“Sweetening” The Bailout
The $700 billion market bailout plan that failed in dramatic fashion earlier this week in the U.S. House has been revived in the U.S. Senate, with multiple concessions aimed at luring reluctant politicians on both sides of the aisle to support the largest federal intervention in the U.S. economy since the Great Depression.
These “sweeteners,” however, represent little more than tinkering at the edges of a fundamentally flawed plan, one which has generated a debate not only over the size of the package, but whether or not it violates the U.S. Constitution and expands the scope of government even further beyond the current pseudo-socialist mess that got us into this crisis in the first place.
In addition to supporting the bailout, U.S. Senator Lindsey Graham blasted out an e-mail earlier today with several favorable reviews of the proposal.
And of course the mainstream media - with a few exceptions - has been doing its part by stoking the “doom and gloom” scenarios that will unfold if Congress doesn’t take action.
Both Senators Barack Obama and John McCain have also said they will vote for the plan, although it appears McCain will be put in the awkward position of having to go against one of his pledges from the presidential debate last week.
Specifically, McCain said that he would veto any bill that included earmarks, and ironically part of the effort aimed at passing the new bailout plan involves attaching earmarks to entice additional votes, including money for film and television productions, wooden arrows for children, Puerto Rican rum, wool research, railroads, auto racing tracks and mine safety equipment.
You can read the text of the new bailout bill by clicking here.
In all fairness, the Senate plan does include some business tax breaks aimed at luring additional Republican votes, but it strikes us as highly hypocritical to pass a minor tax cut as part of the most unprecedented expansion of federal influence on the free market … ever.
Hopefully, the Senate will reject this “sweetened bailout” when it votes tonight at 9:00 p.m., although we’re certainly not holding our breath on that.
Comments
By Don Johnson on October 1st, 2008 at 4:15 pm
These “sweeteners” sound like saccharin: The government says its safe, but it causes cancer in lab studies. But don’t worry, it’s safe.
Try this instead. It means getting the government OUT of the process. Wow, that’s a novel idea.
http://www.daveramsey.com/etc/fed_bailout/
By Tiger on October 1st, 2008 at 5:24 pm
well then what is your plan, sic? let the country tank? let all these people get kicked out of their homes? I am so sick of you conservatives bitching about this bailout and offering NOTHING in terms of a solution. just because you are getting paid by gresham and demint and democrat bob conley to attack lindsey should not mean you are incapable of offering a solution. pelosi is right — you people ARE unpatriotic.
By fitsnews on October 1st, 2008 at 5:30 pm
“Tiger,”
Bob Conley has no money, but we’ll be sure to add him to the long list of people Sic Willie is supposedly getting bills from … the governor, DeMint, Barrett, James Smith, Bob Conley, SCRG, SC Club for Growth, Reform SC, Howie Rich, John McCain …
The list goes on and on and on …
-FITSNews
By Randy on October 1st, 2008 at 8:21 pm
Do not vote for ANY bill till it is cleared of the add ons. Until then, just vote no. And no, and no.
Show the Amreican people who the crooks are and who cares about America.
PS…Lindsey Graham sucks.
By Stroker Ace on October 1st, 2008 at 11:05 pm
When you people wake up and realize how the credit markets work you will see this is needed, even as bad as it is. And blame is plenty, D’s R’s, banks, lenders, builders, but now is not the time for that convo.
By Randy on October 2nd, 2008 at 6:53 am
Then strip the bill down to the essentials an vote on it. Anything else is bullsh#t.
By Ashley on October 2nd, 2008 at 7:56 am
I think we should not impose the burden of paying for this mess on the tax payer but to shift that burden to the parties responsible for the problem. I think the Treasury should give every citizen and legal resident of this country 100 million dollars as an econmic stimulus payment. I know it’s going to devalue the dolar, but, many posivte benifits would result! Ms. Payne’s Current Issues Student, DHFS
By Ron on October 2nd, 2008 at 9:07 am
To Don Johnson:
Thanks Don for posting Dave Ramsey’s common sense solution to this debacle. Unfortunately for us all, there is no common sense in government. THROW THE BUMS OUT. VOTE FOR NO INCUMB ENTS IN NOV!!!
By Workin' Tommy C on October 2nd, 2008 at 1:25 pm
Wall St. and its fascist brothers in Congress and the White House can let the correction happen now and we can work through a year of hardship. Or they can give even more corporate welfare to Wall Street and artificially prop things up so the bubble gets even bigger before it bursts and we can have a DECADE or two of depression.
No one is bailing ME out! I’ll suffer either way! ELITISTS LIKE LINDSEY GRAHAM AND JOE WILSON DON’T CARE!
I say, make the billionaires lose a few billions and then maybe they’ll quit abusing the people with their incestuous relationship with Congress taking our money at will. If they lose enough money, maybe they won’t be able to buy our politicians with lobbyists’ money.
The last thing we’re witnessing now is a FREE market at work. What we’re REALLY seeing is the result of politicians and the tax $uckers on Wall Street crashing our economy with their recklessness and destroying the dollar in the process.
Goodbye, life savings and dreams of retirement! It’s back to the hamster wheel for the hard working folks who make this country work.
By rick on October 2nd, 2008 at 3:08 pm
Tiger, like most Americans I have a family to take care of, I work every day, I pay my Taxes, and ask little of my fellow man. What this means to me is this…my children and grandchildren will be paying this bill, they won’t enjoy the unencumbered opportunities I have enjoyed, along with the give away programs the federal government (social security, medicare etc.) what my children and grandchildren will see is a land much like Europe where the people are pretty much sheep that willingly give up 60% of their pay, allow foreigners to change hundreds if not thousands of years of history, just because a bunch of whiny tit babies think its unfair to ask them to join in their society as equal members and the owners of that society are asked to accomodate for the sake of diversity. In other words, while I feel for the people that lose their homes, I didn’t run out and buy more house than I could afford. I’m not some greedy banker that bundled loans after being threatened by the federal government. I’m not responsible for Fannie and Freddies troubles. Sounds to me, I’m being asked to cover for Barney, Barack, Nancy et. al in their bid to hide the truth and create a socialist state all at once. So Tiger, count me in on being a mean conservative, I’ll wear it proudly.
By Keven on October 5th, 2008 at 9:12 pm
I am flying my flag upside down as a symbol of distress in America. The communists in our government are rapidly moving us from a republic to pure socialism. Soon the fedral government will either own or control all we have. It is not our economy they are trying to save, it is our country they are taking over.