Congressman introduces bill to fund underprivileged bankers and realtors

Congressman Barney Frank (D-MA) plans on April 1 to introduce legislation to further boost the economy and assist the unemployed, especially those in the middle class who work in the financial and housing sectors. His Funding Underprivileged Bankers And Realtors (FUBAR) Act of 2009 would require troubled bankers and realtors to turn over a majority of their assets to the government in exchange for amnesty from any federal investigation and wrongdoing. Plus the bill promises not to conduct embarrassing public hearings of those who opt for FUBAR, even those who have owed back taxes and wouldn't pay for a decent CPA to file tax returns.

The bill is already meeting resistance from House Republicans, but Democrats are confident that they have enough votes to pass it because, well, they have the majority. President Obama has voiced his support of FUBAR, jokingly citing that he's honored to have part of his first name in this bill, as he slowly turns away from the big screen TV to take more questions at a joint press conference with Rep. Frank.

Conservatives, keep up the good fight (but also keep a sense of humor)! We must defeat this bill. Call your Congressman today (April 1st) -- America must say No to FUBAR before it's too late...

Barney Frank wants to control your pay

The government has successfully put a limit on top executives working in firms receiving bailout money. Now Rep. Barney Frank (D-MA) wants more control in how all employees of these firms are paid:

But now, in a little-noticed move, the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would, in some key ways, go beyond the most draconian features of the original AIG bill. The new legislation, the "Pay for Performance Act of 2009," would impose government controls on the pay of all employees -- not just top executives -- of companies that have received a capital investment from the U.S. government. It would, like the tax measure, be retroactive, changing the terms of compensation agreements already in place. And it would give Treasury Secretary Timothy Geithner extraordinary power to determine the pay of thousands of employees of American companies.

The purpose of the legislation is to "prohibit unreasonable and excessive compensation and compensation not based on performance standards," according to the bill's language. That includes regular pay, bonuses -- everything -- paid to employees of companies in whom the government has a capital stake, including those that have received funds through the Troubled Assets Relief Program, or TARP, as well as Fannie Mae and Freddie Mac.

The measure is not limited just to those firms that received the largest sums of money, or just to the top 25 or 50 executives of those companies. It applies to all employees of all companies involved, for as long as the government is invested. And it would not only apply going forward, but also retroactively to existing contracts and pay arrangements of institutions that have already received funds.

In addition, the bill gives Geithner the authority to decide what pay is "unreasonable" or "excessive." And it directs the Treasury Department to come up with a method to evaluate "the performance of the individual executive or employee to whom the payment relates."

Again, once the government gets a taste of new power, it never relents in grabbing more.

All hail Barney the wise as he ensures our economic meltdown

Reading Michelle Cottle's The New Republic article on House Financial Services Committee chair, Barney Frank, would give anyone encouragement that he's ready to make our economy better in no time. Yet that is far from the truth as the seasoned Congressman had his hands in prompting the financial meltdown we're in today, starting with his false assurance that Fannie and Freddie were doing just fine.

Yes, again we see that journalism is dead. How can anyone do a story on Frank without mentioning the collapse of Fannie and Freddie?