Friday, October 3, 2008

Bs in the bailout plan

Have you noticed a recurring theme in all of the speeches being made by Congress concerning the bailout?
Every time someone gets behind a microphone they talk about how much we need this plan. Every congressman and congresswoman is concerned about our welfare. We're in a crisis, they say and we're going to pass this bailout plan because if we don't all working class Americans will feel the pain in their pensions, their 401Ks, their IRAs and their savings accounts. They keep saying 'they' because members of congress aren't worried about their retirement. They're not worried about their retirement because their retirement is government funded. They're not worried about Social Security because they don't pay into the system that every hard working American pays in to because they set up their own pension plan. We can worry all we want about race for the White House, but we better start paying closer attention to Congress. We need a grassroots effort to change the way our elected officials in Washington earn their keep.
Did you know earmarks have also been added to the bailout plan?
That's right, more bs in the bailout plan.
Exactly who are we bailing out again?


Anonymous said...


I had no idea about the earmarks. You are right. Congress is full of pigs right now.

I copied this from another news source for your blog readers edification:

"Senators quietly tucked a number of earmarks into the tax package of the 451-page bill that was passed Wednesday night and is expected to be put to a vote in the House today: a $2 million tax benefit for makers of wooden arrows for children; a $100 million tax break to benefit auto racetrack owners; $192 million in rebates on excise taxes for the Puerto Rican and Virgin Islands rum industry; $148 million in tax relief for U.S. wool fabric producers; and a $49 million tax benefit for fishermen and other plaintiffs who sued over the 1989 tanker Exxon Valdez spill."

San Francisco Chronicle

A $2 million tax benefit for makers of wooden arrows for children?

I wonder which Congressman's brother-in-law owns that business.


Anonymous said...

Talking Heads (Congress) did nothing back a few years ago when Bush asked to have tighter regulations on Fanny May and Fanny Mack and also Wall Street Biggies. Now, not one person remembers him asking/suggesting the above or why there was Zilch done. Taking Care Of Business When It Happens/Happening is the the answer. We need more alert Congressmen/Congresswomen - not those who worry which side of the aisle would benefit from the action as long as the vote was well thought through. The more our Government does for us, has not made us more independent in our way of managing our money. Use of that Piggy Bank every pay day,from the time you start working,is a must although the interest is "0", but at least you know it is there for you.

Eric's Friend said...

Earmarks are the dirtiest trick in the congressional book..

Anonymous said...

Talking heads???? palin is a talking head who was in the trough lapping up all the earmarks she could get her hands on. Tell her to give back the earmarks since her state is making oodles of money. Drill, baby, drill...

Found her debate flowchart too... ROFL!!!!

100308 2:48 p.m. 0006

Anonymous said...

Drill Baby Drill!!! If oil is there and it is not on foreign soil why not? Foreign oil is not any richer than ours. The US Refining Co. now are Tax Exempt (Off Shore Accounts)that does not help our economy or our Retirement Funds, if you are lucky to have one, unless that pension plan includes the BIG Oil Companies' Stock. Start now with the idea that all people are created equal and that goes with paying into SS and the filing of a tax return should be require for everyone on all income levels.. Look Out Wall Street and Gov. Officials that have "served" too long in their present position. There are also too many so-called PT workers, that are/should be working full time and pay NO TAXES and get away with it. Who's To Know?? Then comes the time when they are unable to function and who is responsible?? You got that right, the government - have they not always come through? There it is both the "have and have nots" are more responsible for most of our money problems. So, everyone pay-up and the economy will flourish - maybe!

Lisa said...

The "emergency crisis relief" bill that it was so "critical" to pass was originally four pages when it came out of the House. Now it's something like 405 pages since the Senate got a hold of it.

We don't even have any idea what's in there.

Look, this financial crisis is a direct result of a monumanetal failure of congressional oversight. And yet, we're supposed to sit back and relax now that they've come to the rescue with this pork laden plan. Congress, particulary the Senate, apparently isn't hearing America: we are fed up with politics as usual--it's not by accident that it is the message that both Presidential campaigns are running on. And yet this bill, which we have been told in no uncertain terms, is so critical, that they can tack on 400 pages of pork.
Something doesn't add up.

These guys need to go. Every last one of them. OUT!

Anonymous said...

