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Taxpayers Pick Up $15 Bilion Tab for General Motors

Add General Motors to the list of government failures taxpayers are continuing to fund. As though it weren't egregious enough that the government meddled in private industry in the most intrustive of fashions, the auto bailout that was supposed to save GM will cost taxpayers billions.  Wednesday, the Treasury announced they'll be selling 40% of the GM stock they hold or 200 million shares back to GM. 

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Blog

Taxpayers Pick Up $15 Bilion Tab for General Motors

Add General Motors to the list of government failures taxpayers are continuing to fund. As though it weren't egregious enough that the government meddled in private industry in the most intrustive of fashions, the auto bailout that was supposed to save GM will cost taxpayers billions.  Wednesday, the Treasury announced they'll be selling 40% of the GM stock they hold or 200 million shares back to GM. 

12/21/2012
Four Republican Senators Voted for Euro-TARP

Over the past three years, President Obama has spent billions of dollars bailing out big banks, insurance giants and auto companies. These massive programs have not only cost American taxpayers dearly, but have sent the message that in the future poorly-run companies will be rescued from their failures. But that’s only the beginning—now Obama wants to bailout failing countries. Using the International Monetary Fund (IMF), Obama plans to put American taxpayers on the hook for a second 145 billion dollar rescue package for Greece.  

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Blog

Four Republican Senators Voted for Euro-TARP

Over the past three years, President Obama has spent billions of dollars bailing out big banks, insurance giants and auto companies. These massive programs have not only cost American taxpayers dearly, but have sent the message that in the future poorly-run companies will be rescued from their failures. But that’s only the beginning—now Obama wants to bailout failing countries. Using the International Monetary Fund (IMF), Obama plans to put American taxpayers on the hook for a second 145 billion dollar rescue package for Greece.  

06/29/2011
Key Vote YES on H.R. 830 To Eliminate Federal Housing Assistance Refinancing Program

Dear Representative, On behalf of over one million FreedomWorks members nationwide, I urge you to vote YES on H.R. 830 the Federal Housing Assistance (FHA) Program Termination Act. Introduced by Rep. Robert Dold (R-IL), the bill would eliminate the inefficient FHA Refinance Program to save taxpayers $8 billion. It is urgent that we reduce the federal government’s involvement in the housing market.

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Blog

Key Vote YES on H.R. 830 To Eliminate Federal Housing Assistance Refinancing Program

Dear Representative, On behalf of over one million FreedomWorks members nationwide, I urge you to vote YES on H.R. 830 the Federal Housing Assistance (FHA) Program Termination Act. Introduced by Rep. Robert Dold (R-IL), the bill would eliminate the inefficient FHA Refinance Program to save taxpayers $8 billion. It is urgent that we reduce the federal government’s involvement in the housing market.

03/10/2011
The Fallacy of TARP Profits

Recently, the Obama administration has been touting that the Troubled Asset Relief Program or TARP—the massive $700 billion Wall Street Bailout—“saved” the economy and actually returned an 8.2 percent "profit".  Today, the New York Times reported that:

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Blog

The Fallacy of TARP Profits

Recently, the Obama administration has been touting that the Troubled Asset Relief Program or TARP—the massive $700 billion Wall Street Bailout—“saved” the economy and actually returned an 8.2 percent "profit".  Today, the New York Times reported that:

10/25/2010
Responsible Banks and Small Businesses Reject Mini-TARP

On Monday, President Obama signed the Small Business Bill also known as mini-TARP into law. At the signing, he declared that the law was “a great victory for America's entrepreneurs.” The centerpiece of the law will pump $30 billion taxpayer dollars into smaller banks in hopes that they will lend out more to small businesses.

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Blog

Responsible Banks and Small Businesses Reject Mini-TARP

On Monday, President Obama signed the Small Business Bill also known as mini-TARP into law. At the signing, he declared that the law was “a great victory for America's entrepreneurs.” The centerpiece of the law will pump $30 billion taxpayer dollars into smaller banks in hopes that they will lend out more to small businesses.

09/29/2010
Key Vote "No" H.R. 5297

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Press Release

Key Vote "No" H.R. 5297

06/17/2010
$23,700,000,000,000!

