"Any society that would give up a little liberty to gain a little security will deserve neither and lose both." ~ Benjamin Franklin

No Honor Among Thieves

>> Thursday, October 02, 2008

Apparently a "bail out" isn't a "just a bail out". A bill that began as 3 pages is now over 300 and includes (from Time Magazine)

$2 million excise tax exemption on "certain wooden arrows designed for use by children."

$49 million in tax breaks for people (in Alaska, mostly) receiving compensation from the litigation over the Exxon Valdez oil spill.

$100 million in tax breaks for "certain motorsports racing track facilities."

$179 million in tax incentives for "investment in the District of Columbia."

$49 million for a charitable deduction for corporations who donate books to libraries.

$33 million for an economic development credit in American Samoa.

$61 million in added credits for "steel industry fuel" also known as liquefied coal waste sludge.

$397 million for the "domestic production activities deduction" for film production

$81 million to extend and modify treatment of "certain film and television productions."

And here's an article from Tax Payers for Common Sense to break that down for ya...

RothCPA also has some need-to-know information as well as a link to the text of the senate bill.


Could anyone tell me what all this stuff has to do with the bail out? Anyone?

Nothing. Absolutely nothing. This is special interests prevailing over the people. Again.

I honestly think it's time to fire them all, start over with people who speak common sense instead of bull-crap and set term limits. It's obvious that our politicians are in the pocket of lobbyists.

I think we should vote out who ever is in office. Democrat or Republican... If they've been in there more than 2 terms it's time for them to be done. This kind of crap has got to stop.

Oh, and after this passing vote the Dow dropped today. So much for this vote giving confidence.


Anonymous 5:25 PM  

The American people should be angry - I don't understand those who aren't. Our legislators are greedy and power hungry. They created the mess and lined their own pockets and want the tax payers to foot the bill.

As far as confidence, everyone I talk to says that their confidence is shot - and the bailout is going to make them even less confident.

I have emailed and called my representatives and told them that if they vote for this, I will actively campaign AGAINST them in any upcoming election.

Fantastagirl 6:41 PM  

When do you suppose the American people will understand what just happened?

Doug H 2:05 PM  

More at the Wall Street Journal

And Presto Pundit has a roundup

Doug H 5:51 PM  

Arnold Kling has some interesting takes on this fiasco too

Anonymous 7:06 PM  

The 13% approval rating Congress has is proof that Americans are unhappy with our government. Now they have to actually DO SOMETHING to change it. We'll have to see what happens.

Doug H 12:42 PM  

Dr. Sowell, Do Facts Matter?

Sally 5:55 PM  

I haven't really had time to follow all this, but while at the bank, I noticed the sign saying that now my bank/credit union will insure my money up to $250k. Can I get an Amen?! I'm happy about that...at least one good thing will come out of this bailout!

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