Let's hear from our Senators and Congressperson on the earmarks that were included in this bailout. Why did they think it would be OK to vote Yes instead of insisting they be removed. As much as our family likes Auto Racing, this was not the time to give them a tax break. The world would not come to an end if their vote was NO because of the various earmarks.

Anonymous said...

I will vote for the first candidate who says, in effect, "We're 12 Trillion in debt, therefore I renounce my proposed tax cuts until we can actually balance a budget and start paying off this albatross around out nation's neck". Anyone?

The sybil said...

A lot of Congressmen and women got left holding the bag (full of pork and beans and earmark "incentives") because they were between a rock and a hard place. They had to bail out a leaky boat caused by the sharks on Wall Street, or go home and admit to the people that they had no idea that they were clueless about the economy back home.

Think about it. Do you really think 5% of the people not paying their mortgages could bring down our financial system? Your mortgage and mine are based on a piece of property that the bank (or the mortgage company)owns. They can take it back if we don't pay. BUT some clever people decided to bundle these mortgages up and sell them to someone else, who bundled them up and sold them to someone else, and other people decided they could make money betting on how many would default and how much insurance they would need to have to lend to them and on and on in a giant Ponzi scheme most of which was play money. They were just passing the same dollar bill around and around and pretending that each financial institution owned it. The sharks on Wall Street were having a wonderful time. And giving $$$ to Congress's campaign funds so they could make up new rules, or get rid of any old rules that they felt cramped their style.

The balloon started to collapse when a few people noticed that a new bookkeeping rule forced the banks to be honest about how much the property on their books was actually worth IF they had to buy ALL of them, highly unlikely, but there you are.

At the same time, of course, a lot of people were losing their jobs and stopped paying all their bills. And the builders couldn't sell houses and apartments on hand so they stopped building and more people lost jobs. And the prices of gas went up and complicated the life of the people at home even more. etc. etc.

Some people in the shadows are going to buy up the bad mortgages and make money on them. They always do.

Meanwhile, yes, we had better start paying attention to Congress. They are not worried about their retirement benefits, but they are always very worried about who is going to finance their next campaign. It costs a great deal of money to pay for all those nasty TV ads and glossy mailers we receive at election time. A lot of that money comes from Wall Street and the big companies that are listed there.

We are bailing out Wall Street.

Bill DeAngelis said...

I thought that the Senate had a major opponent to "EARMARKS".

In fact, one prominent senator said if he were president he would strike every bill containing earmarks. Yet, the same man was a prominent advocate for the Economic Recovery bill with its $150 Billion in earmarks and tax credits.

Aren't tax cuts and expenditures opposite bites of the same apple?

I guess those earmarks are harder to eliminate then the public has been led to believe. Or maybe just spending money will boost the economy, like in a war?

So is it the whole body of congress who can't get appropriation bills approved unless they are attached to vital legislation? Or is it just the minority party?

Maybe, Republicans have a separate Lexicon for the common catch word "EARMARK" called "TAX RELIEF in their little book"

Anonymous said...

I have no problem with drilling for oil in the US, but why aren't the oil companies drilling on land that they already have? Probably like the oil and auto/tire industry in the past lobbied to phase out the rail system on the Bay Bridge to push the bus system. Electric cars were in, then out, but now that people aren't buying gas guzzlers, the auto companies are tanking and even the oil companies aren't making the profit that they used to make. $10 billion a month spent in Iraq, National Guard stuck there for years with their tours being extended over and over again. Look at their pay. These weekend warriors had full-time jobs, and when they were deployed, some companies paid their salaries, but that couldn't go on forever. So, it's just the "service" pay and that cuts back spending which affects the economy, while bush and his cronies keep making money on no-bid contracts. Both he and mcsame have said that the economy is okay. You can't keep spending money outside the US and expect people to pull their little bit of savings out to buy, buy, buy. And, as lisa said, get rid of the pork, so you can start with the maverick wannabee porky palin and have her give back the 25 million dollars that was spent on a GRAVEL "Road to Nowhere" to the "Bridge to Nowhere" that she supported in the first place. Alaska is making money where other states are going broke. So, put your money where your mouth is lisa, and face up to the fact that palin is an earmarked piggy, too. 100608 11:20 a.m. 0007

Anonymous said...

