Absolutely Sickening Part of Bailout

Discussion in 'Economics' started by MKTrader, Oct 2, 2008.

  1. OK, let's put partisan politics aside for a moment. Let's also put aside the very important question of whether the bailout is necessary or the right response.

    If we had to do this, the Republicrats and Demo-cons should've agreed to 0% pork. No energy, education, military or other unrelated spending. This whole thing should ONLY be about financial system issues.

    Instead we got (among other things):

    $223M for Alaskan fisherman
    $192M for rum producers in Puerto Rico and the Virgin Islands
    $128M for auto racing
    $33M for companies operating in American Samoa
    $10M for film & TV production
    $6M for producers of wooden arrows

    Simply an outrage. We're in midst of this crisis, have huge unfunded liabilities for baby boomers on the horizon, yet we're going to spend all this extra money?

    Throw all those bums out....or have another tea party.
     
  2. Hahahahaha!

    What no one seems to understand is we've hit endgame. This is it. It does not matter what's in the bailout bill or if it passes or not.
     
  3. Agreed. The list of pork they threw into those 450 pages should be today's headline news on every TV station. Instead they're going to throw a ticker tape parade for our heros in washington who were "able to put partisan differences aside" to come to an agreement.
     
  4. we must now pay the piper...or in this case wall street again :D
     
  5. jprad

    jprad

    I agree with you on a principle level, but on a practical level nothing would get done without "reaching across the isle" to get something passed,

    You should also study a bit of history here too.

    The Bill of Rights, the first 10 amendments to the Constitution, was the first time "pork" was used to get something done.

    That something was to get the Federalists and anti-Federalists to agree on ratifying the Constitution itself.
     
  6. What page do you see the above listed
    on Bill H.R. 1424
     
  7. GS19

    GS19

    "Throw all those bums out" Yes get new bums
     
  8. Sorry, but "ratifying the Constitution" and nearly $200M for rum production are two different animals. And just because pork (on a much smaller scale) was used as a sweetener in the past doesn't make it OK. It has grown from a pesky mouse into a giant beast. It would've been better to terminate the mouse hundreds of years ago.

    No wonder the last comptroller general resigned.



     
  9. I'm not going to go line-by-line, but here's one snippet that's oh-so relevent to the financial "crisis". It's on page 299:

    20 SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN
    21 WOODEN ARROWS DESIGNED FOR USE BY
    22 CHILDREN.
    23 (a) IN GENERAL.—Paragraph (2) of section 4161(b)
    24 is amended by redesignating subparagraph (B) as sub
    1 paragraph (C) and by inserting after subparagraph (A)
    2 the following new subparagraph:
    3 ‘‘(B) EXEMPTION FOR CERTAIN WOODEN
    4 ARROW SHAFTS.—Subparagraph (A) shall not
    5 apply to any shaft consisting of all natural
    6 wood with no laminations or artificial means of
    7 enhancing the spine of such shaft (whether sold
    8 separately or incorporated as part of a finished
    9 or unfinished product) of a type used in the
    10 manufacture of any arrow which after its as
    11 sembly—
    12 ‘‘(i) measures 5⁄16 of an inch or less in
    13 diameter, and
    14 ‘‘(ii) is not suitable for use with a bow
    15 described in paragraph (1)(A).’’.
    16 (b) EFFECTIVE DATE.—The amendments made by
    17 this section shall apply to shafts first sold after the date
    18 of enactment of this Act.




     
  10. Thanks
    Page 290 had the auto racing insert

    290
    O:\AYO\AYO08C32.xml S.L.C.
    SEC. 317. SEVEN-YEAR COST RECOVERY PERIOD FOR MO- 1
    TORSPORTS RACING TRACK FACILITY. 2
    (a) IN GENERAL.—Subparagraph (D) of section 3
    168(i)(15) (relating to termination) is amended by strik- 4
    ing ‘‘December 31, 2007’’ and inserting ‘‘December 31, 5
    2009’’. 6
    (b) EFFECTIVE DATE.—The amendment made by 7
    this section shall apply to property placed in service after 8
    December 31, 2007. 9

    Sick to my stomach!
     
    #10     Oct 2, 2008