Senate Bailout Bill

[Gilding the Lily]

While perusing the language of the Bailout bill that will be voted on tonight in the Senate, I came across this diamond in the rough (on page 300):

SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN WOODEN ARROWS DESIGNED FOR USE BY CHILDREN.

Huh? Someone is adding pork (tax breaks) for children's wooden play arrows???? I don't know whether I should laugh or cry. One thing for sure, I would like to know who added that section.

 

[Tug McGroin]

While perusing the language of the Bailout bill that will be voted on tonight in the Senate, I came across this diamond in the rough (on page 300):

SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN WOODEN ARROWS DESIGNED FOR USE BY CHILDREN.

Huh? Someone is adding pork (tax breaks) for children's wooden play arrows???? I don't know whether I should laugh or cry. One thing for sure, I would like to know who added that section.

Between the Bulldung is more Bulldung!

Sec. 317. Seven-year cost recovery period for motorsports racing track facility

Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and the Virgin Islands.

 

[UAL_TECH]

3 SEC. 107. CONTRACTING PROCEDURES.

4 (a) STREAMLINED PROCESS.—For purposes of this
5 Act, the Secretary may waive specific provisions of the
6 Federal Acquisition Regulation upon a determination that
7 urgent and compelling circumstances make compliance
8 with such provisions contrary to the public interest.

Is Haliburton in finance...yet? :wacko:

B) xUT

 

[KCFlyer]

Is there still room in Canada? This is horse----.

 

[Seatacus]

Next time someone gets chastised for voting no on this bill maybe they should bring up these items.......... :down:

 

[KCFlyer]

Next time someone gets chastised for voting no on this bill maybe they should bring up these items.......... :down:

Except that this is how things have always been...and nobody seems to want to face up to that when it's THEIR side of the argument. Case in point...The Commodity Futures Modernization Act...

This little bill, which is a really big part in why the economy is where it is today, although many on the right like to point out that "Clinton signed it" - was tagged on to the end of an 11,000 government reauthorization bill that was NEVER debated in the Senate and NEVER debated in the house - because it was added just hours before Congress broke for the Christmas break. In retrospect...tax breaks for wooden arrows doesn't seem like such a bad deal

 

[jimntx]

All of you really must learn to use proper terminology when speaking of bills before Congress. I emailed my congressman two days ago to tell him of my opposition to the Wall Street bailout bill. He replied today (form email, of course).

He was very careful to refer to the bill before Congress as the Economic Stabilization Act, not the Wall Street Bailout Bill. So, please use the correct terminology in the future. Thank you.

 

[Boomer]

I heard another brilliant nugget on the radio during the commute home:

1) A Wall Street, read US Based Financial Services Firm, could buy CDO's from financial institutions based overseas;

2) For a percentage of the amount the CDO is sold by the US Based Financial Services Firm to the US Treasury, the foreign nationals will have laundered their toxic debt to the US Taxpayers;

3) Nothing in the Bailout Package requires a chain of custody between origination and bailout;

4) Nothing in the Bailout Package sets a date certain beyond which aquisition of toxic debt is beyond funding with taxpayer dollars;

5) It is perfectly legal and could be the price demanded of the Federal Reserve by Foreign National Financial Services as a prerequisite to continuing to fund the US Debt.

In short, what started out as a 700 Billion dollar bailout could rapidly ballon several times over as "new" toxic debt is disclosed to Federal Regulators.