Thursday, October 2, 2008

The Truth about the Bailout

I listen to talk radio a lot and today I was listening to Glen Beck and what he said made me so angry.  I have now discovered why the Senate passed this bailout bill 74-25.  This passed it by this margin by adding as much port, earmarks and pet projects for each of the Senators in the Senate to get most of them on board to approve the bill.  Did you know that the bill was 435 pages long.  When President Bush gave it to Congress it was 4 pages!  Here is what I found has been added to the bailout bill:
  • Section 325 provides essential tax breaks for the wool research fund. 
  • Section 503 gives tax breaks for the manufacturer of wooden arrows used in toys for children. ($6 million)
  • Puerto Rican and Virgin Island rum producers get money so they can make more booze! ($192 million)
  • Section 309, tax credit for economic development in American Samoa
  • Section 316, a tax break for railroad track maintenance.
  • Section 317, a tax break for racetracks.
  • Section 502, qualified television and film productions given an extension of favorable expensing rules. ($10 million)
  • Section 111 provides for the expansion and modification of advanced coal project investment credits. 
  • Section 112, expansion and modification of the coal gasification project.
  • Section 113, increased funding for black lung disability fund.
I'm sure this is not all but this is the most rediculous thing I have ever seen.  What is this government coming to when they have to bought off to sign off on this bill.  If you have to bought off then this bill should not pass.  

I hope pray something can be done and they will start listening to the people and I hope that congress again rejects this bill as they should!
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