I Smell Pork! Did you see that the Senate added to the bailout bill????? REPREHENSIBLE!
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.
Here's the article that brought my attention to the pork, which I have personally verified in the proposed legislation.
Included in the Revised Bailout Bill - Wool Research, Wooden Arrows for Children, Race Tracks, Rum
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