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Barney Frank Claims That $50 Billion in Foreclosure Relief Isn’t Enough

February 16, 2009

 We are about to spend almost $800 billion, that we don’t have, under President Obama’s stimulus package, this is on top of the $700 billion, which we also don’t have, TARP program started under President Bush. 

 This is only beginning, Barney Frank, who played a major role getting us into this crisis, claims that of the $50 billion in TARP funds that is designed to help people pay off mortgages they never should have had in the first place is not enough money.

I don’t think it will be enough,” said Frank. “But in fairness to Mr. Geithner, we won’t know that for a while. I believe that he will be–he’s got a good set of plans coming forward to begin to reduce foreclosures.

And so what I hope is this,” said Frank. “We will begin, if in fact, by the time we’ve used $50 billion, it turns out we can use more, then I believe the Congress would be responsive. But first they’re going to have to demonstrate the will, which they have demonstrated, and the capacity to use it effectively.”

 Barney Frank of all people has some gall talking about what it is going to take to get us out of this crisis, after all he created it by forcing banks to loan money to people who weren’t qualified in the interest of being fair. And now WE have to bail them out? THAT IS NOT FAIR!

 Where is this going to stop? David Axelrod says upwards of $100 billion is necessary.

Well, there’ll be a lot of aspects to this, to this program, so–but the $50 billion obviously–$50 to $100 billion that’s been discussed to date, is obviously a necessary part of it

 Honest hard working Americans who pay their bills and who are doing things the right way, even though it is tough, are just suckers.

I am too frustrated to write any more about this.

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7 Comments leave one →
  1. dsgawrsh permalink
    February 16, 2009 12:36 pm

    I hear ya! I’ve been saving for years to get up to at least a 20% down payment to finally move into my own home and these dipsticks get a free ride?! And 58% of these irresponsible people have already defaulted on their re-financed mortgages. Even $100 billion won’t solve this problem. They will just create more trouble in the future.


  2. February 16, 2009 12:43 pm

    I discovered something when I was in the military. If I worked hard and did my job with excellence I would get promoted. Usually to a job that was done by someone who didn’t do their job well.

    It appears to me that we have the same thing going on here. The American people who are working hard to take care of their own lives will not be ‘promoted’ to clean up the mess for those who don’t. And Obama calls this FAIR?


  3. February 16, 2009 2:47 pm

    More and more of us are simply refusing taxation until EQUAL. Let those who HAVE marriage rights pay my taxes. I stopped in 2004.

    And more and more of us will FIGHT the I.R.S., using all of our might and using anything we have at our disposal to protect our families from this unjust, immoral taxation of Queer families and their children.



  4. February 16, 2009 8:02 pm

    That’s a good point Dominique, it must be hard going from the military where excellence is rewarded to the civilian world where excellence is punished.

    John, you might want to be careful with that not paying taxes idea. Although I love that you are taking a stand against the IRS.


  5. screw banks permalink
    February 16, 2009 9:12 pm

    Banks screw Americans
    Ok so someone’s got to speak for the little people I was cnbc house of cards tonight and they were talking about the housing crisis that America is in and through watching this show and how they were talking about liar loans and the way these loan companies were lying to people and adjusting incomes so people would get financed well my problem is this we have American families losing there homes everyday and the government come up and says we need to save the banking industry well fuck the banking industry we are going to give them money because they got into bed with these bullshit mortgage companies that is not our fault they don’t care about taking homes from people who got screwed by these mortgage brokers so why should we care about saving them look at is this way if you are in the process of losing your house why would you want to bail out the banks if the bank goes bankrupt who’s going to take your house , here is the problem the only banks that are in real trouble are the banks who dealt with these bs mortgage brokers
    So as Americans we need to stand up and make an example fuck them all stop paying your mortgage payments and fuck Washington they only care about themselves we need to bring these sons a bitches to there knees where all cock suckers belong they want to spend 700 billion on banks that fucked the American people you want to spend 700 billion give it to the fucking people and let them decide what to do with it and when I say people I say people who live and work not some dick fuck in Washington who has his dick in a hooker instead of his wife that should amount to half the senate come on people stand up do something save your neighbor s don’t be pussys get of your ass and do something about this kind of bullshit . and yes am vulgar and I will bitch but we need to say we aren’t going to take this shit and give the rich money so they can continue to live their fancy lifestyle while hard working Americans lose their homes you want to fuck the economy don’t buy anything don’t pay anything don’t put your cash in the bank they need to know the people have had enough and if they don’t like go fuck themselves


  6. February 16, 2009 10:11 pm

    You sound mad.


  7. Deb permalink
    February 18, 2009 6:49 pm

    Be careful of what they say on PMSNBC. Left-slanted spin. And now Obama is going to pay people’s motgages who CAN afford it? AND you may be able to collect unemployment if you quit your job? WTF….. What difference is raising taxes actually going to make?


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