The House of Representatives will be voting on the revised bail out today. I have revised on my original opinion: Vote No!, to Vote H*** No!
Earlier I said that the revisions of this plan were not going to be able to make this plan good because it is flawed from inception. It was meant to bail out Wall Street and leae Main Street out in the cold. They fought hard to keep regulations like caps on CEO pay outs because it was meant, in fact, to secure those payouts to begin with. It was meant to make sure that when the GOP’s friends “small gov’t, big business” ran companies into the ground, we, the taxpayers would come in, save them, and ensure that these executives could still walk off with a nice chunk of money. The insertion of heavier regulation is really why the GOP voted no on the bill. It was because Bush wanted a blank check party to dole out $700B as they saw fit (friends and family plan). The revisions took away the ability for the GOP to throw themselves a $700B party before getting kicked out of office.
The revisions did not, however, do much to actually save the economy. It still was not enough to help out, in the GOP’s words, “Joe Six-Pack”. Although, IMHO, if Joe is going bankrupt, he should scale back on the six-pack, and swtich parties while he’s at it. The Dem’s original revision gains cushioned Joe Steelworker, but doesn’t save him, because you can’t fix a distorted plan!
So, now the Dem’s had to figure out how to get the GOP to vote for a bill they wanted in the first place, but abandoned when the Dem’s put rules on it. So, what are the new new new revisions aimed at pleasing GOP? Why, pork barrel of course!
As per CNN and Taxpayers for Common Sense, Along with the temp. FDIC hike, we’ve all heard about (by the way, temp means not premanent! Don’t get so excited about it!) And the mortgage revision revisions, they’ve also padded it up to the brim with pork. What kind of pork? arrow-specific excise-tax exemption for the manufactorers of arrows for child archers. Congratulations, Rose City Archery in Myrtle Point, Oregon
What else? $100M goes to the creation of a seven-year cost recovery period for construction of a motorsports racetrack. Poor down and out ractrack owners finally get a break on deprecation costs of their racetracks.
$19 billion for a two-year research extension. The beneficiaries: Microsoft Corp., Boeing Co., United Technologies Corp., Electronic Data Systems Corp. and Harley-Davidson
$192M for excise tax refunds to Puerto Rico and the Virgin Islands for rum. Will we get cheaper rum to drown our economic woes? I’m in for this one then.
Also, Kudos to Alaska Rep. Don Young for getting $49 million additional dollars for plaintiffs getting money from Exxon Mobile. Alaska is really doling out great people lately.
$3.3 billion to rural schools and communities. Ok, sure, go for it…. or send $3.3 to California, they’re about to go bankrupt.
$478 million goes to reduce the cost of film-production. So, when you get kicked out of your house, at least you’ll be comforted knowing that film production is still alive and kicking. Thank you, Diane Watson for your hard fight to keep us enjoying the movies.
Abunch of other crap I’m tired of writing about. Basically, if you own a race track, make a specific type of arrow, movies, rum, or wool clothing, computers, or planes, or are getting money from Exxon Mobile, then you win! woohoo, you’ve been “bailed out”