Despite the fact that unprecedented outcry from taxpayers overwhelmed the servers hosting the Web sites of the House and its members, forcing administrators to limit e-mails from the public for the first time ever, the steady push toward a bailout plan continues. The newest version of the plain contains what CNN is calling “sweeteners” — tax cuts and health care reforms that are meant to appeal to the holdouts.
CNN says:
The “sweeteners” in the package include:
- An increase in the amount that the Federal Deposit Insurance Corporation will insure in bank accounts: to $250,000, up from $100,000
- A fix that would prevent middle-class taxpayers from paying the alternative minimum tax
- A number of tax extensions favored by either Republicans or Democrats
- Tax exemptions for renewable energy
- A measure that would require health insurers to treat mental health issues the same way they treat physical illnesses
‘Sweeteners’ could make bailout package sour for House Dems [CNN]
(Photo: Getty)
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I don’t fully understand the logic of increasing the FDIC insurance.
All you need to do is to, uh, split up your accounts between banks.
An individual is protected up to $100,000 per bank (coverage covers multiple accounts at the same bank). joint accounts are protected up to $200,000 per bank.
So just spread around your money and have as much insurance as you have cash!
Oh, uh, wait… pretty soon, at the rate banks are failing and getting gobbled up, there will only be one bank to put your money in.
Oh well.
@AD8BC: Because most Americans have 250k in a bank they need protec… oh wait.
Well, most Americans have more then 100k in a bank that they ne…..ah shit.
Well, dude, just be happy! 250k! woohoo.
people were against it because it was horribly expensive, so now they cut taxes so the gov’t is even worse off than before.
“you don’t like the 700 billion dollar bailout? How about 750 billion and we’ll throw 50 your way… How are we paying for it? Oh, we aren’t. You are… “
Sure, that’ll fly…
Let’s all applaud the Senate for saving wooden arrows in this bailout plan. Literally:
“SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN WOODEN ARROWS DESIGNED FOR USE BY CHILDREN.”
CSPAN has become a bad FOX Reality show.
@howie_in_az:
Yeah, I posted above some of the ridiculous “sweetener” added to this bill, including the wooden arrows.
They actually think that by adding this crap will change voters minds. It was the voters who rejected the first bill, the voters will reject this.
Come on people. Give us something worth voting for.
Thought you might all like to see this from Michael Moore:
The richest 400 Americans — that’s right, just four hundred people — own MORE than the bottom 150 million Americans combined. 400 rich Americans have got more stashed away than half the entire country! Their combined net worth is $1.6 trillion. During the eight years of the Bush Administration, their wealth has increased by nearly $700 billion — the same amount that they are now demanding we give to them for the “bailout.” Why don’t they just spend the money they made under Bush to bail themselves out? They’d still have nearly a trillion dollars left over to spread amongst themselves!
@dkush21:
I didn’t realize people still thought that lying, communist douche was still relevant.
Guess P.T. Barnum was right.
@kaizoku80: Well, personally I’d rather have “lying, communist douche” over what’s currently sitting in the White House.
The almost-tripling of the FDIC limits is probably one of the worst decisions ever made. If that gets passed, expect a level of bank failures the likes of which you’ve never even SEEN before.
Your government hard at work. Why in the world is this in the 700 billion dollar bailout bill that’s the biggest news item in months?
20 SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN
21 WOODEN ARROWS DESIGNED FOR USE BY
22 CHILDREN.
23 (a) IN GENERAL.-Paragraph (2) of section 4161(b)
24 is amended by redesignating subparagraph (B) as sub301
O:AYOAYO08C32.xml S.L.C.
1 paragraph (C) and by inserting after subparagraph (A)
2 the following new subparagraph:
3 ”(B) EXEMPTION FOR CERTAIN WOODEN
4 ARROW SHAFTS.-Subparagraph (A) shall not
5 apply to any shaft consisting of all natural
6 wood with no laminations or artificial means of
7 enhancing the spine of such shaft (whether sold
8 separately or incorporated as part of a finished
9 or unfinished product) of a type used in the
10 manufacture of any arrow which after its as11
sembly-
12 ”(i) measures 5â„16 of an inch or less in
13 diameter, and
14 ”(ii) is not suitable for use with a bow
15 described in paragraph (1)(A).”.
16 (b) EFFECTIVE DATE.-The amendments made by
17 this section shall apply to shafts first sold after the date
18 of enactment of this Act.
@Marshfield: wishing I had an edit or delete button now….
@Marshfield: I see you’ve underestimated the powerful wooden arrow industry. Common mistake.
