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September 27, 2008

The ACORN Boondoggle UPDATE: Levin's Explanation Added Update: Obama's Legal Work for ACORN? (Kat-Mo)

Haste makes waste. That was one concern that many are having about the bailout plan. What kind of give-a-ways was Congress planning to give a way to their friends and supporters under the guise of rescuing the financial system?

Jim Lindgren at Volokh points out one really ugly give-a-way that should make it obvious why McCain needed to get back to Washington and make sure that the American people were not going to be raped...again.

I have read Dodd’s proposed statute and in some respects, it is far worse than has been reported. Senator Dodd has placed a loophole in the bill that is explicitly designed to siphon off tens or hundreds of billions of dollars to the Housing Trust Fund and the Capital Magnet Fund even if there are no net profits in the $700 billion venture.[snip]

But Senator Dodd’s bill does not provide for losses to offset gains: “Not less than 20 percent of any profit realized on the sale of each troubled asset” must be given to the two housing funds, so $200,000 of the $1 million profit on the one asset that made a profit must be siphoned off to the housing funds, despite the $400,000 net loss on the three deals taken together.

Read the rest of it here.

Lindgren at Volokh points out that there is a potential for the Housing Trust Fund and others could net hundreds of billions of dollars. That trust fund is a "slush" fund that is routinely used to give funds to ACORN, the Democrats political machine that has been involved in numerous voter registration scandals and is one of the organizations that had sued banks and other lending institutions to force them to give loans to people with unsound credit.

UPDATE: Yes, how serious are the Democrats taking this mess? Just another day in Washington where the shell game continues. Tax payers aren't going to get their money back. It isn't going to go to pay down our astronomical debt. Worse, it isn't going to pay back any loans the US might have to take to fund this little debacle in the first place. 20% of it will go into some program whose worth is questionable in the first place and tax payers will be stuck holding the bill for hundreds of billions of dollars more in debt without any possibility of realizing it's pay off from the sell of these "toxic assets".

(thanks for the correction "someone")

From Christoph: Mark Levin Explains Things

UPDATE: Obama ACORN's man in the shadows?

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posted by xgenghisx at 02:15 PM

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