Posted on 10/03/2008 6:27:15 AM PDT by goldstategop
The bailout bill that the U.S. Senate passed late Wednesday night is not the remedy for what ails this nation's economy. While we are all anxious to take action to help America recover from it's current financial crisis, it does us no good to pass a bill that does not address the underlying problem before us, and that's the credit crunch.
After the defeat of the original proposal in the House on Monday, Congress had an opportunity to really address some of the shortfalls of the failed bill. Instead they loaded on millions of dollars in pork barrel spending and a couple of other "treats" to lure members of Congress who voted "Nay" the first time around to reconsider their vote. From tax incentives to mental health parity (which, by the way, deserve their time to be considered and voted upon), they should not be strategically placed into a bill of this magnitude that is supposed to specifically address the credit crunch facing our nation. It is irresponsible, and proof enough that Congress deserves its 10% approval rating. Instead of being a source of calm in the eye of a storm, a good many lawmakers have lost their good sense and jumped overboard to back a bill that does nothing to really address our current financial crisis, other than give Americans a false sense of economic security.
There are simple steps that we can take to make the problem in front of us much smaller, and much easier to handle. The Free Market Protection Act (H.R. 7223) is an alternative economic rescue plan that puts us on a better path to attack the roots of the current crisis. Among other things, it would suspend the capital gains tax, schedule the government-sponsored enterprises (Fannie Mae and Freddie Mac) for privatization, and suspend mark-to-market accounting requirements.
Take a look at it in more detail here .
And, there are steps that the SEC, FDIC, and FASB can take already within their regulatory authority to make a real difference.
We must be calm, and while we should work speedily, we must not work hastily. Sadly, the bill passed by the Senate that is now in the House is a result of the "urgent" need to pass "something," rather than the "right thing."
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Next up, on the Crap sandwich, “Do you want fries with that?”
Michele Bachmann is my Congresswoman — GO MICHELE
I’m starting to wonder if some of the R women in congress are not being emboldened by Palin’s success-I hope so.
My congress critter voted for it.I have called him 4 times a day .I will NEVER vote for anyone who votes for the bailout.Sorry John.You blew it.
Hell,we’ve got THREE congressman running for President and Vice President,who voted FOR it.
The “crap sandwich” is now buried in a pile of sh#t!
A brief for the other side. I have mixed feelings on this but thinks its wrong to deny your vote on this vote. here is why:
There could be a better way to do this, but many of the criticisms and ‘alternative’ ideas - like mark-to-market, FDIC insurance bump, putting taxpayer protections in there, *and* using insurance to back assets and not purchases, all got included.
This is one of those rare examples where Congressional action actually improved the bill. The bill today is better than that Paulson blank check of 2 weeks ago.
As for...
“From tax incentives to mental health parity (which, by the way, deserve their time to be considered and voted upon), they should not be strategically placed into a bill of this magnitude that is supposed to specifically address the credit crunch facing our nation.”
This is all true, but it was due to the circumstance. The House, having screwed the pooch and voted a clean bill down, left it to the Senate to find a tax bill vehicle to attach the Paulson package to. They found a tax bill THAT THE HOUSE ALREADY PASSED. I would be interested to see who voted for that package, since it may have many more yes votes than this vote. A lot in that package is good, in particular extending AMT one more year.
We are at apoint where its an imperfect bill or nothing (until after the election), and doing this is better than doing nothing.
Due to the pent-up expectations, we have a circumstance where a no vote today would cause a market crash and worsen the credit crisis. OTOH the cost will be about what the Federal govt spends in 2 weeks. If we want to end wasteful spending, this wouldnt be the first place to look.
Given all that, I dont see how this vote is make or break on your vote. It’s “hair of the dog that bit me” to fight a hangover from prior Govt-induced bubbles, and will be helpful in addressing the credit crunch. Other things that we should be doing, like the Hensarling proposals, are alas DOA in a Pelosi Congress. Best we can do is let this pass and fight to dump the Pelosi Congress.
McCain/Palin 08!
Prepping the battle field.
Manufacturing consent.
Crystallizing public opinion.
Hustle.
Hard sell.
...or maybe it's just 'news'.
Improved bill my assfay! The moment I heard it had grown from 8 to 451 pages I knew it was stuffed with tax pork, i.e. “targeted tax cuts” meant for everyone’s own favorite patrons and donors.
My rep, Wamp(TN), is voting for it. I asked the lady at his office if he’d read the entire bill and was in agreement w/ what was written. She assumed he had read it etc etc. I also asked if it was prudent if they’d slow down and invite some expert testimony. She thought it was unnecessary and felt the bill was OK as is. Clearly they weren’t at all interested in hearing from the people they represent. I think a real conservative needs to replace Zach. Seems he’s come down w/ DC Disconnect Syndrome.
The AMT is an onerous tax and there was a tax change that eased the burden on millions of taxpayers that’s in tax law now and is getting extended (since it expires) one more year. There is also the R&D tax credit, which is a vital tax break.
These are both good things on their own.
The ‘targetted tax cuts’ are mostly alternative energy tax rebates. I am not a big fan of them, but these are already in the tax code and they are popular. When all the politicians talk about ‘supporting wind energy and hybrids’ thats what they mean - give them special tax breaks.
There is no such thing as ‘tax pork’ as tax cuts are not expenditures. Democrats like to use those terms to make it sound like there is something wrong with people paying less taxes, lets not use their bogus terminology.
If the Paulson bailout package were not attached to the rest of the bill, it would pass easily.
451 pages doesnt make the bill good or bad, its a mixed bag but AMT is the most important GOOD thing in the bill.
If not, there needs to be! She’s a babe.
I’m proud to say she’s my Congresscritter.
The one bright spot in the MN GOP.
Norm has me utterly disappointed (again)
Sorry but if there were ever a moment to disagree on principle.
Every year congresscritters write into the tax code special favors for special friends. “Special” tax breaks are just as bad as earmarks and no more constructive for the nation as a whole. That is why it is now the length of a tennis court.
A flat tax would be better for everyone.
Socialism is when each of us goes to bed every night thinking that—between taxes, tax breaks, regulations and subsidies—our neighbor is getting screwed over worse than we are. As far as I know, that’s my own saying.
Why is is this a better time for principle - a time when ‘no’ could freeze credit markets and harm the economy, rather than these other Pelosi Congress giveaways:
- SCHIP expansion by 3X, costing $50 billion
- $200 billion Farm bill
- gimmicky stimulus giveaway of $100 billion
- housing bailout bill, costing $200 billion
- $600 billion discretionary spending bill
- expansion of medicare and medicaid
- UN global spending
- Obama’s propose $800 billion in spending
-Obama’s proposed $150 billion in giveaways for alt. energy
“Special” tax breaks are just as bad as earmarks and no more constructive for the nation as a whole. “
- when it comes to AMT and R&D tax credits that is not so. These are tax advantages that are there to *correct* onerous taxation.
they are different from earmarks and we fall prey to the Democrat demagoguery when we say that they are the same. Then we get trapped into opposing tax relief!
“A flat tax would be better for everyone.”
- it would be indeed. I agree. However, the fact is that tax breaks lower taxes and lower taxes is better than higher taxes. As I said, many of the tax breaks in this bill are GOOD things.
Why? From what I can tell, this bill makes many of the current economic problems worse, and does not solve any of them. Having the government buying the toxic debt is like having an AIDS patient give a transfusion to a healthy person on the theory that diluting the HIV virus will kill it.
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