The Dodd-Frank TARP Raid: Using Yesterday’s Bailout to Pay For Tomorrow’s

Conn Carroll / June 30, 2010

After the last-second addition of another $20 billion in new taxes shattered their original coalition for passage, the majority in the Senate went back to the drawing board to identify a new way to pay for the Dodd-Frank “orderly liquidation” fund.

The result of their leftist brainstorming session? Using the “profits” from the TARP bailout to pay for future Dodd-Frank financial fiascoes. The left and their allies want us to believe this would mark “the end” of TARP. The New York Times reports:

The new plan would bring an early end to the Troubled Asset Relief Program, the mammoth financial system bailout effort enacted in 2008, and redirect about $11 billion toward heightened regulation of the financial industry.

This bill does not end TARP and it does not end bailouts. Dodd-Frank supporters are now pretending that the TARP funds were going to be re-loaned out and then give themselves credit for not doing something they weren’t going to do in the first place. (more…)