There was a little frog stuck in the middle of a railroad track when his little buddy frog came upon him and asked if he needed help, the frog in peril replied "Yes, I can't get out, I've tried and tried and just can't get over the track to safety." The buddy frog replied "I will go into town and get help for you." Four or five hours passed before the buddy frog returned to site of the frog in peril. Lo and behold the frog in peril was now safely off of the train track. The buddy frog asked "How in the world did you get off the track?" The frog once in peril replied "I had to get off the tracks, a train was coming."
Congress had to pass the $700b "rescue plan" because a train was coming. They really had no choice. There are tons of things that I don't like about the "rescue plan" but it had to pass for our own financial safety. It won't be an end all and cure all but it is a start on the road to recovery.
Things I don't like about it? First it is going to cost more than $700B because of tax relief for banks that isn't allowed for in the plan. As an example, The Bank of Consumer Ripoff sells a mortgage that they paid one million dollars for to the government for six hundred thousannd dollars creating a four hundred thousand dollar loss. The B of C.R. gets to write off that four hundred thousand dollar loss on their tax return causing a decrease in tax revenue for the government. Not in the bill. Not intended. But there and Real.
Second, I don't like all of the pork in the bill, as paraphrased from The Oregonian:
Provides employees who commute by bicycle limited benefits to offset commuting costs. Cost of $10 million dollars.
Allows more film and television production companies to use the "domestic production deduction." Cost $397 million over 10 years.
Allows commericial fisherman and others affected by the Exxon Valdez spill to average any legal settlement or legal judgment-related income over three years instead of having to report all the income on their tax return in one year. Cost $49 million over 10 years.
Extends seven-year cost-recovery period to the end of 2009 for Motor Sport Complexes for land improvement and motor sports facilities placed in service after December 31, 2007. Cost,
$100 million over ten years.
Total cost for just those four pork items $556 million dollars.
Next item of the day:
GUILTY, GUILTY, GUILTY. The last time I jumped up and down this much was at a high school summer league basketball game when with three seconds left on the clock in a tie game I made the perfect pass to my brother who drained the winning shot with one second left!
GUILTY, GUILTY, GUILTY. OJ Simpson was found guilty of robbery, kindnapping, and several other offenses. I've waited thirteen years to hear the words "OJ Simpson is found guilty and there is a good chance he will spend the rest of his life in jail."
What goes around, comes around.
What are your thoughts on the bailout? What are your thoughts to OJ being found guilty?
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6 comments:
I'm not sure about the bailout or "rescue" or whatever they're calling it today. That is, the basic wisdom that we have to do *something*. I sort of accept the general wisdom that it is necessary. So far.
Having said that, I am OUTRAGED that they added over $140 BILLION in earmarked pork! If that's the only way they can get the votes, they should rework the plan until everybody gets on board without having their grubby hands out.
I also very much dislike that they pretty much came up with the priginal $700 B figure by pulling it out of their behinds. I haven't read the actual bill, but I certainly hope they'll dole it out in smaller increments and maybe we can get by with less. A few billion may not mean much to them, but to me it sounds like real money.
Hi Pat
The pork is the most disturbing part to me. I haven't a clue how they arrived at 700 billion and neither do they!
Bill
I'm with you and Pat. I'm not at all comfortable with the fact we don't know where the $700 bil number came from nor with the fact that we have no idea how it's going to be used. I'm furious at the pork that was plugged into the bill to buy votes. I suspect not one Congressman read the 400 page bill or knows what all is in it, other than being sure what they wanted for their vote was included. While the economy needed help -- if one believes the media explanation the sky is falling and there would be no credit, no mortgages, no student loan money -- I've yet to be convinced this resolves the situation, because no one is saying how, where, when, why it's going to help.
Give me some facts, without the hype, and you may make a believer out of me. Maybe.
Hi Dr
Congressfolks never read bills before voting on them.
I don't think the rescue plan is the cure all but we have to start someone. I also truly think that if that hadn't passed this bill starting Monday we would see things we haven't seen since the depression.
Bill
I don't call it bailout, I call it more benefits to the rich. I think they would have been better off helping the people pay off their bills to the banks which would have caused an influx of money into the banks. But what do I know?
Hi Symply
It is always nice to see you here, hope things are well with you and yours. And you know as much about the "rescue plan" as the next person.
There is no doubt that the bill benefits the same people that got us in trouble. I've never been a trickle down theory fan. It got us in trouble during the Reagan years and when you combine trickle donwt with deregulation fascination by cowardice congressfolks from both parties you wnd up with the economy we have today.
That being said. Something had to be done. I am anything but rich but I've taken a bath the last two weeks. Something had to be done and at least they did something. It may not work but at least it could be a start!
Bill
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