Dems Bailout Proposal Redirects ‘Paulson’s Profits’ To Left-Wing Groups
By: Warner Todd Huston
Bush told the country that we are in an economic crisis and his Treasury Secretary, Henry Paulson, came up with an idea that would, it is claimed, end up actually making money for the U.S. Treasury in the long run. That’s all well and good, but the Democrats already have a plan to siphon off any repayment of the people’s money back to the treasury by adding one little line to the agreement that would end up stealing money from any repayments and giving it to left-wing political advocacy groups like ACORN, the National Urban League and the Hispanic group La Raza. Instead of trying to help the economy, the Democrats just want more money for their left-wing political constituents. It’s business as usual for the Democrats, of course, but a bigger question is will the media let them get away with it?
On Thursday, the Senate Democrats shopped around a one page “Agreement in Principle” from the U.S. Senate Banking Committee that laid out their proposal for the bailout of the economy. At first it all seems rather straight forward, but hidden inside this document is one little line that proves that Democrats aren’t as interested in the economy as they are in trying to extort a payday for their favorite political advocacy groups. Yes, even in a bill as important as the bailout the Democrats are trying to stuff it with pork!
Of course, the claim that this bailout will make money is not cut and dried. But the idea is that the bailout will put the Treasury Department in ownership of what could easily later become lucrative investments. And, at that later date, the Treasury Dept. can then begin to sell these investments off at a profit and, thence, pay back the Treasury for the bailout — in essence repaying the American people. But, the Democrats already have a plan to spend “profits” that not only do not exist yet, but may never exist. In the “Agreement in Principle” is the following line:
“Directs a certain percentage of future profits to the Affordable Housing Fund and the Capital Magnet Fund to meet America’s housing needs.”
So, the Senate Democrats want to re-direct profits to the “Affordable Housing Fund” and the “Capital Magnet Fund” instead of keeping these future profits going to pay back the American people for this $700 Billion bailout loan. And what are these special agencies the Senate Dems want to fund? We turn to the Wall Street Journal in a July 2008 piece that reports on what sorts of groups that were to be the recipients of the federal pork from earlier bills the Senate tried to pass.
That tax eventually will channel upwards of $600 million annually in grants for developing and restoring housing, mostly as low-income rentals, available to Acorn and other groups (such as the National Council of La Raza and the National Urban League ). Democrats on Capitol Hill and housing groups say the housing-assistance money is vital to helping Americans hit hardest by what some call the largest drop in home values since the Great Depression. But they acknowledge the perception of political conflict in giving federal funds to an organization that does political work. “We are guarding against it,” said Massachusetts Rep. Barney Frank in an interview. He secured the Affordable Housing Trust from his seat as chairman of the House Financial Services Committee…
Many may already know that ACORN ( The Association of Community Organizations for Reform Now) is under investigation in several states for voter fraud. They have been caught turning in hundreds of thousands of fake voter registration cards in an effort to stuff ballot boxes with fake voters and pump up Democrat vote totals. ACORN’s founder also tried to cover up an embezzlement scheme his little brother perpetrated when he stole $1 million dollars of the organization’s money. This has only lately come to light.
Of course, many are also aware of the race oriented Hispanic La Raza group that has been a major player in trying to allow illegal aliens to enter the U.S., vote in our elections, and take freely of schools and social welfare monies.
Naturally, all these organizations exclusively support the Democratic Party.
Lastly, there is one more aspect of this that proves the Democrats are playing politics with this issue instead of being concerned with the saving the economy. The Senate Democrats and Democratic Speaker of the House Pelosi have been pressuring John McCain to sign onto this deal. If he does and this payoff to left-wing groups like the vote fraud infused ACORN or the racemongering La Raza stays in the bill, McCain will be responsible for giving pork to dangerous hardcore, left-wing organizations. If he doesn’t sign onto this because of this pork laden provision, the Democrats can then turn around and say that McCain is a stumbling block in this important bailout bill. The Democrats have, in other words, slipped a poison pill into the plan.
Once again, the Democratic Party proves that it doesn’t care about capitalism, doesn’t care about the economy, doesn’t care about working for the people, but does want to continue slipping huge amounts of cash to their buddies in anti-American groups as well as using important bills to advance mere political partisanship.
So, lets see if the media siezes on this one line in the Senate Democrat’s “Agreement” and reports it for what it is: a cynical, partisan attempt to play politics during one of the most important crises in years.