That New Bailout Bill? Yeah, It's Got Earmarks
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This morning, the Senate began debating their attempt to breathe new life into the bailout bill that failed in the House. You can read it here, but what you should really pay attention to is not the first push down the red brick road to socialism, but rather the fact that even one of the most important pieces of legislation in generations is no exception to the rule of Senators tacking on as many unrelated items as possible.
By the way, the new bill is over 400 pages. Do you think your Senator has read it? Here's a peek at the completely unnecessary additions to the bill:
This is a mess that goes all the way back to Jimmy Carter, and is a mess the American people shouldn't have to rely on this do-nothing band of congressional bandits to clean up. Paulson doesn't have the interests of main street at heart - after more than $40 million dollars from Goldman Sachs to both parties, he's looking to scratch the back of his former cronies.
Repeal the Community Reinvestment Act, rewrite the accounting laws, and for once in your career, write just one bill without earmarks. You're risking a revolution.
Update: The Senate bill just passed. I imagine it will squeak through the house, as it's got that infamous "Bushmentum" that gave us flash-fried versions of the Patriot Act, the Iraq War, and the unsuccessful amnesty bill.
This morning, the Senate began debating their attempt to breathe new life into the bailout bill that failed in the House. You can read it here, but what you should really pay attention to is not the first push down the red brick road to socialism, but rather the fact that even one of the most important pieces of legislation in generations is no exception to the rule of Senators tacking on as many unrelated items as possible.
By the way, the new bill is over 400 pages. Do you think your Senator has read it? Here's a peek at the completely unnecessary additions to the bill:
New Tax EarmarksCan someone please tell me what NASCAR tracks, wooden arrows, and wool research have to do with Wall Street? I'd have a much easier time believing this was a real financial "emergency" if the American people (you know, those folks Congress is supposed to be serving?) were presenting with a clean bill.
-Film and Television Productions (Sec. 502)
-Wooden Arrows designed for use by children (Sec. 503)
-6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)
Tax Earmark "Extenders"
-Virgin Island and Puerto Rican Rum (Sec. 308)
-American Samoa (Sec. 309)
-Mine Rescue Teams (Sec. 310)
-Mine Safety Equipment (Sec. 311)
-Domestic Production Activities in Puerto Rico (Sec. 312)
-Indian Tribes (Sec. 314, 315)
-Railroads (Sec. 316)
-Auto Racing Tracks (Sec. 317)
-District of Columbia (Sec. 322)
-Wool Research (Sec. 325)
This is a mess that goes all the way back to Jimmy Carter, and is a mess the American people shouldn't have to rely on this do-nothing band of congressional bandits to clean up. Paulson doesn't have the interests of main street at heart - after more than $40 million dollars from Goldman Sachs to both parties, he's looking to scratch the back of his former cronies.
Repeal the Community Reinvestment Act, rewrite the accounting laws, and for once in your career, write just one bill without earmarks. You're risking a revolution.
Update: The Senate bill just passed. I imagine it will squeak through the house, as it's got that infamous "Bushmentum" that gave us flash-fried versions of the Patriot Act, the Iraq War, and the unsuccessful amnesty bill.