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(Huffington Post)   States use the mortgage settlement money the same way they used the tobacco settlement money   (huffingtonpost.com ) divider line
    More: Fail, Mike DeWine, state attorney general, Atlanta area, Nikki Haley, Attorney General Pam Bondi, obstructionism  
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2151 clicks; posted to Politics » on 19 Oct 2012 at 9:51 AM (3 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



22 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest
 
2012-10-19 09:56:22 AM  
the historically low federal income tax progression means middle class people have to pick up the tab in their states with higher property taxes and sales taxes and fees and fines and surcharges so if the money taken from banks relieves that at all, great...
 
2012-10-19 09:57:08 AM  
So... politicians line their pockets and the people get nothing?
 
2012-10-19 09:57:45 AM  
Does this mean we get more Obama Phones?
 
2012-10-19 10:00:58 AM  
Cocaine? Hookers? Funding for more birther investigations?
 
2012-10-19 10:03:43 AM  
One things for sure, it's definitely not going towards citizens that need help making payments or getting back into their homes that were unjustly taken by the banks.
 
2012-10-19 10:09:58 AM  
My shock is
*puts on sunglasses*
Sub-prime
Yeeeaaaaaaaaahhhhhhhhh!
 
2012-10-19 10:15:28 AM  
I kinda figured this is how it was going to go once all of the states started talking about settlements, rather than talking about putting anybody in jail. The states that are going to use it for "economic development" will probably hand it right back to the banks that paid it out in the first place. Shameful.
 
2012-10-19 10:21:28 AM  

buzzcut73: I kinda figured this is how it was going to go once all of the states started talking about settlements, rather than talking about putting anybody in jail. The states that are going to use it for "economic development" will probably hand it right back to the banks that paid it out in the first place. Shameful.


ding ding! It might be used for things like downpayment assistance grants, so at least it won't all be going back to the exact bank. but it will probably end up going right back into the banks as a whole.
 
2012-10-19 10:27:19 AM  
The housing/finance crisis is the biggest swindle ever committed against the middle class. Bankers profited billions off it while average schmucks collectively lost trillions and millions have been kicked to the curb. Now to rub salt in our wounds, the settlement cash is being used to plug state budget deficits that result directly from lowering taxes on the very same people who've profited off the immiseration of the middle and working classes.

Time to break out my circular saw and hammer - I'm building a damn guillotine or three.
 
2012-10-19 10:33:38 AM  
Great idea! Let's block-grant Medicare, too!
 
2012-10-19 11:05:52 AM  
In Iowa, we used the tobacco settlement money to provide free or subsidized health insurance to thousands of children.

...other states spent it wisely too, right? Right?
 
2012-10-19 11:30:25 AM  
Are you saying we shouldn't trust governments with large amounts of unaccountable money? Shocking.
 
2012-10-19 11:33:16 AM  

Granny_Panties: Does this mean we get more Obama Phones?


What are these "Obama Phones" you speak of?

Perhaps you're referring to "Reagan Phones", as he was the man that signed that policy. Or maybe you mean "Dubya Phones", as he was the man that expanded the program from land lines to cellular phones.

Could you be a bit more clear?
 
2012-10-19 11:40:49 AM  
PA took a couple hundred k and had a golf outing with the tobacco money.
 
2012-10-19 11:45:49 AM  

neomunk: Granny_Panties: Does this mean we get more Obama Phones?

What are these "Obama Phones" you speak of?

Perhaps you're referring to "Reagan Phones", as he was the man that signed that policy. Or maybe you mean "Dubya Phones", as he was the man that expanded the program from land lines to cellular phones.

Could you be a bit more clear?


You lying libtard!!!11! This came from Obama's TARP program he signed into law in 2008. Derp.

I swear to God this Obama Phone thing has got to be the dumbest thing I've seen this campaign season. It's almost as bad as Death Panels.

My disabled son got an Obama Phone in 2007. Ha!
 
2012-10-19 12:02:57 PM  
How much of this kind of shait do we have to see before people realize government cant be trusted with money.
 
2012-10-19 12:04:19 PM  

clkeagle: In Iowa, we used the tobacco settlement money to provide free or subsidized health insurance to thousands of children.

...other states spent it wisely too, right? Right?


The voters in my state passed a law forcing the legislature to spend the tobacco settlement money on education. They did set up a fund which they now use to help fund education just like the voters demanded, and then they cut general fund spending on education by the exact same amount. I'm sure that was just a coincidence, though. So, technically, we're spending ours on education. It's kind of like if you gave me $100 to buy extra groceries for the month because you didn't think my kids were getting enough to eat, and then I took the $100 of my own money that I was going to spend on groceries and used it to buy meth. Technically, I did use YOUR $100 to buy groceries, just like you wanted me to. Sure, my kids are still hungry, but now I have meth, so who gives a fark? The math is very complicated, you probably wouldn't understand.
 
2012-10-19 12:20:35 PM  

pdee: How much of this kind of shait do we have to see before people realize government cant be trusted with money.



Because people and government are not somehow connected?
 
2012-10-19 01:02:04 PM  
I mailed in my claim letter back to the MN Attorney General this morning, so I'm really getting a kick...

Might not be sticking it to 'em as much as I'd like to, but I also don't turn down free money.
 
2012-10-19 01:10:47 PM  
didn't states use the tobacco settlement to issue bonds backed by the settlement money, basically a payday loan? and now those bonds are in danger of defaulting since tobacco sales are declining?

surprised they didn't mention scott walker/wisconsin, wasn't it a big deal when he used the money to close the budget gap he created with tax cuts?

also, wtf is jerry brown thinking, 0.3 billion isn't going to make a dent in a 15 billion budget gap.
 
2012-10-19 01:55:41 PM  

mod3072: The voters in my state passed a law forcing the legislature to spend the tobacco settlement money on education. They did set up a fund which they now use to help fund education just like the voters demanded, and then they cut general fund spending on education by the exact same amount. I'm sure that was just a coincidence, though. So, technically, we're spending ours on education. It's kind of like if you gave me $100 to buy extra groceries for the month because you didn't think my kids were getting enough to eat, and then I took the $100 of my own money that I was going to spend on groceries and used it to buy meth.


Did you giving them $100 increase their need for groceries by $100? If not, why the fark would you expect them to spend an extra $100 on groceries? You gave them that money, it covered their grocery bill, and now they have $100 for their other bills. Is there a problem with that?
 
2012-10-19 04:31:57 PM  

thurstonxhowell: mod3072: The voters in my state passed a law forcing the legislature to spend the tobacco settlement money on education. They did set up a fund which they now use to help fund education just like the voters demanded, and then they cut general fund spending on education by the exact same amount. I'm sure that was just a coincidence, though. So, technically, we're spending ours on education. It's kind of like if you gave me $100 to buy extra groceries for the month because you didn't think my kids were getting enough to eat, and then I took the $100 of my own money that I was going to spend on groceries and used it to buy meth.

Did you giving them $100 increase their need for groceries by $100? If not, why the fark would you expect them to spend an extra $100 on groceries? You gave them that money, it covered their grocery bill, and now they have $100 for their other bills. Is there a problem with that?


I said extra groceries, as in above and beyond what I would normally spend because my family was not getting fed adequately and the intent was for me to buy additional groceries. Yeah, it was a crappy metaphor. My point was, the intent was to increase funding to education without raising taxes, and the legislature did an end-run around the intent of the law to spend the money on whatever the hell they felt like. On paper it looks like we spent it on education, the reality is that we used to replace, not supplement, spending on education and then used the "savings" on education spending to plug holes in the rest of the budget.
 
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