Tag Archives: TARP funds for developers

First thing we do, let’s bail out the developers

Dem0nstrating once again his hatred for free markets and his determination to socialize the economy, Congressman Barney Frank (who, it should be noted, didn’t mind when his page-boy lover engaged in a little free enterprise by running a brothel from  their apartment) has introduced legislation to bail out real estate developers. Here’s the deal: during the bubble, some big time developers bought rent controlled apartment buildings in the hope of converting them to non- rent controlled status and making a killing. Didn’t happen, and now they’re losing their buildings to other developers/investors, who are paying pennies on the dollar. Fine, right? Risk reward and punishment. The system is working just fine. But Barney’s got friends, I suppose, as do his co-sponsors of the bill, who want us taxpayers to help them out. So, under the guise of yet another “emergency” and to keep these buildings from deteriorating, we’ll toss in billions of dollars and the developers can avoid bankruptcy. Sounds like a great deal, just not for us.

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