October 2nd, 2008
The Senate passed the bail-out bill. But, they added 18-pages of unrelated extensions and tax exemptions. Sounds like some of these items were added to “bribe” some of the members of the house that originally voted no.
I say call your representative and tell them to take out the “junk”. If the bill is to be passed, it should only be about the bail-out, and not have any added ear marks or pork barrelling.
Here are a few that Dwight of Wescorp featured.
How about $2 million in tax breaks for childrens wooden practice arrows (as in Robin Hood), $192 million in rum tax exemption for Puerto Rico (just heard one Senator say this was a truly vital extension), $100 million for motorsport racetrack improvements, and something about wool that will cost $148 million
Come on. Give me a break! As I’ve already said, I’m not a fan of this bail-out anyway. I do recognize that they believe it will open up the credit markets and allow for fund to flow normally from bank-to-bank and from bank-to-consumer/business. There is no guarantee of this though.
To me it seems like a $700BB gamble. I would love to have your thoughts. Leave us a comment.
-- By +Chris Duncan