Barney Frank: We Lost Money on Obama's Auto Bailout But Made Money on Bush's Bank Bailout

Most of America’s media think President Obama's 2009 bailout of General Motors and Chrysler was a huge success.

Former Massachusetts Democratic Congressman Barney Frank threw cold water on this meme on NBC’s Meet the Press Sunday correctly informing viewers that the auto bailout lost money for the federal government. By contrast, we made money from George W. Bush's 2008 bank bailout (video follows with transcript and commentary):

BARNEY FRANK, FORMER CONGRESSMAN (D-MASSACHUSETTS): First of all, many of the banks didn't want this money. It’s not that we did it for them. But secondly, the federal government made money on the advances to the banks. What cost us money was the automobile industry bailout. But we made money on the banks.

HENRY PAULSON, FORMER BUSH TREASURY SECRETARY: We got all the money back plus $32 billion.

Indeed. Meanwhile, the government’s investment in General Motors stock is still underwater.

Via: Newsbusters

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Barney Frank: More stimulus would reduce food stamp rolls

CHARLOTTE, N.C. — Massachusetts Democratic Rep. Barney Frank told The Daily Caller that there would be “fewer” food stamp recipients in America if Republicans did not block additional federal stimulus spending for state and local projects supported by congressional Democrats.

TheDC asked Frank about the record 46.7 million Americans currently receiving food stamp benefits.

“Well, there’s a record number of people in America. You know, every year things tend to go up. It’s why it needs to have a important program, it’s why I wish we got more cooperation from the Republicans in trying to do the things that would help us economically like not have the cities have to lay off firefighters and cops,” Frank told TheDC at the Democratic National Convention.

“I wish we were spending less in Afghanistan, where we’re wasting a great deal of money. I’m glad the president got us out of Iraq, but I think it shows that our spending priorities are out of whack and if we took some of those billions that we’re now wasting in Afghanistan and put them to work here in our cities then we would have fewer people in that situation.”

In February 2009, the Democratic-controlled Congress passed an $831 billion stimulus package.

Last year, President Barack Obama pushed Congress to pass his jobs act, which would provide states and localities with additional federal stimulus funds to hire firefighters, police and teachers. The White House advocated for a surtax on millionaires to pay for the legislation. The bill never made it out of Congress.

When Obama took office in January 2009, 31,983,716 Americans were receiving food stamps, compared to 46,670,373 people on food stamps as of June 2012.

Via: The Daily Caller

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Bawney Fwank: “We Would Have Unemployment Below 8%” If GOP Didn’t Stop Us From Hiring More Public Workers…

Let's spend and spend and spend

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On the Wednesday night broadcast of Current TV's "Viewpoint," outgoing Rep. Barney Frank (D-Mass.) explained how cutting federal spending has hurt the economy. Frank also shared why he believes unemployment is above 8% and how to fix it.

"When you cut back so substantially, you're not just doing social harm, you're doing economic harm because you do not have the spending power in the economy that you ought to have. Look, again, it's now clear," Rep. Frank said.

"We would have unemployment below 8% if it weren't for the fact that Republican policies have forced cities and states to lay off 700,000 people. Firefighters, police officers, teachers, public works employees, people who collect garbage, people who shovel snow because they've been hit by the property tax collapse. So, they have been losing. We've tried to help them out and the Republicans say no, we have to preserve tax cuts for the wealthy, we've got to send money overseas to the military in useful ways, and the result has been 700,000 jobs lost from state and local governments over these past couple years," he said.

Via: RCP