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XMFSinchiruna (27.53)

I Smell Pork! Did you see that the Senate added to the bailout bill????? REPREHENSIBLE!

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October 01, 2008 – Comments (19)

I read through the 110-page House version of the bill the other night, and while it was a whole lot more complicated than the three-page proposal sent to them by the Paulson team, at least all the provisions were related to the financial crisis. Believe it or not, Fools, the present Senate version, at >450 pages, includes health care provisions, tax provisions for the energy industry, and tax earmarks for reasearch into uses for Wool and wooden arrows intended for use by children. You can't MAKE THIS STUFF UP!! Let them know with your vote in November that you don't much appreciate the sticky fingers this bill had as it passed from chamber to chamber and elected leader to elected leader. Call your representatives if you haven't already to let them know you oppose this porked up bailout bill.. or any bailout bill for that matter.

You can rest assured of the sincerity of my outrage, since my readers know that my investments are tailored to benefit from large-scale government expenditures of this nature. I'm hoping for a course of action (striking down the bill) that flies contrary to my financial interests as an investor... because I truly believe that this bailout is a horrible idea that is being stuffed down our throats whether we support it or not.

Opponents did a great job letting their leaders know they opposed the action last week... but we can't let up. Democracy exists only to the extent that we exercise it.

Fool on!

Here's the article that brought my attention to the pork, which I have personally verified in the proposed legislation.

http://www.statesboro.biz/News/202/Included-in-the-Revised-Bailout-Bill-Wool-Research-Wooden-Arrows-for-Children-Race-Tracks-Rum.aspx

Included in the Revised Bailout Bill - Wool Research, Wooden Arrows for Children, Race Tracks, Rum
SBM Staff

Of course throwing $700 billion to more than a Trillion dollars at Wall Street is a dumb idea to begin with. Giving money to greedy idiots that caused the problem to begin with don't need more money, they need to go bankrupt.

The revised Senate bailout bill that will be voted on today contains some very strange additions. Wool Research, Wooden Arrows designed for use by children, Race Tracks, Virgin Island and Puerto Rican Rum to name a few.

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)

(the above quoted from Hotair.com)

I can't believe Bush and Congress is pushing get this load of horse-hockey approved.
 
"It's (the bailout) like a big cowpie with a little bit of marshmallow inside, and I don't want to eat the cowpie," said Rep. Louie Gohmert, R-Texas.
 
Not bailing out Wall Street and the Banks and letting them go bankrupt is the natural course for mismanaged companies. The industry will absorb a lot of what's left thus making the industry and economy stronger in the end.  
If the Bailout bill of 2008 does get approved I say we lobby and campaign against every congressman that voted the bill into law. No re-elections for them...   Download today's version of the bill ( 451 page PDF) see pages 262 and 263 for the things mentioned in this news article (rum, wooden arrows, wool research, etc.). PDF Source: Senate Conservatives

19 Comments – Post Your Own

#1) On October 01, 2008 at 4:02 PM, russiangambit (29.42) wrote:

Just wanted to mention that one reason might be that they attached it to an existing bill. At least I heard they were going to attach the rescue package to an existing bill. Usually it takes months to bring something in front of the Senate, so they did it to speed it up.

However, I am against the bailout as it stands (throwing money at the banks and hoping it will solve issues). The original things on this bill seem to be useless as well.

The good thing is that this whole bailout saga made people pay more attention to what Senate and Congress are doing right before the elections.

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#2) On October 01, 2008 at 4:12 PM, starbucks4ever (97.81) wrote:

Congress can't afford the original Paulson plan, let alone any extra pork. Last time I checked, America was a bankrupt country, having no hope to ever pay back its debts and continuing to borrow due to the largesse and courtesy of their creditors. The subprime Congress just keeps buying things it can't afford.

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#3) On October 01, 2008 at 4:31 PM, Tastylunch (29.41) wrote:

Typical Senate, of course one of my senators, Voinvich, is about one of the only senators that doesn't do this which may help explain why Ohio's economy is so bad :-(

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#4) On October 01, 2008 at 4:42 PM, leohaas (31.73) wrote:

I haven't read the whole thing, and neither will I. I believe every word you say. As an investor, I don't want this bill. My investments are hedged against the severe recession we will get if the bill is not approved. As a tax payer, I don't want the bill either. It is costing us WAY too much.

By the way, with all this pork, no doubt McCain is against it. Finally, he can score some badly needed points on the economy ;)

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#5) On October 01, 2008 at 5:07 PM, TMFLomax (49.80) wrote:

Oh no, I feel really sick. You have got to be, got to be kidding... but you're not... aaaghhh

I can think of some uses for those wooden arrows for use by children, haha. Why does this all have to be so surreal?!  

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#6) On October 01, 2008 at 5:29 PM, UltraContrarian (31.70) wrote:

I don't think this bill will pass the House, given the lack of effective leadership from Bush, Pelosi and Boehner.

Leo - No way McCain votes against this bill after suspending his campaign last week and announcing his support of the version in the House.

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#7) On October 01, 2008 at 5:51 PM, FleaBagger (28.88) wrote:

Ultra - I think Leo was being sarcastic.

Leo (and everyone) - Silver is a great investment either way.

