Quick, Spend the Money Before the Taxpayers Find Out!

Byron York catches Barney Frank with his hand in the till. The issue is TARP: recall that the banks that received TARP money are supposed to repay it to the Treasury, along with dividend payments. President Obama has held out hope that the taxpayers may, in the end, make money on the TARP program. Recall, too, that TARP was billed as an extraordinary response to an unacceptable risk--that the nation's financial system might come crashing down. So the federal government bailed out the banks, but the banks were supposed to repay the money and the TARP statute provides that when the money is repaid, it "shall be paid into the general fund of the Treasury for reduction of the public debt." Which, of course, benefits the taxpayers who put up the money.

The greedy Congressman Frank apparently can't bear the idea of taxpayers getting their money back, so he has proposed to divert the money to a more politically appealing purpose.

via Power Line - Quick, Spend the Money Before the Taxpayers Find Out!.