Thread: Section 105(d) of the Bailout Must Go

Section 105(d) of the Bailout Must Go
Posted by: Erick Erickson

Friday, September 26, 2008 at 11:18AM

Here is what it says:

TRANSFER OF A PERCENTAGE OF PROFITS.

DEPOSITS.Not less than 20 percent of any profit realized on the sale of each troubled asset purchased under this Act shall be deposited as provided in paragraph (2).

USE OF DEPOSITS.Of the amount referred to in paragraph (1)

65 percent shall be deposited into the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Regulatory Reform Act of 1992 (12 U.S.C. 456; and 35 percent shall be deposited into the Capital Magnet Fund established under section 1339 of that Act (12 U.S.C. 4569).

REMAINDER DEPOSITED IN THE TREASURY.All amounts remaining after payments under paragraph (1) shall be paid into the General Fund of the Treasury for reduction of the public debt.

Here is what it means:

The Democrats want to fund ACORN and other far left organizations -- those groups are the recipients of the funding in these programs.

This provision must be stripped from the final bill. If not, it must absolutely be opposed. We cannot afford to have the Democrats fund their interest groups with a taxpayer bailout.

http://www.redstate.com/diaries/redstat ... t-must-go/

I agree Zee....the funding of anyone's special interests should NOT, MUST NOT be funded in any way shape or form through this bailout.

And all I'm beginning to see right now is everybody and their brother lining up with their hands out and reasons WHY they should be given huge amounts of this money.

I'm sick of this crap.........