Archive for the ‘The Bailout’ Category

Bailout Bill Fails!

September 30, 2008

Want to learn a little bit about how the government works?  Take a look at the ‘question’ and title of the $700B Bailout Bill:  (You can also see the vote breakdown, and how your representative voted!)

H R 3997 RECORDED VOTE 29-Sep-2008 2:07 PM
QUESTION: On Concurring in Senate Amendment With An Amendment
BILL TITLE: To amend the Internal Revenue Code of 1986 to provide earnings assistance and tax relief to members of the uniformed services, volunteer firefighters, and Peace Corps volunteers, and for other purposes.

The Peace Corps volunteers?  Gee, now I feel guilty.  If it wasn’t for those darn ‘other purposes’…

It’s interesting to see the titles of some of these bills and acts, like The Patriot Act for example.  The title alone suggests that if you are against it, you must not be patriotic, which is of course the exact OPPOSITE.

Ron Paul has an interesting and funny article about Bill names.

If one only paid attention to bill titles, one could happily vote for almost any bill put to a vote on the floor. Titles do not tell the complete story of a bill’s provisions, and many titles are downright deceptive and come close to emotional blackmail of legislators. But we cannot afford to be fooled by fancy titles. The housing bill could perhaps be more aptly named The Big Banking Bailout at Taxpayer Expense Act

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Bailout Will Pay Top Dollar For Banker’s Garbage

September 29, 2008

Federal Reserve Chairman Ben Bernanke told Congress Tuesday the government should pay more than “fire-sale” prices for the toxic assets it would acquire under a proposed $700 billion bailout plan. That could mean both higher initial costs for taxpayers and reduced returns when the assets are later resold.

So, in other words, the banks get paid as if their corrupt system worked flawlessly.   And the American people, who don’t seem to want the bailout, get billed for the retail price, not the marked-to-move price.