"There will be no more taxpayer-funded bailouts. Period.”
Barack Obama, 7/21/10 at the Dodd-Frank signing ceremony
“There will be no more taxpayer-funded bailouts. Period.” How long will this Obama promise last? Well, The New York Times reports today that “the Obama administration on Wednesday pumped $3 billion into programs intended to stop the unemployed from losing their homes,” including a program announced by the Department of Housing and Urban Development that “will draw on $1 billion authorized by the new financial overhaul law.” That’s right. The Dodd-Frank “no more taxpayer-funded bailouts forever” bill is not even a month old, and already President Obama is using it to turn your tax dollars into yet another bailout.
And why is the Obama administration turning to Dodd-Frank bailout funds so soon after passage? Because its original mortgage bailout plan, the Home Affordable Modification Program (HAMP), has been a complete failure.