Rep. Spencer Bachus (AL) wrote a guest post for the conservative blog, Red County. Please check out an excerpt from "Diverting TARP Funds to Failed Housing Agenda":
Two days ago the Financial Services Committee held a hearing on the Democrats’ TARP for Main Street bill that will divert billions of dollars from TARP to fund their failed housing agenda. At a time when the taxpayer has not recouped the full $700 billion committed through TARP, I will oppose any effort that prevents or delays the repayment of this money to the taxpayer.
While TARP may earn a profit from the Capital Purchase Program, the TARP program overall will not. Congress authorized $700 billion for TARP and so far, Treasury has received $70.1 billion in repayments and $6.7 billion in dividend payments—all from the Capital Purchase Program. We have a long way to go before taxpayers recoup their money. Therefore, all repayments and gains should go directly to the taxpayers.
