The Senate was kind enough to pass for us a credit line for Wall St that they need far more than we do. Here’s a preliminary list of pork tucked into this version of the package:
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.
Because what Wall St is really in desperate need of is wooden arrows designed for use by children. Thank you United States Senators, for creating this mess out of greed and then proving you have yet to learn a thing. I think this time ’round we should skip burning effigies and move straight to the real thing.
{ 43 comments… read them below or add one }
Oooh, carbon sequestration. What a bunch of ass-eating chumps. The collapse was caused by politicians thinking that they knew better than every single banker, mortgage company and investor on the planet, and now we’re supposed to trust them to fix it with half-baked P.C. garbage?
Ay caramba.
God Forbid Obama becomes President, but if he does I hereby issue an invitation to anyone who wants to join me to live in a secret cave complex somewhere in the Southwest where we can safely wait out the economic apocalypse. I’ll bring the beer and the guns, everyone else bring boardgames and porn.
Branding is killing this country Bailout, rescue, pork, leftie, criminal it seems like no one wants to take the time to find out whats really going on a sound byte culture, impulse marketing and voting! The problem with the economy is deregulation that unleashed a hard aggressive dysfunctional capitalism that led to the failure of the American economy and the end of Reaganomics! It’s always darkest before the dawn I think the Senate needed to pass this bill NOW to prevent a credit crisis and the compounding of problem, is it a good bill? no, but it is necessary? yes NOW! There needs to be regulation to protect the taxpayer and middle and low wage workers you know democratic capitalism middle class capitalism BALANCE! You can take little pieces of this bill and BRAND IT criminal but you dumb down the public and the debate take some time and think about it and it will become clear to you that Reaganomics was and is a failed economic policy!
Sorry Gordon, but I’ll take my economics advice from economists.
Thanks.
Poor Gordon, so lost in the miasma of Socialism, yet dependent on Capitalism. It’s the reason so many Lefties are schizos.
Sure Brendan but it’s a political problem!
lincoln you’re a branding monkey! The socialist, communist, liberal bad, gas bag mantra is dying along with Reaganomics and the GOP! enjoy it while you can!
I want to see some of these wooden arrows.
By the way Brendan what happened to The Dianne Williamson Show on CRN?
If it’s a political problem then you’re forced to admit we’re no longer dealing in free markets or anything resembling capitalism.
Fascism or nationalization of the marketplace, call it what you will but count me out, I would prefer total economic collapse over either of those options.
Is she off the air or just rescheduled? I don’t get to listen to daytime local much.
Gordon, you tuned out, effectively cutting her audience in half, so they had to let her go.
Come on she was a good talk show host she was only on for a couple months.
Moderation,Balance=Fascism and nationalism? Come on! Was FDR a communist?
Gordon, there are generally two types of Liberals today, who then split into countless other groups so it’s hard to pick out one from the other.
The first type are the ones who understand the inextricable link between Rights and responsibilities and therefore do their best to get people to allow the Gov’t to take over responsibilities (housing, health care, higher education) in order to force/deceive them into giving up their Rights. These are the Libs in leadership and media positions.
The second group is made up of people who have no idea about the linkage between Rights and responsibilities and simply think that “if Government can help, then they should” without considering the implications. These are the ones who buy into the pap being peddled by the above group and vote for them out of some baseless sense of doing “good”.
I don’t know which one you are, but FDR was more of the latter. He trusted that his well-meaning Socialist programs would be checked by the natural aversion of Americans to depending on others for their happiness. He had no way of knowing how twisted, corrupted and insidious his well-meaning efforts would turn out. He was not a Communist, but neither was he a Liberal (by today’s ass-backward standard, anyway).
This sums it up better than I can.
