The NEW Senate Bailout bill….451 pages with earmarks and tax “extenders”
The 3 page bill originally introduced became 110 pages in the House and now in the Senate has become a staggering 451 page bill. (pdf file)
According to Hot Air here are some of the goodies the Senate added:
New Tax earmarks in Bailout bill
- Film and Television Productions (Sec. 502)
- Wooden Arrows designed for use by children (Sec. 503)
- 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)
Tax earmark “extenders” in the bailout bill.
- Virgin Island and Puerto Rican Rum (Section 308)
- American Samoa (Sec. 309)
- Mine Rescue Teams (Sec. 310)
- Mine Safety Equipment (Sec. 311)
- Domestic Production Activities in Puerto Rico (Sec. 312)
- Indian Tribes (Sec. 314, 315)
- Railroads (Sec. 316)
- Auto Racing Tracks (317)
- District of Columbia (Sec. 322)
- Wool Research (Sec. 325)
I did some double checking and YES there is a section on Wooden Arrows:
EXEMPTION FROM EXCISE TAX FOR CERTAIN WOODEN ARROWS DESIGNED FOR USE BY CHILDREN.
And race tracks:
Sec. 317. Seven-year cost recovery period for motorsports racing track facility.
Oh for God’s sake….is this the type of crap the Senate thinks is important enough to load up this “emergency” matter of life and death for the economy bill with?
What in the hell is wrong with these people?
To see the cost of the earmarks click HERE
October 1st, 2008 at 3:26 pm
Why don’t they have someone listing this stuff on the news shows?
They are not exactly driving home the point that it is an emergency.
Do the Dems still take the position that they don’t want a bill, thinking that if things get more desperate it will help Obama?
October 1st, 2008 at 3:34 pm
Quite frankly I have no idea what they are thinking and doing. It looks to me like it’s a good old fashioned screwing of the taxpayers.
October 1st, 2008 at 4:30 pm
[...] Original post by Mountain Sage [...]
October 2nd, 2008 at 10:38 am
At least some of the morning shows talked about this this AM. And it sounds like a lot of this pork was attached to make the overall package appeal to a few more House members — maybe enough to ensure the bill’s passage. That’s how the political game is played, unfortunately: you cannot count of politicians of either party to “do the right thing” but you can count on some to vote for legislation when there’s a particular perk for their home district that they can point to when running for re-election.
October 2nd, 2008 at 12:30 pm
My friend Robin Hood is all smiles after learning there will be a new supply of wooden arrows at his disposal!
October 2nd, 2008 at 5:20 pm
The bells and whistles added on were designed to get a few more votes, Democratic and Republican, in the House. It shouldn’t be “necessary” and it’s not an “emergency” but that’s the way it gets played.
October 2nd, 2008 at 5:57 pm
Why is it so difficult for these people in Washington to stick with the issues. There is more pork in this bill than what muslims have been trying to stay away from, for centuries. Stick with what the problems are and don’t load it full of “caca”. There is already too much of this as is. STICK WITH THE ISSUES AND DON’T SIGN THE BLOODY BILL WITH ANY EXTRANEOUS BS!!!! WE NEED THE TRUTH!!
October 2nd, 2008 at 7:23 pm
My question is why do we put up with this shit?
October 3rd, 2008 at 10:01 am
Hmmm, I must admit, at first this seems unsettling. But if you take a long hard look at it, this isn’t the first time, nor the last this will happen. I believe it all started with a song we all know and love titled “A spoon full of sugar”. How many times in our own lives have we “sweetened the deal” to get our children, friends, business partners to see things our way or do what they normally would be eager to dismiss. Is this something that we as a population have created and now criticize? Think of the last time you negotiated a new job, or a promotion with your current employer. Were concerned with the good of the company at the time, or what would benefit you? Don’t get me wrong, I in no way agree with most of what takes place in Washington, but I’m also willing to take part of the blame for it as well as a active member of our society.
October 3rd, 2008 at 12:13 pm
Glenn Beck called it “Legalized Bribery”. A few gifts to persuade every no vote. There are LOTS of other ideas to bail us out, that wont cost our liberty and pockets like this. I heard the ex-FDIC chairman (who’s against the bailout ) say they changed a few laws & policy’s in the 80’s when they had similar problems. Dave Ramsey has a 3-point “Common Sense Plan” at his website. I heard a person IN the industry yesterday say “The credit markets have been frozen up for 14 months, this didn’t just happen the last 3 weeks.” Fax or call YOUR House member TODAY before we are robbed!