I love to argue, and I believe that theories are made stronger, and problems solved by arguing about them. This article can make my argument for me, so I’ll save my “type” (aka: breath).
[finance.yahoo.com]
Sorry, but I still think the ones responsible for this meltdown should be prosecuted and made to make restitution.
@dkush21:
I completely agree, execs and sub-prime mortgage consumers alike.
I’m actually not going to vote on this until I have read all the comments here. Then, I’m going to decide who presents the best argument for their opinion and go with them.
I think it’s going to be a lot easier that way.
There are probably several tons of pork in there.
Read my lips: No bailouts!
[www.new.facebook.com]
To help understand what this is all about. It is needed.
no no a 1000 times no!!!! This is a bailout plain and simple. 700 bn is a drop in a bucket compared to the outstanding debt our nation has. Wall street is failing and rightfully so. 100lbs of hot steaming dog sh*t will not gain any finacial value no matter how long you hold it. A system that is broken and can’t be fixed must be replaced. Misery loves company. So let the well to do stand in the breadlines with the downtrodden. If the whole planet is in meltdown, then at least we are all equal then we can all start again on a level playing field.
I’ve been news deprived in the last few days (and I’m not thrilled about seeing the news about this anyway), so the only thing I’ve heard about is the increase to the FDIC insurance limit. My first thought was “how is that helpful to me??” That would be helpful if I had a million dollars. I think most people don’t even have 250K, at least the ones I know. That aside, where is the government planning on pulling out that money from anyway? Are we printing money that fast?
@synergy: Yeah, an FDIC limit of $250,000 on an account which the bank pays 0.25% interest on…
Nader/Gonzalez ’08 says I.
@quizmasterchris: And the funny thing is that the news media doesn’t understand this basic fact:
Insanity is voting for the same parties over and over again and expecting different legislation and better representation…
(stolen from the quote “Insanity is doing the same thing over and over again and expecting a different result.”
Yes, please take my money and invest it in these companies who couldn’t make sound enough business decisions to stay afloat! Brilliant! No risk in that!
All those “sweeteners” are things that either don’t matter, or should happen anyway (like mental health parity and fixing the AMT). They don’t change the fact that the bailout is a STUPID move asking TAXPAYERS to COVER FOR RICH PEOPLE who SCREWED UP and now need to face the CONSEQUENCES OF A FREE MARKET.
Free = free to fail. Or it ain’t free, and I want my 100% universal health care already.
I’m in, as long as we get to socialize the companies that take the bailout. Government takes over Wall Street, we keep our iPods and shut up. We’ll be just like China.
Oh, we’re supposed to just hand it over? Wait, what?
Screw that noise, I’ll ride this puppy down.
This is the oldest “sting” setup around. Create a perceived crisis and tell everyone their assets will be worthless overnight. Then create a perceived “fix” that appears to be a panacea to the masses. Then jerk it back at the last minute. Everyone who thought the crisis was solved, whether they were on board with the original plan, is desparate to make sure the plan is “saved”. This sounds a lot like buying a new car! Guys, WE are the economy! Despite all the high-sounding intellectual bs instruments (CMO’s) if it weren’t for consumer spending, there would be no market. If you borrow money, you have to pay it back. If you don’t, the people who loaned it to you are hurt. If banks make too many loans that don’t pay off, they go broke. There are rules about what loans they can or cannot make, and still count them as assets, if they are federally insured. The rules were not strictly enforced, but we are not talking about 80, 40, 30, or even 20% of the loans going bad. We are really talking about bad investments that banks and wall street speculators made. This was not main street America!! Despite what is being fed through the media, bad home loans are not the real issue in this mess. We didn’t cause the crisis, but now we are being asked to pay for it. We are being enticed by the offer to fix things that were suppossed to be fixed years ago, like indexing the AMT. This is congressional action (an politics) at its absolute worst! By the way, while I’m venting, the buzz on the VP candidate debate pits a “26 year congressman” against a relative newcomer. I am not advocating the merits of either of these candidates, but why in the holy H*LL is it a good thing that somebody has been sucking on the american teet for a living for 26 years? Can you say TERM LIMITS!!! Please! Isn’t this suppossed to be Democracy? Who really represents you in Congress? The newly elected representative or senator who had to come to your hous and shake your hand, or the fat cat who has been in Washington for more than a quarter-century?
The circus that is American politics has been exposed. Send in the Clowns!!!
Oops, I voted no.
I should have voted yes, because I read the fine print and it seems like my Senator is going to receive $2 million and he promised to share the proceeds of his crimes with me.
Gosh darn, I wish we had the line item veto.