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Report: States using housing rescue to plug budget gaps

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    Bait and switch with bailout funds?

  • Duration 3:15
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-- a bait and switch with housing bailout money state governments are diverting cash from that 25 billion dollar foreclosure settlement with the banks.

And using it to fill budget gaps instead just play -- do you say this is why government rescues.

Never work -- because you don't put -- you don't put parameters -- want that money has to go to you look at states again about 34% of their money right now our federal transfers are gonna money from Big Brother of the federal government.

And are not -- balancing the budget.

This stimulus money went toward plugging budget -- -- -- to buy American bonds are going term funding.

Things where they don't have to worry about their managing in keeping their own house in order this is simply another example of that going on and it's somewhere it's got to stop.

Wait do you think this is that this band aid approach is -- -- the money be going to struggling homeowners.

Of course it should that's what it was allocated for but they did they never keep an agreement governments don't keep agreement you know.

Good -- USA hello grace that's where we're headed state governments municipalities they're all doing the same thing they're discovering the federal government everybody's spending money that they don't have and sooner or later we're gonna have to file for bankruptcy just like everybody else.

Did anybody surprised by this I mean this is like even a crack head money and saying -- like cats and lettuce really really.

You believe that the government is gonna probably aren't okay that's -- good yeah.

Sometimes you I'm not a doctor Jonathan -- -- anybody to go buy out.

All's you would buy cupcakes has probably -- so maybe this is the wrong way to to handle the money state I shaken himself -- should be ashamed of themselves.

I would hedge my shelf Cheryl I'd buy one cupcake and 81 app planted people have the -- -- I think I mean.

That the bailout we know don't work they evade reality they may prompt the problems to be elongated rather than short and actually -- with but from what I've read this is essentially theft plain and simple I mean if you have property rights that no other rights are even possible what -- -- the banks for scapegoats for everything.

Then the public who cares what to do you get what they do with the money they give the struggling -- homeowners you can tell the people that paid or how they're lighting heating bill and it's literally free grab and the banks of -- -- to pay for at all.

And Gillian I mean yeah I mean everybody was going against the banks and and how dare they but now another -- with a money is going it's a bit frustrating now.

It's outrageous this was -- point five billion dollars settlement.

For victims of fraudulent deceptive loan practices in the states are now using this money as a slush funds -- we are registered federal government should have put the conditions that John's referring to.

As the opponents point to bail -- don't work which is separate point.

I mean it's just nonsense is so kind of factual we know the TARP program has worked its gonna make -- tax artwork -- millions of dollars.

Billions of -- you know the auto industry bailout worked so I mean that John the system is actually had a lately not travel through the middle you really want the money into.

General Motors has -- -- let you know I've lost money in General Motors -- right we can't we have.

We have we we haven't made back all the money in the auto bailout but we have on TARP John that's -- -- -- -- at this point.

Well unfortunately work and work very well at and it's and it's besides the point on the discussion discussion right now is about.

The misused by the states of the two of the settlement money with the banks I totally agree it's absolutely outrageous that didn't happen -- -- -- -- It actually L agreed on something that which is right there I enjoy seeing thank you for joining us a good to have -- Thanks so much for having me.

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