BlogWonks

Well, we found out last evening one good reason why the bill to help address the ongoing financial crisis has fallen apart, and it certainly has nothing to do with John McCain.  The congressional Democrats want 20% of the money raised from the deal to get siphoned off and put into the “Housing Trust Fund”. Read up on the Housing Trust Fund and you’ll understand why this deal needs to be renegotiated so that not a single penny of our money goes into that entity.

Just heard from several readers that Lindsay Grahamnesty told Fox that the Mother of All Bailouts includes a reported $100 million more in funding for the left-wing housing entitlement thugs and heavily tax-subsidized fraudsters at ACORN. Under the original bailout proposal, apparently, a large portion of any repayment of the $700 billion would go to Barack Obama’s good friends at ACORN with a smaller allocation to debt repayment. Readers heard him say it was 20 percent.

Told you not to trust Hank Paulson.

And I repeat: Fiscal conservatives need to be looking out for us tonight as they try to ram this thing through with a plethora of goodies for liberal shakedown artists.

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Update: A Freeper writes, “Senator Graham is referring to Section 5 of the Dodd counter-proposal to the Paulson Plan. To summarize, it promises a minimum 20% of the ‘profits’ from the Treasury’s sale of assets to The Housing Trust Fund and the Capital Magnet Fund.” See here.

So, the House Republicans were absolutely right to oppose this Paulson plan as it now stands. It would be outrageous to expect the U.S. taxpayers to have their hard earned money go to fund radical organizations such as ACORN. But, if the Democrats get their way, that’s exactly what will happen. Meanwhile, Ed reminds us that since the GOP is the minority party it’s impossible for the House GOP to block this plan. Just something to keep in mind as the Democrats try to spin this whole debacle as the fault of the Republicans.