October 3rd, 2008 at 4:51 pm
Kinda funny that the Republicans wouldn’t pass the bill until it had all the unnecessary pork yet they are the ones for small government…
October 3rd, 2008 at 8:22 pm
Basically this bill and a few cuts in the interest rate will at best postpone a train wreck in the stock market. None the less, a train wreck is coming regardless of this infusion of funds in the short term.
If panic sets in after the Fed runs out of ammunition and can not cut rates any further then we will see a crash in the stock market. If the stock market breaks down below 9500, we could test 2003 levels all over again. We are talking Dow 7500. The other negative effect of this bill is that it will cause more debt burden on the tax payer and the Fed will print more money. This will in turn cause hyper-inflation and the dollar will crash relative to other major currencies like the euro and the yen. I am seriously worried about an economic melt down and possibly a depression. Comment by Buck McHugh former VP of Investments at A.G.Edwards and graduate of Cambridge University’s Judge Institute of Management Studies.
October 3rd, 2008 at 9:34 pm
I agree….I’ve been worried about an economic meltdown for a long time which is why I supported Hillary Clinton. I felt she was the best qualified to handle the economy.
October 4th, 2008 at 11:16 am
What I see in this $700 billion economic bailout plan (benefitting US and Foreign investors) are more jobs for people who already have plenty of money while working and middle-class people lose even more jobs.
Democracy is clearly dead in this country. The people are against this so-called bailout but the lawmakers passed it anyway. Apparently the idea of “for the people, by the people, of the people” has been replaced with “for the wealthy people, by the wealthy people, of the wealthy people”.
October 4th, 2008 at 2:09 pm
If you want to know how your representative in the US House voted yesterday, when they passed this rip-off bill, go to:
http://www.nytimes.com/ref/washington/ROLLCALL.html?currentChamber=house¤tSession=2¤tCongress=110¤tRoll=681
Then, think seriously about throwing every one out who voted for it. Of course, you can only take care of the rep from your own district, so use the mouse-over to go along the line for your state and it will show which way each Rep voted.
For the best commentary and solutions I have heard yet:
Kevin Phillips at Bill Moyer’s Journal
http://www.pbs.org/moyers/journal/archives/archives.php
and
Economist Martin Feldstein at:
http://www.charlierose.com/guests/martin-feldstein
and
http://www.charlierose.com/shows/2008/09/30/3/a-discussion-about-the-economy-with-mort-zuckerman-andrew-ross-sorkin
Check the information about how some states are PURGING legal voters OFF the rolls!
http://www.pbs.org/moyers/journal/10032008/profile.html
And, another major story the media are not covering, check out http://www.obamacrimes.com as well as the Troopergate issues at http://mudflats.wordpress.com Both sides have aspects that are rotten to the core.
This whole 850 Billion dollar Bill is the biggest scandal, ever, in American politics. Stand-up and be counted, even when We The People lost the first-round.
Best to all — Em
visit me at: http://diabetesdietdialogue.wordpress.com
“Everyone knows someone who needs this information!” (TM)
P.S. – If you want “relief” from all this turmoil, come visit a brand-new site that’s innovative, erudite, fun, eye-catching, provocative, high-caliber, edgy — with great writing. Spread the word.
http://www.walkaboutjones.com and
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October 5th, 2008 at 4:39 am
[...] 4. Well, like in Israel, fast legislation processes were needed. However, the Congress first rejected the Wall-Street Bailout, which caused a major decline in stock indices. Therefore, gently, the government formalised a more serious plan that imploded from the original three pages to one hundred and ten, and then to four hundred and fifty one. 451 pages of tax reforms that most likely will never be read and will cause tax exemption for wooden arrows for children. [...]
October 5th, 2008 at 3:58 pm
[...] from the Tax Foundation and an article from CNN on the same issue. The most interesting pork – an exemption for wooden arrows (designed for use by children) from the excise tax. This entry was written by [...]
October 5th, 2008 at 8:57 pm
how can we find the names of the Senators who put these earmarks in?
October 6th, 2008 at 11:25 am
[...] When the Senate voted on it last night, it was over 400. I thought you’d be interested in reading about some of the earmarks that were slapped on. [McCain [...]
February 25th, 2009 at 1:56 pm
I too would like to know the exact earmarks and when an where did they come from, also on c-span this morning “Congress Live” the statement spoken was that these earmarks were last years business? Also, it was stated that with all 9000 earmarks would only equal less than 1% of the overall spending are our members of congress held accountable for what is said on live tv? They are about to vote on whether or not to accept or deni a congressional pay raise, this should in fact be published on every front page news tonight! I mean the exact persons responsible for voting for higher pay for themselves in this american crisis brought on mostly by greed, “The Love of MONEY”, the greatest sin of all!