So now the House has swung 58 more votes than they had last Monday and passed the bailout bill. It passed 263-171. At least 171 members of the house have read their constitution and realize what a catastrophic mistake we are making. What gets me is that many members voiced 'their displeasure' with the bill but voted for it anyway. That's like saying I hate crickets in my ice cream and then pouring them into your bowl.
The whole reason we are in this mess in the first place is because Congress and the federal Government has been involved. Rep Sue Myrick released a written statement. in it she said, "I don't want to have to vote for this bill, and I'm not defending it. It's full of things I don't believe in. But we are on the cusp of a complete catastrophic credit meltdown. There is no liquidity in the market. We are out of time. Either you believe that fact, or you don't. I do."
I have problems with sentiments such as these on many levels. I do not claim to be an economist but I accept none of the members of congress as economists either.
On to the reason for this post. If this was merely a bailout plan to secure Wall Street as they tell us it would be one thing. But they can't even write a bill they claim is so necessary without filling it full of pork. Here is a small sample of what is included in this 'Bailout' bill:
- There is in this bill an exemption from an excise tax to a wooden arrow manufacturing company at a cost of over 2 million.
- The creation of a cost recovery period for construction of a motor sports racetrack. Cost at about 100 million.
- a refund of excise taxes to Puerto Rico and the Virgin Islands for rum. Cost at about 192 million.
- In order to to keep movie production in the US, production companies will receive tax cuts costing tax payers 478 million.
These are some of the enticements put in to help more of the members change their votes. I have my own ideas for a bail out. Start by striping away all the pork doled out by Washington. Then start by getting rid of the bureaucracy in the welfare industry. Get rid of the IRS completely and come up with a fair tax kind of system. Do not penalize the rich for succeeding but make them pay their share. Also make the poor pay their share based on a percentage. Then the burden can be removed off of the middle class's backs. We can't hold it any longer.
Have a great day!