week. I was utterly shocked since Rep. Jackson is prominent in Sen. Obama’s campaign. Do you think it is fiscal conservative credentials? That’s a serious and not a sarcastic question.
moi,
JJJ says that the bill is a bandaid and that more should be done for mainstreet… basically, not enough earmarks.
His exact words from his website are:
“To heal the systemic problems in our financial system we need to treat the cause, not only the symptoms. Congress needs to pass and the president needs to sign into law the following provisions: 1) a second stimulus to help those squeezed by the financial crisis; 2) a substantial investment in infrastructure which could jump start the economy while creating jobs, and; 3) a program that helps keep taxpayers in their homes. This bill does not contain provisions that explicitly help borrowers restructure their mortgages. Buying ‘trash (bad mortgages) for cash ($700 billion bailout)’ may not cure our financial system, since it was these bad mortgages that engineered this market collapse,” said Jackson.
This is John’s big chance to prove himself get the republicans to walk away let the system cure itself.
The bailout to wallstreet is dem’s way of paying back
there campaing money.
welp, mccain voted for this “democrat” bill, as well as at least half of the senate republicans.
they should have voted for the original bill which had about 1/4 LESS earmarks and pork barrel issue.
you should check out some of the earmarks, its comedy. mccain just shot himself in the foot.
OH YEAH OBAMA IS A CARD CARYING MEMBER OF “ACORN” THIS SO FAR LEFT THAT IT IS ABOUT TO FALL INTO THE ABYSS OF COMMUNISM.
CHECK THIS LIST OUT:
GENERAL DYNAMICS COMPANY
JAMES CROWN, JAMES CROWN FAMILY CONTRUBITIONS
OBAMA
PUBLISHER OF “DREAMS FROM MY FATHER”
ILLONIS DEM. FUND RAISING COMMITY
EARMARKS TO THE IRAQ FUNDING
THIS OBAMA IS THE BIGGEST THIEF AND LIER
OH YEAH WHEN THE OBAMA FAMILY ALL WENT TO CHURCH WAS “MICHELL AND CHILDREN THERE
ALSO DID SHE COVER THE GIRLS EARS WHEN THE THIEVING MINISTER WAS SWEARING ABOUT THE AMERICA THEY BOTH CLAiM TO LOVE.
just read this statement buy this lewis ass hole
obama the person to draw people together thats a joke
he has polorized the nation there are no bumper stickers being displayed ????
well we know who the blacks are voting for, and the whites don’t want to offend the “blacks”
[...] palin, sarah palin clothes Nevermind billions in earmarks. Forget Democrats trying to funnel $200 million or more to partisan Democrat-hack frontgroup ACORN, forget the $2,000,000,000,000 (that’s $2 trillion, folks) that has been wiped out in the [...]
[...] Congreso vota en contra de la primera propuesta de Ley de Rescate. Los demócratas habían añadido decenas de millones de dólares para ACORN en esta primera propuesta. Fondos que fueron finalmente eliminados antes de que la propuesta de ley [...]
You just hate america.
if you can’t take it, why don’t you get on your dinasaur, ride to jesus land and ask him to smite all the democrats with lightning bolts.
you people do no research and only point out the democrats earmarks while ignoring the GIGANTIC replublican earmarks. typical fox news vomit machine.
Biff… 3 things.
1. I am a Democrat.
2. I do immense amounts of research… and 25% of the proceeds on $800 Billion is a pretty friggin big earmark.
3. Please lern 2 spel. D-I-N-O-S-A-U-R.
Have a great day… Biff. I suggest you make like a tree, if you know what I mean.