A letter submitted to Congress on 9/24/08 by 122 economists, including 2 Nobel lauraetes:
(This letter was sent to Congress on Wed Sept 24 2008 regarding the Treasury plan as outlined on that date. It does not reflect all signatories views on subesquent plans or modifications of the bill)
“To the Speaker of the House of Representatives and the President pro tempore of the Senate:
As economists, we want to express to Congress our great concern for the plan proposed by Treasury Secretary Paulson to deal with the financial crisis. We are well aware of the difficulty of the current financial situation and we agree with the need for bold action to ensure that the financial system continues to function. We see three fatal pitfalls in the currently proposed plan:
1) Its fairness. The plan is a subsidy to investors at taxpayers’ expense. Investors who took risks to earn profits must also bear the losses. Not every business failure carries systemic risk. The government can ensure a well-functioning financial industry, able to make new loans to creditworthy borrowers, without bailing out particular investors and institutions whose choices proved unwise.
2) Its ambiguity. Neither the mission of the new agency nor its oversight are clear. If taxpayers are to buy illiquid and opaque assets from troubled sellers, the terms, occasions, and methods of such purchases must be crystal clear ahead of time and carefully monitored afterwards.
3) Its long-term effects. If the plan is enacted, its effects will be with us for a generation. For all their recent troubles, America’s dynamic and innovative private capital markets have brought the nation unparalleled prosperity. Fundamentally weakening those markets in order to calm short-run disruptions is desperately short-sighted.
For these reasons we ask Congress not to rush, to hold appropriate hearings, and to carefully consider the right course of action, and to wisely determine the future of the financial industry and the U.S. economy for years to come.”
faculty.chicagogsb.edu/john.cochrane/research/Papers/mortgage_protest.htm – 36k -
Well lincoln I can see the liberty league kool aid dripping from your post!
First of all FDR’s programs were American Programs for the American people and the World! He was the LEADER of the American people and he led them out the Great Depression and WW2 to a place where all Americans wish we were today! He created with his American programs and philosophy the greatest most prosperous society in the history of mankind by investing in the American people, YES GOVERNMENT CAN CREATE WEALTH! What has made and makes our country like none other in history is a well educated hard working middle class endowed by a creator, constitution, bill of rights and an American citizenship that is the most powerful thing known to mankind the PROMISE LIVES! Now that Reaganomics is dying I think the American People want to return to the American Philosophy and Government that FDR created 21st century style so I think things will be lookin up soon regardless of the naysayers!
Never heard of the “Liberty League”.
You keep hoping for your half-breed Jimmy Carter, we’ll see how far that gets you. Hope, future, change, blah, blah, blah…
Carnage, Dupont and Al Smith created the liberty league the start of the modern day libertarian party, well the paleo-libertarian party, now there is the neo-libertarians, they are not as racist and antisemitic Bob Barr is neo-lib, Ron Paul would be a paleo-lib! You post like a Paleo-libertarian lincoln!
Glad you got all of your insipid characterizations out of the way.
That’s one thing that is universal among Liberals, they never recognize an original thought because they’ve never been exposed to one.
Try a creative thought lincoln, what are you the original thinker? most libertarians think they are! Liberals call it egocentric or narcissistic!
Take it easy!
“Reaganomics”, “paleo/neo libertarian” “democratic capitalism/middle class capitalism”
Looks like Gordon doesn’t have as much of a problem with branding after all.
Got that? When Gordon uses nouns, he’s speaking the truth, when everyone else uses them, they’re guilty of “branding”.
Typical.
Come on JD I was talking about the title of this thread and the Salon link. I think the word criminal is a little over the top wouldn’t you say? Or lincoln comparing Obama to a “half breed Jimmy Carter” what do you call that? I call it over the top ‘branding” someone with a deep seated racism and I think it dumbs down debate and discourse.
oh and you do not dumb down debate when you essentially call everyone an idiot who doesn’t agree with yah G..I asked you a simple question in another thread about what you were doing to make Worcester a “vibrant urban oasis” other than a Obama stickah on yer Chevy Vega and you had no response Gordon…other than yer inteligensia blogging Gordon..what are you doing to make Worcester an urban oasis????
Criminal is a perfectly appropriate term for this package.
Tyrannical, also fits nicely.
The “half-breed” comment was to tweak your love affair with the non-threatening negro you seem ready to throw your lot in with. But, hey, I’m aware that in MA some words (and thoughts) are de facto illegal, just the way you like it.
