As you can imagine, I'm horrified at the Senate by passing their version of the Bail Out Bill. And I'm seriously disappointed by the 25 Republican Senators who voted for it. Not only did they just vote to give away tax payer dollars, but they added over 110 BILLION dollars in PORK! WTH?!?!?!
Not only is this bill CHOCK full of pork, but it also sets up another agency called the Office of Financial Security and can administrate the "Troubled Asset Relief Program" all under the sole authority of the Secretary of Treasury, a non-elected position. This is setting up a socialist-type oversight of all financial institutions who want to have "security" of the funds through market turmoil. This will not work in a free-market. Institutions will want security, and will then have to trade in their ability to make profit. This could potentially have disastrous side effects.
By the way, the bill is now 451 pages long. Don't even try and tell me this is an emergency relief package. (Senator Kyl, thank you very much!) If this was such an emergency then Congress would have acted last week. Furthermore, the longer this takes to get through, the better the financial markets seem to be doing. How about we let the market operate as it's supposed to and you leave it the heck alone? You get me Congress? (Pardon me, I'm very upset.)
On page 261 we get to the so-called TAX EXTENDERS, AND ALTERNATIVE MINIMUM TAX RELIEF. Sounds good, right? It starts off not bad, with the renewal of the Alternative Minimum Tax, and local and state sales tax deductions. And then we get to the good stuff. All the little people whose businesses will now by subsidized by tax-payer dollars.
Let's just see who is on the list for some money, shall we?
Sec. 312. Deduction allowable with respect to income attributable to domestic
production activities in Puerto Rico.
-Um, hi. I like rum as much as the next person. But I wasn't aware that the rum market was taking a financial hit because of the housing crisis. If anything, the sales of rum would go up, since it's a proven economic fact that the amount of alcohol consumed goes up when the financial market goes down. (a la The Great Depression.)
Sec. 319. Extension of work opportunity tax credit for Hurricane Katrina employees.
Sec. 325. Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds.
-Again, is the wool industry being adversely affected by the mortgage bubble? I wasn't aware of it. I know, they must have a good lobbyist.
Sec. 502. Provisions related to film and television productions.
-Really? You make a movie and you get to take a deduction? No wonder Hollywood is in the bag of the Dems.
Sec. 503. Exemption from excise tax for certain wooden arrows designed for
use by children.
-Wow. New low. I guess instead of soccer, Reagan will be picking up archery. You know, since the U.S. is so gifted in that sport. But maybe I'm being unfair. This exemption only applies to all-natural woods without lamination or artificial means of strengthening the spine. More trees for arrows! I want only organically grown wood for my arrows.
I would like to encourage you, my friends, to contact your Congressmen (Reps and Senators) and tell them what you think of this bill. Don't believe the T.V. media. This will not help America.