Extreme arrogance

As if the residents of MA needed another example of what one party rule means, Rep. Barney Frank is happy to provide one. Being a statist of the first rank, the good congressman has found TARP to be a useful tool to transform America to fit his ideology. His latest scheme to spend the taxpayers' hard earned money is his "TARP for Main Street Act of 2009".

Looking back, TARP has been the biggest mistake of the Bush presidency. It has enabled the Democrats to take over Chrysler and GM to benefit their allies, the United Auto Workers union and now it is being used as a piggy bank for pet causes. As designed, the U.S. government bought preferred stock in troubled banks to keep them afloat. In return, those banks would pay the U.S. Treasury dividends and eventually repay principle. These dividend payments, according to the act " shall be paid into the general fund of the Treasury for the reduction of the public debt". At this point, the U.S. treasury has received $6.2 billion in dividend payments. Enter Barney Frank. Instead of using the money, as designed, he wants to spend it on pet projects:
1 billion for a low income rental housing trust fund
1.5 billion for a neighborhood stabilization fund
Both of these projects will most likely benefit ACORN, the Democratic allied pressure group being investigated for vote fraud by several states. The U.S. Congress was going to look into these allegations, but John Conyers (D, MI) said the "powers that be" pressured him to drop his investigation.
2 billion to subsidize those with delinquent mortgages.
2 billion for muti-family properties in default or foreclosure.

The first priority of anyone in government should be to get the country's fiscal crisis in order. The government is swamped with debt, and any money it receives from the troubled institutions it bailed out should be used as promised, to help pay down the debt.