Graves Releases Statement On Report Taxpayers Owed Billions In Bailout Money

Thursday, January 26, 2012

Representative Tom Graves (R-Ga.-09) issued the a statement Thursday, in response to a report by a government watchdog group that found U.S. taxpayers are still owed $132.9 billion from companies that received money from the financial bailout.

The Troubled Asset Relief Program is a $700 billion project launched in September 2008 to bailout private financial companies. The report also found that some of the bailout money may never be repaid to taxpayers.

Representative Graves supported H.R. 830, the FHA Refinance Program Termination Act, and H.R. 839, the HAMP Termination Act. H.R. 830 would rescind any unused TARP funds directed to the Federal Housing Administration Refinance Program to pay down the overwhelming federal debt.

FHA Refinance Program dollars are not given to homeowners, but to lenders and banks, and only helped 44 people over two years. H.R. 839 would rescind any unused TARP funds for the Home Affordable Modification Program. President Obama directed $30 billion to HAMP through TARP with the promise of HAMP helping four million homeowners. However, HAMP has only helped about 13 percent of the homeowners President Obama estimated, and the re-default rate among those helped is alarmingly high.

Representative Graves said, “The federal government should never use taxpayers’ money to decide which companies should survive or fail. While I was not a member of the House when Congress passed the bailout, I most certainly would have voted against it. The federal government should never be allowed to pick winners and losers in the marketplace. This report’s determination that taxpayers are still on the hook for more than $130 billion is additional evidence that the government should stay out of the private sector, and let the free market work efficiently. I strongly oppose bailouts, buyouts, cash for clunkers – or any other program where the federal government inserts itself into free enterprise.

“Government has a poor record of making wise decisions with taxpayer dollars. This report is further evidence of that. This is why I supported H.R. 830, the FHA Refinance Program Termination Act, and H.R. 839, the HAMP Termination Act. Unfortunately, these common sense bills to end these two failed projects and save taxpayer dollars have been stonewalled by the Senate.”


2014 OPGA/POINT Freedom Award Presented To Eclipse Medical

Eclipse Medical, LLC in Chattanooga received the 2014 OPGA/POINT Freedom Award for their service and dedication to veterans and active duty soldiers. The OPGA/POINT Freedom Award recognizes OPGA and POINT members who have provided orthotic and prosthetic fitting and/or rehabilitation for soldiers wounded in action. “Every day more and more of our brave men ... (click for more)

Over Qualified

The loss of a job can be somewhat of a traumatic experience.  Many emotions accompany this life altering event, there are many highs and just as many lows, I will explore the highs and lows at a later time, but what I want this article to focus on are two little words that have a very demoralizing affect on the job seeker, “Over Qualified.” Being labeled “Over Qualified,” ... (click for more)

Architect/Contractor Selected By Erlanger For New Children's/Women's Hospital

HKS has been selected as the architect and McCarthy as the construction manager for a new Children’s and Women’s Hospital at the Erlanger campus on East Third Street. The Atlanta team competed against another Atlanta group for the major construction project. Erlanger officials announced Monday that $11.5 million is being set aside in a debt restructuring for the new $30 ... (click for more)

Westfield Charged In Burning, Torture Of Kitten At Cleveland

An arrest has been made in the case of a kitten who was burned and tortured in Cleveland, Tn. At 12:50 p.m. on Tuesday, Gary A. Westfield, 31, of Cleveland, was placed in custody on a warrant obtained by Lt. Robert Harbison and Detective Matt Jenkins of the Criminal Investigations Division. Westfield was charged with aggravated cruelty to animals, which is a Class E felony. ... (click for more)

Chattanooga Has Lost Its Most Popular Citizen - Luther Masingill

Chattanooga has lost its most popular citizen – Luther Masingill. Although we are saddened we cherish the memories.  All of us have a Luther story.  Mine is the first time I met Luther.  This was before TV and all of Chattanooga listened to Luther on the radio.  I was 12-years-old.  Some of my buddies and I had gone to the State Theater in downtown ... (click for more)

Roy Exum: An Election Day Fable

Every day I am peppered with emails that friends send to me from across the country so I am unsure of where the fable you are about to read originated. But with early voting for the November general election now in full swing, I think everyone who will -- or will not -- take part in freedom’s greatest privilege should read this story because I believe there is a great lesson contained ... (click for more)