What started out as a 3 page outline has exploded into a 451 page earmark bill that is sure to pass. The House bill that failed had exploded into 109 pages. Imagine the pork that an extra 342 pages BEYOND the house bill will cost us.
A good bill will oftentimes go bad because of the earmarks attached to it. The more popular the bill is with the public – the better the chances that it will pass. It’s within those bills that congressional members attach their earmarks. After all, it’s a sure thing! Those who oppose the bill will be ridiculed for voting no – even though the “no” represented a clear refusal to vote in “the pork.” The Mortgage Rescue Bill was a prime example. Now it’s the Financial Rescue Bill suffering from the same treatment from the people we employ to protect us from just such things. I elaborated here.
Everyone is sure to have their “goodies” included in the bill to ensure their vote this time. They even put an “earmark” in for us. Will we now “bite” and agree to this bill also because they threw a crumb to us as well? HR 1424 <– new bill
It was a sad day when the mortgage rescue bill was passed with all the extra pork. When all was said and done, there were 235 amendments including a $35 million trial lawyers slush fund and a $25 million earmark for the Raza Development Fund who is connected to the National Council de la Raza, a Hispanic advocacy group. I elaborated here.
Did we as taxpayers not learn from that?
When the House bill was voted down a few days ago there were – again – earmarks for Raza, trial lawyers and ACORN (Association of Community Organizations for Reform Now) HR 3997 <– old bill
Obama is directly tied to a group [ACORN] that has been both accused of and its members convicted of National Voter Fraud, embezzlement and misuse of tax payer funds … Obama was not only ACORN’s attorney but, actually trained the group in “community activism!” And, while Obama was Chairman of the Chicago Annenberg Challenge, he arranged funding for the voter-fraud group through the CAC. McCauley’s World reports: “In Philadelphia alone ACORN has raised over $800,000 Dollars for Barack Obama’s Campaign.” In politics, scratching each other’s back is always the order of the day.
Again, not a peep from Obama regarding all these earmarks. After all, he’s part of the “club” with the trial lawyers and ACORN – it wouldn’t be in his best interest to have to speak up.
With all the current reports of voter registration fraud occurring, you would think the our government would not reward those accused of such acts. I elaborated here.
This “crisis” didn’t just happen yesterday. There were plenty of attempts to reign it in.
On record July 15, 2002 (On record Page: E1258 / 107th congress / HR 5126)
Ron Paul Speaks:
According to the Congressional Budget Office, the housing -related GSEs received 13.6 billion worth of indirect federal subsidies in Fiscal Year 2000 alone.
Mr. Speaker, it is time for Congress to act to remove taxpayer support from the housing GSEs before the bubble bursts and taxpayers are once again forced to bail out investors who where misled by foolish government interference in the market . I therefore hope my colleagues will stand up for American taxpayers and investors by cosponsoring the Free Housing Market Enhancement Act.
On record September 10, 2003 (On record Page: E1767 / 108th congress / HR 3071)
Ron Paul Speaks:
Mr. Speaker, it is time for Congress to act to remove taxpayer support from the housing GSEs before the bubble bursts and taxpayers are once again forced to bail out investors who were misled by foolish government interference in the market. I therefore hope my colleagues will stand up for American taxpayers and investors by cosponsoring the Free Housing Market Enhancement Act.
Barney Frank speaks Sept. 11, 2003
”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
On record January 26, 2005 (On record Page: S599-600 / 109th congress / S 190)
Chuck Hagel Speaks:
It is clear that the recent revelations at both Freddie Mac and Fannie Mae precipitate the need for Congress to address GSE regulatory reform. In 2003, Freddie Mac found itself treading through a wave of accounting problems and questionable management actions. That led to an income restatement of $5 billion, a penalty of $125 million and the removal of several members of its executive management. One year later, a similar surge of questionable practices was discovered at Fannie Mae. That led to the retirement and resignation of two of Fannie Mae’s top management officials, as well as last month’s ruling by the Securities and Exchange Commission, SEC, that Fannie could face a $9 billion income restatement.
At a minimum, the bar for a GSE should not be held lower than it is for any other company. In fact, given its congressionally chartered mission to serve a public interest, the bar should be held significantly higher. The operations of such companies should be managed with uncompromising integrity and unabridged transparency.
I elaborated here.
As for me, the first Presidential hopeful that stands up in front of the American public and in an effort to bring this “elusive transparency” to the forefront by specifically naming those responsible for the pork in this bill and refusing to sign this bill in the name of “doing the right thing” has my vote.