It failed in the House on Monday so today the Senate plans to try and rescue the $700 billion dollar bailout. Why don’t you try and rescue Scott Baio’s career while you are at it – it just isn’t gonna happen.
The bailout is getting messier by the minute. The Senate thinks by throwing in a few “sweeteners” the Republicans and Democrats who were against the plan will now throw all in.
So what $@&! is getting thrown in?
Increase the FDIC insurance cap from $100,000 to $250,000. Forgive me if I don’t bother scouring documents to verify this…but I am going to guess that most people don’t have $10,000 cash in the bank let alone over the current $100,000 FDIC insurance level. So who would that help…wait a minute…maybe some fat cat lobbyists or political officials worried about the economy?!
Additionally in the “sweeteners” is relief from the Alternative Minimum Tax and Renewable Energy Incentives.
Here is my favorite part…
Also included? The “Mental Health Parity” provision, which would require health insurance companies to cover mental illness. Yea, I guess some high level executives are a little depressed right now.
The vote won’t happen until “Sundown” in observance of Rash Hashanah – I have to say, I hope this is the second knockout of the week. It needs to be done right…and without all this other crud thrown in.
Update: Well, it passed. Want to see it before it goes back to the House? And you have got to check out the “Pork Additives!”
Fine, I suppose this is where you look for some witty insights to my mind. A "bio" of sorts. Here is the deal... I ride motorcycles, smoke cigars, golf, kayak, fly, race my car through the mountains, write (a lot), and travel extensively. I am almost old enough not to care what other people think about me...almost. ~Godfadr
You are right on target. The Average American Family has just $3,800 in their Savings Account (according to the last published Federal Reserve Board report in 2004). I’m guessing that number is lower with the declining economy. The move to increase the FDIC insurance is either self-serving or political show. Either way, it is not helping the average American family!
Too bad since it will be the average American family that will foot the bill!
You mean I’m NOT an average American Family (I have zero savings). Well, I always have enjoyed being different………LOL
I’m hoping it falls flat also, but I’m not holding my breath either. Now that they’ve sweetened the pot for those that really don’t need it………*rolling eyes*
I wouldn’t be surprised if the recent overhaul of bankruptcy legislation was designed for this economic situation; it turns human debtors into indentured servants. 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
Great comments Bryant…Thanks.
how much of the 100billiondollar sweetners was the AMT? thanks dean
Godfather Added: None really Dean. The AMT (Alternative Minimum Tax) is not really money paid out…Check out this site, they do a pretty good job explaining it….
http://blogs.consumerreports.org/money/2008/10/tax-breaks-big.html