Obama Spreading Lies That Bailout Profits Will Go to the American People
Category: News and Politics
I read the bailout bill that was sign by the Senate, the House, and by President Bush. My opinion of it is "Bullcrap!"
Beside the billions of pork or earmarks hidden inside the bill, I kept hearing that the profits of this bailout will come back to us the American people.
Even the false 'messiah' is out there speading these lies. Sen. Barack Obama’s (D-Ill.) statement on the Senate floor that “every penny” of the profits derived from the government’s purchase and resale of troubled mortgage-backed securities “will go directly back to the American people.”
To quote, Obama said, “If this is managed correctly, and that is an important ‘if,’ we will hopefully get most of our money back, and possibly even turn a profit on the government's investment -- every penny of which will go directly back to the American people.”
The truth is that the law says the money will go to pay off federal debt.
Therefore, what Obama and the majority members of the House and Senate, who supported this bill, their claim that the money will go to the American people is false.
In reality, the bill states that the government will get all of its money back. I do not see anywhere that any profit will be returned directly to taxpayers.
The bill states:
Under Section 106(d) of the bill, entitled “Transfer to the Treasury,” “(all) revenues of, and proceeds from the sale of troubled assets purchased under this Act . . . shall be paid into the general fund of the Treasury for reduction of the public debt.”
This means if any money realized by this bailout would go directly into the federal treasury.
This bailout may help free money for banks to lend to another and be able to give out loans to the American people, but who says that the bank has to do it. We are fixing the problem and rewarding bad behavior by throwing money on it.
Heck, this is the Democrats way of fixing any problem. I can't wait to see if the Speaker of the House from California will bailout its financial woes of her own State