This is a statement released 2 days ago from the WSJ.
By DEBORAH SOLOMON
The Treasury Department expects an initial payback from the nation's largest banks of at least $50 billion in bailout funds, according to people familiar with the matter, double the amount the government initially expected to recoup.
(In more ways then one)
Already Barney Frank has announced he intends to use this money to bailout foreclosed homeowners. Isn't that why we are in the trouble in the first place??? Does this fucking asshole ever read statistics!
(Should be his mug shot. Makes Madoff look like a rank amateur)
In general, the more loans you modify, the higher the percentage of redefaults: In the first quarter of 2008, 68,001 loans were modified, and 40,206, or 59 percent, of those have ended up 30 days late again, or worse. In the first quarter of 2009, 185,156 loan mods were done, and of those, 120,067, or 64 percent, ended up in trouble.
Our government is like a dog trying to catch its own tail. Giving money to a Democrat is like crack to a drug addict. Why not use the money to bring down the debt? Pure and simple. This is just a blatant attempt to buy votes with taxpayer money!
There is no Earthly reason why Frank should be re-elected. Yet it will happen. Kerry, Kennedy, and Frank. Provided by Massachusetts; a state noted for stupidity.
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