Tuesday, July 07, 2009

Bill Foster and Barney Frank let the Good Times roll.

First, Byron York writes, Let's spend TARP profits before taxpayers can get them, on Frank's HR 3068 to redirect TARP money to Frank's projects,
When President Obama announced on June 9 that some financial institutions would be allowed to repay Troubled Asset Relief Program dollars, he said the massively expensive TARP bailout had made money for the federal government. "It is worth noting that in the first round of repayments from these [TARP recipients], the government has actually turned a profit," the president said. Indeed, TARP supporters have long held out the hope that the program might be profitable.

But now Rep. Barney Frank, the chairman of the House Financial Services Committee, has come up with a proposal to spend any TARP profits before they can be returned to the taxpayers. Last Friday, Frank introduced the "TARP for Main Street Act of 2009," a bill that would take profits from the program and immediately redirect them toward housing proposals favored by Frank and some fellow Democrats.
Now we have Frank and Foster teaming up on an internet gambling bill to get what's ever left from taxpayers,
Congress has their sights set on cleaning up the economic mess in the US these days, but they still have their eye on Internet gambling. Five new co-sponsors have signed on to Representative Barney Frank's proposed online gambling legislation.

Representative Frank has acknowledged that the online gambling legalization issue will have to wait until at least September before his committee begins discussions. That has not stopped Frank, however, from gaining support for when those discussions do take place.

The latest co-sponsors include Rep. Neil Abercrombie of Hawaii, Rep. Earl Blumenauer of Oregon, Rep. Bill Foster of Illinois, Rep. Tim Ryan of Ohio, and Rep. Jerrold Nadler of New York. The group of Representatives that have now signed on to be co-sponsors is a bipartisan collection.
Viva Las Vegas I guess with Frank & Foster. Get a feeling we'll all be fleeced when these two get done with America?

2 comments:

Anonymous said...

The Internet Gambling Bill has absolutely nothing to do with TARP. Your anger towards Foster seems to be misplaced. This legislation seeks to regulate an industry that has gone off-shore and has strong appeal among gamers and libertarians.

Bill Baar said...

I think sucker is the common thread between the two, and I'm a guy suckered by megamillions when it goes over $100M jackpot.

Either program, it's money flowing out of the common guys pocket.

Both are lousy programs, not to mention the pain to our Casinos in Elgin and Aurora where at least we get to see some payback in the downtowns.