TheAgitator.com
Bailout, Redux
Thursday, October 2nd, 2008Andrew Leonard goes digging in the Senate’s bailout package and finds a bunch of “sweeteners” added to lure in votes. Among them:
* Sec. 105. Energy credit for geothermal heat pump systems.
* Sec. 111. Expansion and modification of advanced coal project investment credit.
* Sec. 113. Temporary increase in coal excise tax; funding of Black Lung Disability Trust Fund.
* Sec. 115. Tax credit for carbon dioxide sequestration.
* Sec. 205. Credit for new qualified plug-in electric drive motor vehicles.
* Sec. 405. Increase and extension of Oil Spill Liability Trust Fund tax.
* Sec. 309. Extension of economic development credit for American Samoa.
* Sec. 317. Seven-year cost recovery period for motorsports racing track facility.
* Sec. 501. $8,500 income threshold used to calculate refundable portion of child tax credit.
* Sec. 503 Exemption from excise tax for certain wooden arrows designed for use by children.
There also tax credits for solar and wind power, and a very expensive requirement that health insurance companies cover mental health the same way they cover physical health.
But remember, this is only about preventing an economic cataclysm. So you must support it!
By the way, you’re also footing the bill for another $612 billion to fight Bush’s wars.
Pretty soon, we’re going to be talking about a lot of money.
Woohooo! Everybody buy wooden arrows for their children! Thanks Senate!
These people are going to turn me into a libertarian.
Unless that mental health requirement for insurance companies is written specifically to bring up care to physical health (not exactly a high bar, to be honest), we’ll see even more reductions in physical health care from insurance companies.
I loathe the current state of medical ‘insurance’. It’s basically ‘let’s find some reason to deny this claim’.
Yeah, but I am invested in solar stocks so its cool by me.
The mental health coverage must be purposely designed to increase the cost of insurance, thereby driving up the number of uninsured (and pissed off insured), and gathering support of socialized healthcare. If you really want people to be insured you would lower the cost of insurance, which means no mandatory coverage of anything.
Senators Tom Harkin and Charles Grassley must have been in Iowa when that was crafted, as I’m shocked there’s nothing in the bailout for ethanol.
The more I think about the bailout, the more I conclude that it’s basically an attempt to maintain the status quo. We constantly hear the argument that were it were not inacted, There would be huge business failures and financial Armageddon. I agree that there would be huge business failures, and perhaps many jobs lost and a huge decline in the economy.
But then what? As the big businesses fail, there will be opportunities for entrepreneurs to step in and build up small businesses again. Small local banks that have cash can grow. Businesses that didn’t try to ruthlesly cut costs by going on margin and outsourcing all their operations can flourish. You’ll see better customer service as huge quasi monopolies in the banking and telecom network go down and smaller players have a chance to rise.
But of course, big business can’t have that. The status quo must be maintained, by any means necessary.
Freedom and justice for some. Children’s wooden arrows and a huge tax increase for everyone else.
Soup’s on at the cannibal-pot, kids. Everybody in.
Don’t forget to vote, hear?
People at the top get to stay there. Their Friends in govt will see to it even if we all agree to the contrary.
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This was sooooooooooooo unexpected! Of course you don’t give away a congressional vote unless you get something in return. Crisis or not! America has really neat political leaders.
witless chum:
Go renew your license at the DMV and you’ll be one of us by lunch. Start scouting out Montana ranchland now. :)
All of this is one reason that I actually sort of hoped that the first bill would pass the House on Monday. Not that I think pissing taxpayer money away on this market without taking any steps to reform the fundamental causes is a good idea, but because the pigs hadn’t had time yet to belly up to the trough. I’m hearing that calls to Congress are running about 100:1 against passing this bill, but I don’t think I’d back that bet when the House comes to a vote on it again. It’s feeding time, boys!
I worked for awhile at one of the hottest Washington DC nightclubs. Those guys in the Kids Wooden Arrow Lobby were not to be messed with when they came in. Most of them had mixed martial arts backgrounds, got first pick of the ladies, and all drove blacked out Hummers (WITH spinning rims).
