Dems serve up another empty crock to homeowners, while giving Big Money MORE MORE MORE!
Frank Says Congress to Release $350 Billion in Deal For Homeowner Relief
Dec. 20 (Bloomberg) -- [House Financial Services Committee Chairman Barney Frank said in a telephone interview yesterday that] said legislation is being drafted that will set the conditions on spending the cash after Paulson used almost half the $700 billion Troubled Asset Relief Program to boost bank capital. Paulson resisted calls to support foreclosure relief.
Frank, a Massachusetts Democrat, said in the interview he’s drafting legislation with Senate Banking Committee Chairman Christopher Dodd that would release the remaining $350 billion in exchange for foreclosure help, aid for General Motors Corp. and Chrysler LLC and provisions to hold banks accountable for stepped up lending to consumers.
The measure would adopt a Federal Deposit Insurance Corp. foreclosure plan, revamp the Hope for Homeowners loan-relief program that has attracted few lenders and support a Treasury program to cut rates on some fixed-rate home-loans.
There's a proposal on the table that nobody will talk about except those who actually want to help homeowners. It's called HOLC (explanation). It was an FDR program that saved homeowners, cleaned up the balance sheets for the banks, and actually made a small profit for the country at the end of its life. Why do I have the feeling that the Village would rather not see the banks' balance sheets at all, and would do anything to stiff homeowners to avoid it?
Frank and his fellow Villagers are just tinkering around the edges as far as any solution that does anything more than help Big Money. Why a "deal"? Where's the need for a fucking quid pro quo? Why treat the lamest of lame duck Bush administration as if they had any kind of leverage? As of today, they've got thirty days in office? And the Dems are negotiating with them?*
And matters get even more farcical when we remember that Paulson has already spent two trillion and we don't even know where it went. And we propose to give Paulson another $350 billion, so he can piss that away on his golfing buddies? At the price of helping homeowners, when just a week ago Frank was claiming TARP** already did that?
Fortunately, Obama's been showing leadership on this. Yes, he was. Big Money? NOW NOW NOW NOW! Households? LATER LATER LATER LATER!
NOTE * No, they're not. They're doing what they want to do, while blaming Republican intransigence, instead of fighting for us. But don't worry: If we send them more money, everything will be fine after the 2010 midterms. All we need to do is elect a few more of Rahm's millionaires!
NOTE ** Taxpayer Anal Rape Program.