The Senate BailOut Bill
Posted by Slobokan @ 16:36 · 336 words · print
Today the U.S. Senate will debate their version of the $700 billion bailout. They will vote on the measure this evening (around 9pm EST).
What they are not telling you, is the Senate version of the bill is nothing more than the House version (which failed earlier this week) with a lot of added pork (and beans).
The original bill was 3 pages. The House version was 106 pages. The Senate version is now 451 pages. You can download it here.
The Senate version raises the amount of FDIC coverage from $100,000 to $250,000, but that can be done without Congressional action, so it's not a great selling point if you ask me. Basically, the Senate version does nothing but add special earmarks and incentives for Senators who happen to oppose the measure. Isn't it nice to know that our Senators can be bought so easily? Isn't it nice to know that they are willing to sell out the interests of the American people for a little pork on their plate. How disgusting.
If this bill was worth the paper it was printed on, Senators would support it on it's own merits. There would be no need to add incentives to 'gain their support'.
Call your Senator and demand that they reject this bill and sit down to work an a bill that will actually help the American people. We don't need taxbreaks for race tracks, wooden arrows, or any other crap like that. This bill should be about saving the economy, not tea light candles or energy reform.
Update: It was brought to my attention that the "earmarks" in this bill, when in fact, the Senate was simply combining a bill that had been voted on earlier in the week with major support. Of course, this brings up more issues for me. Senators should not need to "sweeten" the deal for this bill, if it's truly a good bill for America.
Posted In: National News
Posted by Bryant Arms
October 1, 2008 @ 21:33
I wouldn’t be surprised if the recent overhaul of bankruptcy legislation was designed for this economic situation; it turns human debtors into indentured servant. And that is necessary for the following reason:
The ’sssssss’ we are noticing with this credit crunch is just the leak before the big burst. This credit bubble has been inflated by a logorithmic base 10 scale of dollar creation.
The practice of using 90% of ‘real’ wealth for lending that can then be invested and re-deposited for recycling again and again for more and more credit probably has the same effect of simply printing more money. The difference between those two ways of creating wealth is that creating money by credit inflation redistributes wealth for the benefit of financiers. And printed money is real; not fake.
This credit bubble burst should, then, be creating a shortage of money. And the cure may be as simple as the government printing more money. The only problem with that scheme is that there would not be another bubble to burst to correct for over-inflation. Printed dollars don’t evaporate away like the ones the financiers are trying to sell taxpayers now.
And that is why those who have engineered this bubble need those new draconian bankruptcy laws. Only wage earners can turn this fake money into real wealth. And that is why the Bush administration and other supporters of the great bailout plan are adamantly against giving bankruptcy judges the right to restructure debt according to who is most responsible for making bad loans.
Bryant Arms