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Ear to the Ground

Obama Says He’ll Spend Some Bailout Money on Homeowners

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Posted on Jan 12, 2009
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With half of the $700 billion in TARP funds already spent and not a whole lot to show for it, Barack Obama has pledged to spend the second parcel differently, with at least some of the money going to desperate homeowners. President Bush has agreed to request the funds on Obama’s behalf in order to expedite the process.


AP via Google:

Seeking to reassure wary lawmakers, President-elect Barack Obama said Monday he will fundamentally change the way the second half of the $700 billion financial bailout fund is spent, focusing some of the relief on housing and small businesses.

Obama asked President George W. Bush to submit a request to Congress so that the remaining $350 billion would be available quickly after the inauguration next Tuesday. Bush agreed to do so.

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By tropicgirl, January 13 at 5:17 pm #

I really can’t believe anything said on the verge of a bailout anymore. This is the same old same old and its pathetic to see Obama doing it.

If he was really serious about “changing the way the bailout was spent” then he would try to find out HOW IT WAS SPENT. APPARENTLY NO ONE HAS EVEN ASKED, INCLUDING HIM. And if he does know, why doesn’t he tell us so that WE know he won’t spend it that way.

I agree with Senator Nelson from my state of Florida. This is gobbly-gook coming from the Obama people and its making everyone VERY nervous. Economy “stimulation” won’t work without people with jobs who are also known as CUSTOMERS. You MUST give the American people cash and jobs and mortgage relief now. This is not a downturn, this is a disaster in which people are going to suffer and some will not survive. Get with it Obama. Your days of vagueness are over.

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By nino, January 13 at 7:12 am #

As someone who bought his first home at age 21 when making only $5 an hour I can only say, “live within your means.” That first home cost me $21K and I still strive to live a very simple life within my means.

I’ll all for helping the people and not the crooks on Wallstreet but it seems that there are a just as many greedy people, who bought more house than they could afford as speculation of big bucks down the road, as there are stupid people that were tricked into signing on the dotted line.

You have to make whatever you do to help “the people” even and across the board. Including the people that have always lived within their means and are not in trouble (yet).

That may not be possible and that’s why I was against any “bail out” in the first place.

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