Speaking of criminality, did anyone see the story about the Boston cops putting the kibosh on a couple work crews because they were using flaggers? What a joke.
Hey I said Salon was over the top too a LIBERAL web site! The word negligence or deregulation( legal negligence) is more appropriate, or conservative economic philosophy is more like it!
Lincoln there are plenty of racists in Mass especially in Central mass. you gotta lot of company!
The new RCP electoral count today Obama 358 to McHovers 183!In case you don’t know the number to become President is 270!lol!
Brendan your clock is off by an hour? It’s criminal!
Tell you what, Gordo… If Obama wins and you are all of a sudden propelled into a world of tolerance and Peace I’ll agree with everything you say.
But, if Obama wins and we’re plunged back into the pre-9/11 days when you couldn’t open a newspaper without reading about a new jet, ship, embassy, military base, shopping mall being blown up by Obama’s homies in Hamas then you kill yourself.
Do we have a deal?
Wow you are way out there lincoln!
Gordon, what do you expect to be the result of this 700 billion dollar credit line? I’ve yet to hear an economist show the kind of support you do and I’m supposed to find this comforting? You can’t legislate wealth, Gordon.
Yes, Gordon, compared to you and the “mainstream” Liberals I am waaa-aaay “out there”. Compared to thinking people who actually understand how the world works I’m pretty much right in line.
One thing you should be proud of Gordon, is that you and Lindsay Lohan agree on who should be President. Great minds…
How about Ben Bernake he’s an economist isn’t he? Lincoln the culture wars are over for now, it’s not about the “hollywood elite”! this election has been taken over by the economy, the ire of the American people is on the “conservative wealthy elite” and their GOP friends in congress and on K street selling America down the drain!
Talk to me about wealthy Republicans when the Kennedy and Kerry billions are dispersed among the people they claim to care so much about. You’re a fool and nobody will ever convince you that your stupidity is largely the cause of all of the problems you decry, so I just like pointing out your intellectual inadequacy. Is that so wrong?
Ben Bernake is Chairman of the Board of Governors of the Fed, so it’s rather irrelevant what he thinks. His job demands he support this credit line. At least 122 of his peers as economists including two nobel laureates, however, think he’s bat shit insane.
http://www.chicagotribune.com/news/columnists/chi-oped0925chapmansep25,0,6253846.column
You should know that it’s possible to find 122 “experts” in any field to say absolutely anything. I’m pretty sure I could get at least half a dozen Nobel Laureates to swear that the sky is green.
yea, but they would be poets so it doesn’t count.
You’re the Intellectual lincoln right? I don’t think mainstream intellectualism and racism mix? You come from a racist,classist world that is fading fast lincoln try living in the present there is nothing to be afraid of!
Ben Bernake is an economist with an expertise in failing economies and the #1 expert in the world on the Great Depression! Now you guys and or gals seem like libertarians what about the Elliot Wave theory?
http://www.nytimes.com/2008/10/06/us/politics/06caucus.html?
Read John Harwoord in NYT today!
“You’re the Intellectual lincoln right? I don’t think mainstream intellectualism and racism mix? You come from a racist,classist world that is fading fast lincoln try living in the present there is nothing to be afraid of!”
Pull yer head out of yer arse for a few moments Gordon..great show on Jimmy Carter last night-they were saying the same thing about Ole Jimmy in 1976..I knew that the only thing you were contibuting to this new vibrant urban Worcester was half wit intellectual thought..
Gordon you should spend more time on earning a buck and less time on redistributing from my pocket to yours:>)
I am sure Gordon that you are smart enough to realize that elections are as cyclical as everything else..I would not be so joyous that the good ole USA is moving in any direction so sharply as you have indicated after electing Geo W for two terms..the country shifted in a totally different direction after Nixon/Ford….it shifted after Bill Clinton and now it is shifting again after a Geo. W…I’ll welcome the next President and will hope that whoever he is that he does the right job..you fall ino the category of folks in my opinion who is welcoming this economic fright that many are feeling right now even if they have not been effected to get the candidate of your choice elected..again if Barry wins..I hope he does a great job:>)
YS do you own a real estate company?