No surprise that the most important bailout in human history was held up until they had their input. That’s how the KWAL rolls.
The New Matt has made a very valid point. This is just another attempt by the Bush Administration and congressional Democrats to make a power grab in a time of crisis. The economic doom they keep predicting in their interventionist religion is a scare tactic just like revelations.
In Mother Nature, species die out and new ones take their place. They are trying to stop the economic evolution that is necessary for America to survive in the future. Paulson and company fail to realize that it’s ok to let the old guard die off, it’s only natural.
I am getting old…
My feeling about the bailout, which I believe is going to pass (though I hope that I am wrong) is that this is the turning point, the beginning of end of the United States. But stepping back, I think this may just be the turning point of my life, when …
‘Pretty soon, we’re going to be talking about a lot of money.’
I hope someone lets me know when I oughtta start paying attention…
Wooden arrows? Who knew Peter Pan had a lobbyist?
There’s really no way out of this once it passes, is there? This is a perfect power grab; Even if we depose these evil dictators, we’re still on the hook for their $700 billion giveaway to their friends.
I’ve heard estimates that the bailout is going to cost every american the equivelent of about one month’s wages. Nice to know that an entire month of a year of working is going to repair Wall St.’s fuckups. Someone burn the NYSE down already.
Ya know, maybe, JUST MAYBE!, iffin enough average joes and janes see their portfolios shrink by thousands of dollars within a single day, they might figure out that it is NOT the pres that is in charge!
IT”S CONGRESS!!!!
FLUSH THE TOILET!
There is ample obvious evidence that congress did not do the job we hired them to do! FIRE THEM TODAY!
I dare any of you to go tell your boss tomorrow to go suck an egg!
Congress did not get the message two years ago when so many got turned over, and they still do not get it! The Dems could not pat themselves on the back enough over their, “victory” and spouted all the changes they were going to make in 100 days. To date 700 days later they have accomplished NOTHING EITHER!
Vote no for ANY incumbent over two terms! Oh and especially if they voted to hand over a trillion dollars with little oversight!
Sans that, load up on ammunition of the accurate kind. Cuz change might become more forceful than this society is used to.
“I’ve heard estimates that the bailout is going to cost every american the equivelent of about one month’s wages.”
If it could be arranged and these motherfuckers would set me free at twice that price, I might sign my soul away on that deal.
That itemized list is all the unimportant shit, Radley.
Keep your eyes on the ball.
FWIW, I think the mental health provisions were part of the original bill that the Senate hijacked for the bailout. (For some procedural reason, it’s easier to amend an existing bill than to introduce a new one.)
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why not just let congress make one law per year?
It’s because of Article I, Section 7 of the Constitution, which states that all bills for raising revenue shall start in the House of Representatives. Since this is starting in the Senate, they can’t start a bill raising revenue, but they technically can start a non-revenue bill (the mental health bill) and then suggest the revenue provisions as an amendment.
FWIW – It’s not $612 Billion, it’s only 487 Billion to fight wars.
( Geeze, I feel much better…)
See http://www.fcw.com/online/news/153955-1.html
Brian Doherty is tripping up over the difference between authorizations and appropriations.
Of course, a the supplemental war appropriations bill that’s come along every year so far could easily jack it up beyond that.
With the exception of the FDIC insurance increase, by my quick eyeballing there is absolutely nothing different in the bailout portion of the bill. Only the tax & revenue sweeteners tacked on after the bailout provisions differentiate the failed House version and the passed Senate version.
Ever House member who switches votes should be required to write a 500 word essay on why tax breaks for wooden arrows or better water heaters casued them to change their mind on this.
And don’t let’s forget the $25 billion to the U.S. automakers. Of course, as those CEOs have informed the public, that was NOT a bailout. Y-E-A-H . . .
All that money, and not a dime earmarked to bring back Firefly. Fucking politicians are useless.