"Hidden Horrors in the Bailout Bill"
by Ken and Daria Dolan
SOURCE:
http://www.dolans.com/invest_wisely/Hidden-Horrors-Bailout-Bill.html?sid=FY1108&en=1251044
http?//
www.
dolans.com/invest_wisely/
Hidden-Horrors-Bailout-Bill.html?sid=FY1108&en=1251044
Wednesday night, the Senate passed the latest permutation of
the $700 billion "bailout bill" that morphed from the Administration's
3.5 page bill (too little) to 451 pages (too large).
If we taxpayers thought that we were getting hosed with the first
proposal, this one, if also passed by the House on Friday, will leave
us feeling screwed, blued and tattooed!
Since the Senate was afraid that it couldn't just pass this bill on
its
own merits (saving our entire financial system!); it felt the need to
shove another $1.7 billion in ****k into an already astronomical $700
billion to get members on board.
While the Senate and most of the media refer to these additions as
"sweeteners," or "targeted tax breaks," this bill is full of ****k. Oink,
oink.
No rose that sweetly smells here...just downright stinking garbage!
Outrageous!
You won't believe some of the provisions in this bill. Some of the
worst are tax breaks for:
Auto racing tracks: $128 million
Small- to medium-sized film producers: $10 million
Manufacturers of wooden arrows: $6 million
Cor****ations in American Samoa: $33 million
Rum producers in Puerto Rico and the Virgin Islands: $192 million
Fishermen and others who suffered from the Exxon Valdez oil spill
in 1989: $223 million
Wool "research": Cost not available (wonder why?)
All of this is necessary to salvage our financial system? As The Wall
Street Journal pointed out in an editorial the other day, the Senate
makes sausage-making look good!
Oh, and for us taxpayers? Nothing. Nada. Zilch in the way of tax
breaks in the Senate version.
The only thing on which we may surely count is, if the bill finally
p***** the House, these tax breaks for vested interests will bring in
less tax revenue for Uncle Sam...guaranteeing tax increases for the
rest of us.
Both Presidential Candidates Vote "Yes"
We "get" why Barack Obama voted "yes" on this bill. Although he has
claimed that he will reform "****k" abuses if he is elected, in reality, he
asked for $931 million in ****k for Illinois.
John McCain has built his entire economic plan on ridding the govern-
ment of ****k. However, no matter the terminology used by the Senate
to approve this bill, it's loaded with ****k!
So, John... tell us. Why would you vote "yes" on the bill?
Frankly, it's beyond us to understand.
We continue to watch this situation very closely. Once we see what
the Senate does and know for sure what will be in any final version of
the bill, we will be back in touch with our analysis of what it means for
you and what actions you should take as a result.
* * * * * * * *
-- (¯`·.¸Craig Chilton¸.·´¯)
xanadu222@[EMAIL PROTECTED]
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