That’s 11 zeros for those not counting.  $23.7 trillion dollars – let’s take a moment of silence….   This astronomical number is the total liability that the government has racked up in its series of bailouts of the financial system, according to the Special Inspector General assigned to the Troubled Asset Relief Program (SIGTARP).  Neil Bartofsky is heading up the investigation into how the TARP funds are being used, as well as how the Treasury Department plans to increase transparency within the program.In short:  “Don’t ask, don’t tell,” is the Treasury’s policy.  Bartofsky, in testimony given before the House Oversight and Government Reform Committee meeting today focused on the lack of transparency which leaves the taxpayers unaware of how their investments in the federal government have fared.  The latest Quarterly Report shows the government liability from bailing out the financial services industry totaling $23.7 trillion.  Most people are aware of the $800 billion in TARP funds that are on the line, but as SIGTARP emphasized, that is only a collection of 12 recent government programs invested.  There are 50 other programs already in place that also need to be included in assessing the risk involved, forming the $23.7 trillion total.

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Blog

$23,700,000,000,000!

That’s 11 zeros for those not counting.  $23.7 trillion dollars – let’s take a moment of silence….   This astronomical number is the total liability that the government has racked up in its series of bailouts of the financial system, according to the Special Inspector General assigned to the Troubled Asset Relief Program (SIGTARP).  Neil Bartofsky is heading up the investigation into how the TARP funds are being used, as well as how the Treasury Department plans to increase transparency within the program.In short:  “Don’t ask, don’t tell,” is the Treasury’s policy.  Bartofsky, in testimony given before the House Oversight and Government Reform Committee meeting today focused on the lack of transparency which leaves the taxpayers unaware of how their investments in the federal government have fared.  The latest Quarterly Report shows the government liability from bailing out the financial services industry totaling $23.7 trillion.  Most people are aware of the $800 billion in TARP funds that are on the line, but as SIGTARP emphasized, that is only a collection of 12 recent government programs invested.  There are 50 other programs already in place that also need to be included in assessing the risk involved, forming the $23.7 trillion total.

07/21/2009
Support H.R. 3140 - REBOUND Act

July 15, 2009 Members of the 111th CongressU.S. House of RepresentativesWashington, D.C. 20515 Dear Representative, Writing on behalf of over 700,000 FreedomWorks members nationwide, I urge you to cosponsor H.R. 3140, the Reducing Barack Obama’s Unsustainable Deficit Act (REBOUND), introduced by Representatives Tom Price (R-GA), Jim Jordan (R-OH), and Scott Garrett (R-NJ).

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Press Release

Support H.R. 3140 - REBOUND Act

July 15, 2009 Members of the 111th CongressU.S. House of RepresentativesWashington, D.C. 20515 Dear Representative, Writing on behalf of over 700,000 FreedomWorks members nationwide, I urge you to cosponsor H.R. 3140, the Reducing Barack Obama’s Unsustainable Deficit Act (REBOUND), introduced by Representatives Tom Price (R-GA), Jim Jordan (R-OH), and Scott Garrett (R-NJ).

07/15/2009
Chrysler and Sacrificing for the "Greater Good"

A blog post over at the Foundry by James Gattuso, helps reveal the Troubled Asset Relief Program (TARP) as a delegated blank check to Administration bureaucrats.  Check it out here.  Some excerpts:

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Blog

Chrysler and Sacrificing for the "Greater Good"

A blog post over at the Foundry by James Gattuso, helps reveal the Troubled Asset Relief Program (TARP) as a delegated blank check to Administration bureaucrats.  Check it out here.  Some excerpts:

05/04/2009
No more bailouts, Br'er Durbin?!?

Last week brought a rare victory for the free markets and the sanctity of private contracts: By a 51-45 vote, the Senate defeated a measure championed by Democratic Senator Dick Durbin (Illinois) which would have allowed judges to reduce the principle amount of a mortgage on a primary residence during a bankruptcy proceeding. Twelve Democrats, including Arlen Specter, voted against the plan.

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Blog

No more bailouts, Br'er Durbin?!?

Last week brought a rare victory for the free markets and the sanctity of private contracts: By a 51-45 vote, the Senate defeated a measure championed by Democratic Senator Dick Durbin (Illinois) which would have allowed judges to reduce the principle amount of a mortgage on a primary residence during a bankruptcy proceeding. Twelve Democrats, including Arlen Specter, voted against the plan.

05/03/2009

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