WSJ's Fund falsely claimed that ACORN "almost got a slush fund in the housing bailout bill"
SUMMARY: On Hannity & Colmes, The Wall Street Journal's John Fund falsely claimed that ACORN "almost got a slush fund in the housing bailout bill a few weeks ago." In fact, neither the September draft proposal nor the final version of the bill contained any language mentioning ACORN.
During the October 9 edition of Fox News' Hannity & Colmes, Wall Street Journal columnist John Fund falsely claimed that the Association of Community Organizations for Reform Now (ACORN) "almost got a slush fund in the housing bailout bill a few weeks ago." In fact, as Media Matters for America has documented, the accusation is false. Neither the September draft proposal nor the final version of the bill contained any language mentioning ACORN. The false claim is based on a misrepresentation of a provision -- since removed and absent from the bill President Bush signed -- that would have directed 20 percent of any profits realized on troubled assets purchased under the plan into two previously established funds: the Housing Trust Fund and the Capital Magnet Fund.
Had the now-removed provision passed, it would have deposited any realized profits into the Housing Trust Fund and the Capital Magnet Fund. Under legislation signed by Bush in July, money going to the Housing Trust Fund is to be distributed by the Department of Housing and Urban Development in the form of block grants to states, which would then award grants to qualified applicants. Money going to the Capital Magnet Fund is to be distributed by the U.S. Treasury Department through a competitive grant application process.
When the provision was still being discussed as part of the financial bailout bill, Salon.com's Gabriel Winant reported that ACORN's legislative director said the organization's housing advocacy affiliate, ACORN Housing, is "considering applying for funds from the Housing Trust Fund, but will probably choose not to do so," and even if it did, it would have to go through the same application process as any other group.
As Media Matters has documented, numerous media figures have falsely claimed that Congress attempted to direct millions of dollars to ACORN.
From the October 9 edition of Fox News' Hannity & Colmes:
HANNITY: Explain about this group ACORN as quickly as you can, just to give a little primer to our audience here.
FUND: It's a very radical housing lobby that was at the center of the debate over subprime mortgages. They wanted banks to put out more mortgages to unqualified buyers. They lobbied Fannie Mae and Freddie Mac, got their friends in Congress to lower banking standards. They almost got a slush fund in the housing bailout bill a few weeks ago.
Fund almost did a good job with this.
"Gotta whip up his interns to read the entire text and report to him."
Well, yeah, or you could [do what I did and] just pull up the .pdf file online and do a search for the word "Acorn" and find out that it ain't there. Takes about 20 milisencods if you've got a computer that less then 10 years old.
If the job was to distract from real financial issues I'd agree.
Today's Seattle P.I. had an informative article on the subject. Limiting to eliminating these financial institution's liability. Bob Ney must take credit for this, creatively saying it would protect the little guy. He did have some democratic help selling it, Paul Kanjorski, helped draft legislation on this.
Its to late to send Ney to jail. He's already there due to the Jack Abramoff scandal. Not sure about Kangorski's fate or the rest of the fellow travelors.
quote- If the job was to distract from real financial issues I'd agree.
I watched Fund do exactly that last week when asked about the 777 point drop and he went off on a tangent about Mccain having a plan to get us out of it. Along with completely ignoring that McEconomy wants to add 361 billion to this package ignoring it is in addition to the 700 bil already passed. I think we are getting another snow job imposed on the population.
Well, houses have trees and trees have acorns. You have to follow the stream of unconciousness.
you forgot the chipmunks. they are all over my tree.
I would say in the scale of liars Hannity is a 10 and Fund is a 9.8.
Are they fighting for their jobs after November 4 ? If Obama gets in, they failed miserably.
Well, Fox spent all that money advertising about voter fraud and all they could come up with is Ann Coulter. This is just a republican pay off for Fox's services as a 24/7 GOP infomercial.
Pretty sad, if republicans spent as much time understanding who the middle class really is as they do on purging voter rolls, passing illegal poll ID laws and doing whatever else they can to keep minorities and poor people from voting they could actually win over the middle class...
Several times today, after doing an ACORN story, someone on FOX, too, has claimed that, "you know, this last bailout bill actually has a provision in it that gives ACORN money!"
These people, I mean , they're really just incorrigible, aren't they? They just don't care about the truth. It must be an easy way to live.
And while we're at it, could someone explain to me how Wall Street would skyrocket if Sidney McCain wins the election? I heard a skilled reciter mentioning this on the radio earlier today.
The people who have become very rich in the last 7.5 years will be encouraged that the american taxpayer will remain a viable target. Financial indescetions will be of no interest to the Dept of Justice. And the media will spend the next four years complaining about a combative national legislature to distract the voters.
The lower level investors will go along for the ride.
If you were to say, that sounds stupid, I can only reply, I think it does too. None the less if the economy isn't toast in the next three weeks and Micky wins, thats my thought on it.
With the way the right wing is whipping up anger and hatred towards the homeless do you suppose this incident was inspired by that effort?
http://www.nytimes.com/aponline/us/AP-Homeless-Man-Burned.html?_r=1&oref=slogin