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#8) On October 01, 2008 at 5:52 PM, StKitt (29.98) wrote:

Are McCain and Obama going to be in Washington tonight to vote on this bill? I seriously doubt it. That will reflect very poorly on McCain after his big stunt last week.

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#9) On October 01, 2008 at 5:52 PM, StKitt (29.98) wrote:

Are McCain and Obama going to be in Washington tonight to vote on this bill? I seriously doubt it. That will reflect very poorly on McCain after his big stunt last week.

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#10) On October 01, 2008 at 6:04 PM, StKitt (29.98) wrote:

Are McCain and Obama going to be in Washington tonight to vote on this bill? I seriously doubt it. That will reflect very poorly on McCain after his big stunt last week.

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#11) On October 01, 2008 at 6:05 PM, devoish (98.24) wrote:

Canz i haz pony?

(stolen from a CR poster)

What comes after pissed off? I know, seething with anger.

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#12) On October 01, 2008 at 6:32 PM, EnigmaDude (88.53) wrote:

Wow - i'm not surprised, but it saddens me to see what is happening.

Just curious if anyone else has the sneaky feeling that this whole "bailout" plan is just a diversion from real issues facing the world (i.e. Wag the Dog).  Anyone noticed a headline about the war lately? Or Russian military exercises conducted in Venezuela? How about indictments for bribery in exchange for oil leases...

My caution is to be careful that you don't get too caught up in all this nonsense while ignoring what is happening in the rest of the world.

The market will sort itself out.  As for the rest of 'em - nuke 'em all!

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#13) On October 01, 2008 at 6:55 PM, XMFSinchiruna (27.53) wrote:

You all are simply the best. Thank you for your vibrant comments and enlightened feedback. :)  If I have to witness the wholesale destruction of wealth and well-being for ourselves and our progeny, there's no group of bloggers I'd rather do it with.  :P

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#14) On October 01, 2008 at 11:44 PM, AnomaLee (28.69) wrote:

It would've been nice to have wooden arrows when I was a kid...

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#15) On October 02, 2008 at 8:09 AM, bradleyware (< 20) wrote:

This is an email I received a few days ago.  He's dreaming but I'd vote for his plan.

Subject: A REAL economic stimulus plan... 

I'm in favor of this plan...let's forward it to the White House and Congress for consideration...the only downside is it means every member of Congress and CEOs of these companies that got us into this mess would also get a share, and I'm not so sure they deserve it! 

If only... 

I'm against the $85,000,000,000.00 bailout of AIG. 

Instead, I'm in favor of giving $85,000,000,000 to America in a 'We Deserve It Dividend.' 

To make the math simple, let's assume there are 200,000,000 bona fide U.S. Citizens 18+. 

Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up. 

So divide 200 million adults 18+ into $85 billion that equals $425,000.00. 

My plan is to give $425,0 00 to every person 18+ as a  We Deserve It Dividend. Of course, it would NOT be tax free. 

So let's assume a tax rate of 30%. 

Every individual 18+ has to pay $127,500.00 in taxes. 

That sends $25,500,000,000 right back to Uncle Sam. 

But it means that every adult 18+ has $297,500.00 in their pocket. 

A husband and wife has $595,000 .00. 

What would you do with $297,500.00 to $595,000.00 in your family? 

Pay off your mortgage - housing crisis solved. 

Repay college loans - what a great boost to new grads. 

Put away money for college - it'll be there. 

Save in a bank - create money to loan to entrepreneurs. 

Buy a new car - create jobs.

Invest in the market - capital drives growth. 

Pay for your parent's medical insurance - health care improves. 

Enable Deadbeat Dads to come clean - or else. 

Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces. 

If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000  ('vote buy') economic incentive that is being proposed by one of our candidates for President. 

If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+! 

As for AIG - liquidate it. 

Sell off its parts. 

Let American General go back to being American General. 

Sell off the real estate. 

Let the private sector bargain hunters cut it up and clean it up. 

Here's my rationale. We deserve it and AIG doesn't. 

Sure it's a crazy idea that can 'never work.' 

But can you imagine the Coast-To-Coast Block Party! 

How do you spell Economic Boom? 

I trust my fellow adult Americans to know how to use the $85 Billion We Deserve It Dividend more than I do the geniuses at AIG or in Washington DC . 

And remember, The Family plan only really costs $59.5 Billion because $25.5 Billion is returned  instantly in taxes to Uncle Sam. 

Ahhh...I feel so much better getting that off my chest.

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#16) On October 02, 2008 at 8:19 AM, gman444 (28.91) wrote:

I know there were wooden arrows around when I was a kid, but I never got any.  Now maybe I'll have my chance...

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#17) On October 02, 2008 at 8:20 AM, givmeabreak (29.19) wrote:

That is a hoax email. Get with the times and check your math.

The number works out to $425, not 425,000.

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#18) On October 02, 2008 at 2:39 PM, TheGarcipian (40.64) wrote:

Gotta love that Senator Ted Stevens and Alaskan's ability to pull in the pork, don't ya? I have to laugh outloud when I hear Sarah Palin complain about pork-barrel earmarks. I guess she'd be the one to know!

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#19) On October 02, 2008 at 5:50 PM, bostoncelitcs (46.76) wrote:

No wonder Chris Dodd and Harry Reid spent so much time patting themselves on the back last night.  It stinks!

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