The Senate may have proved to be so great at fishing this week I think we should move them to ESPN or at least the Outdoor Network. 

The House is debating the economic bailout today and they are optimistic they will pass the $700 billion bailout (oh yea, and the other $110 billion in pork additives to buy their votes). Did I say that?

Come on; let’s just go over the facts. 

1. The Bailout gets shot down in the House. They don’t like it; they think it is a bad way to help. It falls 13 votes short of passing. 

2. Senate decides to take a shot. They add some pork to help sway those that didn’t vote for the bailout. Is this not bribery? “Hey, I know you think the bailout is a bad idea, but what if I throw in some stuff – completely unrelated – that you want?” 

3. House Approves the Bailout, the President signs it. 

Now the House all of a sudden “feels good” about the bailout? 

Rep. John Boehner, the House Leader, said “Is it perfect? No. But its clearly better than it was a week ago,” “I’m optimistic about today.”

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Mmmmm Pork. No not the kind you may find next to eggs during your morning meal. I am talking about the pork “sweeteners” the Senate added to the bailout plan in hopes that the House members will bite. 

This is beyond sad and I can’t say I have seen a better example of a messed up government. Take a bad situation (the economy) and make it worse by throwing on a bunch of personal @#$! to get the bailout approved. 

Sure they call it adding “incentives”  to have the House push the Bailout through – it just looks like a load of you-know-what to me. 

So what gems will we get on top of the $700 Billion Bailout if the House approves it? 

Pork Additive #1 – Provisions to keep movie and television production in the U.S. It allows production companies to deduct the cost of “producing” the movies from their taxes. 

How Much? – It will cost taxpayers about $478 million over 10 years 

Pork Addictive #2 – Allow plaintiffs who won damages from the Exxon Mobile spill to average their awards over three years (as oppose to treating it as single year income). 

How Much? – It will cost the taxpayers about $49 Million. 

Pork Additive #3 – Allow a seven-year recovery cost for people who build motorsports racetracks. 

How Much? – It will cost the taxpayers $100 Million. 

Pork Addictive #4 – Allow citizens who do not pay state income tax also deduct what they pay in sales tax. 

How Much? – It will cost the taxpayers about $3.3 Billion 

Ok, there is too much to list and I am getting depressed. In all there is about $110 Billion Dollars in pork additives that will put even more stress on a bad situation. 

I think throwing this stuff in is borderline extortion – the “hey, we are not going to help the American economy unless I get some stuff for me” needs to stop. Spending is out of control. 

Stop thinking in terms of Left and Right and start thinking in terms of Right and Wrong! 

What do you think about this? Feel free to comment! 

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The Bush administration informed the executives of Fannie Mae and Freddie Mac (mortgage entities) the government is preparing to seize the two companies. 

The two companies play a vital role in the mortgage lending industry and affect tens of millions of homebuyers. It will now be in the hands of the government as the executives and their boards will be replaced. 

If indeed they go into receivership the remaining stock shares will be worth very little. Any loses on mortgages they own or guarantee will be paid by taxpayers. 

With no sign losses will stop anytime soon; basically the government is trying to avoid a situation where Fannie Mae and Freddie Mac reach a tipping point (similar to Bear Stearns). 

With a lot riding on these two companies hopefully it can be corrected in time. 

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