Surprise, Surprise...the Senate voted to pass the BAIL-OUT BILL. I know they are calling it a rescue plan but nothing has changed in this bill other than the name. Wait a minute - there were a few additions.
Crammed into this 400+ page report are some tax breaks for the "middle class." So if you own a stock car, racetrack, work to develop clean energy, & make wooden arrows designed for children then this plan is for you.
I have to wonder who's looking out for the little guy? Who's the senator who has a constituent who makes wooden arrows for kids? Now I know why this thing took so long. It's takes days and days to cram this 3 page bill with over 400 other pages. This my friends, as Harry Reid said, is their bill. And when you read through this thing it's easy to see.
I'm curious if they got rid of the mark to market practice? I wonder if they were willing to cut capital gains tax? How about insurance for sub prime bonds/mortgages? What about those "golden parachutes" for All CEOs EXISTING & FUTURE? There may have been a hint of some of this but not all of it - I guess they ran out of paper.
Of course there was the insurance by the FDIC that was addressed. Now you are covered up to $250,000 which is a change from the $100,000 mark. I think that 250 number is interesting since Obama's tax increase starts for those who make $250,000/year.
The Federal Government has now become the "Get Out of Debt Free" company. Free for the banks but not for the American Taxpayer. They talk about the money being a loan and I can only hope that it will be returned to the treasury. We'll see.
One other tax break of note is 8 billion for victims of natural disaster in the Midwest, Texas, & Louisiana. What about the people in Maine who have endured intense flooding over the past year? How's that for taxation without representation.
Folks, I understand that the federal government had to do something. Most major CEOs agree. But this plan was not the best one.
3 comments:
This new bill is a direct reflection of the direction that our government has been heading for the past 20 years. It's called socialism and it's coming to America. The fault of this problem unfortunately lies with the naive voters of our great nation. For far too long we voed not on our principles and certainly not on the facts. We voted for the face of a party and now we will pay for those mistakes. George Washington warned about partisan politics in his farewell address. I will borrow this from Glenn Becks article on CNN.com. "The alternate domination of one faction over another, sharpened by the spirit of revenge, natural to party dissension, which in different ages and countries has perpetrated the most horrid enormities, is itself a frightful despotism. But this leads at length to a more formal and permanent despotism. The disorders and miseries which result gradually incline the minds of men to seek security and repose in the absolute power of an individual; and sooner or later the chief of some prevailing faction, more able or more fortunate than his competitors, turns this disposition to the purposes of his own elevation, on the ruins of public liberty." This in literal terms says partisan politics will lead to our nations destruction. I have often wondered how in the last days no one would come to the aid of Israel, I now believe that our country is going to be so weak that we wouldn't be able to help if we wanted to. So I say, Look up and pray up, for our Lord draws near.
I agree that our government had to do something. But I think everyone is quick to point fingers at the gov't for the wrong doings. Monday evening Quarterbacks!!! However, we have to face facts that WE as Americans got ourselves into most of this mess. The gov't is not only helping these companies but also those individuals who wanted more than their billfolds could afford. Some say blame the lenders, and that is very valid, but aren't the individuals at all accountable for THEIR decisions? I think what we need is good commonsense spending and more educating about budgeting. I applaud the gov't for stepping up to the plate to bailout us KIDS for our lack of savings, work ethic, and envy for what we want. NOW AS I SAY THIS I AM LOOKING STRIAGHT AT MYSELF FOR MY SHORTCOMINGS ON SPENDING AND THE GOV"T DID NOT TELL ME HOW TO SPEND. As christians we have to step up and show these folks how to humble ourselves and be thankful for what we do have. We will survive and hopefully all learn from this.
Kevin
Wooden arrows...amazing. I don't know what else to say...yes, I'm at a lose for words.
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