What Was That About Taxpayers Receiving Any Profit From The Bailout?
Posted on October 30, 2008
Filed Under Economy, Fannie Mae/Freddie Mac |
So you think you as a taxpayer (and now shareholder of several banks) will be receiving some of the profit the government gets when the housing market rebounds and home values appreciate? Think again.
Barney Frank is telling you what I have been saying since the conception of the bailout: You’re not getting a refund, dividend, capital gains, or whatever you want to call it.
If the $700 billion financial bailout is “managed correctly,” said Democratic presidential candidate Barack Obama in early October, “every penny … will go directly back to the American people.”
But that’s not what the bailout bill says, and House Financial Services Chairman Barney Frank (D-Mass.) explained to CNSNews.com that any profits from the bailout over time will go to the U.S. Treasury to pay down the federal debt.
Any revenue from the bailout, “goes into the Treasury,” said Frank, who added that “paying down the debt does benefit the federal government — it does benefit the taxpayers.” But it does not go directly back to the taxpayers.
Noticed how Frank mentions how it benefits the federal government first, and then as sort of an afterthought he throws in how it will benefit the taxpayers. It’s all about the government with the socialists liberals.
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