BS in the bailout plan!! Germany is feeling the "Bite" because of the housing market and also "greed" - now Germany is guaranteeing all private bank accounts and negotiated a $69 billion bailout for Hypro Real Estate AG...who in this country would turn down a line of credit backing as this? ?
Check your Insurance Companies and also your banks to see who their primary stockholders are... right!! mostly foreign countries. Our problems are their problems also.
Local banks are a great investment as long as they are managed (Board of Directors & President) by local people (community minded), a good track record of trained employee retention and concerned for their customers well-being.

Anonymous said...

For some reason, I can't post my comments on the regular opinion page as the "winking" numbers will not compute. Kind of like pay-them-off-lin's cheerleading explanations with the winking... All she was missing was the pom-poms. All show, no substance. But, I loved this comment that was posted by another blogger and will forward it on to everyone for more laughs. I watched that debate and at times couldn't contain my laughter, but was very fair in trying to comprehend palin's hokey explanation of the world. I think the northern lights have blinded her. All she needed to complete her "act" of running down the clock was a red nose. But, I'm insulting the clowns. Dan Quayle in a dress. 100608 2:03 p.m. 0008

Added: Monday October 06, 2008 at 07:27 AM EST
Winky Winky
As a republican who has voted since Reagan, I beg to differ with your assessment. This woman is nothing more than a huckster in a talent contest and is an embarrassment to the GOP and all republicans. She was dancing around questions and displayed an utter lack of knowledge across the spectrum of topics. You might want to research who in turn is taxed for the health care tax credit, before accepting talking points from a campaign. Lastly, your satisfaction with the one line jingles of perverted statesmanship are very disappointing.
Exotic Electron

Anonymous said...

Oh, and BTW, forgot to add that EVERYONE in Washington, D.C. from the president to the congress to the judicial system should have to forego their "guaranteed" pensions since they have failed the people of the US with their bickering. And that should include Bruce with his 2 day's of work for $70,000 only to stonewall everything as he just doesn't understand or doesn't have the information. If he can't do the job, he should take his little football and go home.

100608 2:08 p.m. 0009

Anonymous said...

All that "Pork" ... I'm going hunting with you this Nov. Stan and anyone else willing to take on the establishment that thinks we should not make "waves"...we need to "pull the trigger" and get out the vote even Gordy agrees with that. Our dinner group is now changing their colors, thanks to the articles expressed in some "Blogs" that only express anger, and name calling. A President is only as good as the people that surround him - now who is your congressperson and exactly who do you think will be considered for Cabinet Positions? This is all important, as I have stated back in the spring - are you catching on to how the Government operates?

Anonymous said...

I hope every person that is truly interested in the "Bailout" and how what caused this action and the effect it will now have on all financial institutions was discussed on CNN by Mr. Bernanke around Noon If you missed his down-to-earth solutions, please go back and watch it on replay. It is worth your time and of course your money.

Anonymous said...

Ok the Bailout Plan is in place and the election is a stones throw away - who do you think our Candidates will select for Treasury Secretary?? ---Rep. -Paulson, O,Neill, Gramm or Dem. Keep Paulson, Rubin, or Volker? The time is short and there is no time for catch-up! The dream that O'Bama has for our country to move ahead will not happen if he does not select a person that understands the world financial situation and the effect it has now had on our financial situation. McCain has Paulson and the other two would be off to the races immediately.

Anonymous said...

Oh, I'm sorry, Stan! Did I hit a nerve?


Anonymous said...

You bet there is a lot of BS in this campaign and the bailout... I have listened to both Candidates and our locals explaining that their candidates has what it takes, he only needs a little time and the correct people working for him. Interesting, since not one person at our Sunday's Gathering could come up with why an inexperienced Senator would be better than the old time warrier & Senator. The needs/I want list is very extensive - like a child's wish list near the holiday or birthday. One young man said he heard our State Senator (Dem.) speak and thought he was great - I said what did he say?? Oops, I don't remember, but my wife and I thought his speech was well thought out at the time. Really! And Now Who Do You Think He Is Going To Support For President - You Bet - Reason - he has a great speaking voice and knows what we all want (you mean need?). Interesting!

Anonymous said...

Congress will get away with its crazy spending until money gets really tight. Then, people will start to look more closely, and see that congressmen have financial arrangements for themselves which are separate from those created for the rest of us.

The effect is a bit like "taxation without representation". And we all know what happened when people living around here decided they weren't going to put up with that any more...