Obama’s TARP Fund Benefits Deadbeats and Punishes Responsible Business

If there has been ANY DOUBT that the TARP Fund and ALL THE OTHER Money being sent to Washington is being used to BENEFIT the CHOSEN FEW this should put a lid on that once and for all. It should be obvious by now that the only ECONOMY Obama is STIMULATING is the economy of those who SUPPORT HIM. If you are a law abiding taxpaying citizen, not looking to government for a handout, this administration is going to make sure your WEALTH will be DISTRIBUTED to HIS CRONIES.

clipped from blog.heritage.org

The TARP program has so far distributed $247 billion to more than 700 banks. Of that, $162 billion in principal and $11 billion in interest and dividends have already been repaid. Except for AIG, almost all banks that received taxpayer money are expected to pay back the American taxpayers in full. As The New York Times reports: “The losses from the bailout fund are expected from money paid to rescue Chrysler and General Motors and the insurance giant American International Group, and from a program to help homeowners avert foreclosures.”

So the real deadbeats that are not giving us “our money back” are not the banks, but the union-backed car companies and failed government mortgage modification programs. But guess what? The White House has chosen not to include the car companies among the institutions that will pay this so called “Financial Crisis Responsibility Fee.” Also exempted are Fannie Mae and Freddie Mac, the government-sponsored entities that helped create the crisis.

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