Back in October of 2008, the Bush Administration revised the Troubled Asset Relief Program (TARP) as part of the $700 billion bailout of the U.S. financial system. Now the Obama Administration wants to use interest accrued by banking repayment of TARP to create nrew government programs for homeowners. This has outraged U.S. Representative Bob Inglis (R-SC) of South Carolina’s Fourth District. Inglis says this in a horrible idea.
“To redstribute the money from taxpayers to certain groups that they want to support,” said Inglis. “In other words, people who are having trouble with their mortgages or whatever.
“Can you imagine a worse idea? Are these people insistent on redistributing wealth in America? Apparently so.”
According to the report, $6.5 billion in TARP repayment funds would be used to assist struggling homeowners and low-income renters. Inglis says the monies should be used to repay the debt. “Probably the worst idea I’ve heard from this administration (is) to take the TARP money that is being repayed by the banks that should come back to the taxpayers. Because in the case of TARP 1 we’ve made a $350 billion investment. About $80 billion has been repayed. They’re paying interest as well so it could turn out to be a pretty good deal for the taxpayers, at least TARP 1,” he said.
Inglis says the bailout was necessary and that the current administration is misusing taxpayer’s money. According to Inglis, “We kept the financial system from collapsing. Well, that was a good thing. But now, when they are paying it back. To take that money and redistribute it to people that the Obama Administration finds worthy of getting the money that should be coming back