I am so angry!
I have never been an avid supporter of Senator McCain (see this former blog). But this bailout bill which passed the Senate last night really angers me...talk about lipstick on a pig!
In reference to his vote, Senator McCain said something like: in a crisis like this, you have to put your country first.
WRONG SENATOR!!
We call them "first principles" for a reason! This bill was basically the same as the House bill which was defeated with a bunch of "sweeteners" added. Among the more interesting:
- provides $18 billion in tax breaks for clean energy by continuing production tax credits for wind and refined coal and allowing facilities that generate electricity from waves and tides to qualify. Also extends tax breaks for solar energy
- help for film and TV producers
- help for motorsports
- help for the wool trust fund
- a tax break for makers of wooden practice arrows for children
- includes a provision that would require insurance plans that offer mental health benefits to offer those benefits at the same level as medical-surgical benefits
- provides new tax credits for carbon capture and sequestration demonstration projects for advanced coal electricity generation
- creates a new category of tax credit bonds to finance state and local government initiatives to cut greenhouse gas emissions
- creates new tax credit of up to $7,500 for plug-in electric drive vehicles
- tax break for Puerto Rican and Virgin Island rum producers
Good grief! For someone who stands against earmarks, HOW IN THE HELL DID SENATOR MCCAIN VOTE FOR THIS TURKEY???
I hope the 228 Representatives that voted against the original bill on September 29, hold firm to their opposition to the bill (and for good measure, several of the 205 should change their vote)....call your Congressman to urge a no vote!
3 comments:
I don't get it. I read that they attached the bill to a budget bill from last week. If this bailout legislation is so important why does it not stand alone? I think these people must be smoking something. And McCain is going bananas!
Oh and further proof that they are all smoking something... The legislation included a provision for the SEC to suspend the "mark to market" accounting rule. I thought we were attempting to have more oversight?? This rule is in place so that the price of an asset is set by the market. With the suspension of the rule banks can basically make up what they think an asset is worth because the market is obviously wrong???!!! "Blaming fair-value accounting for the credit crisis is a lot like going to a doctor for a diagnosis and then blaming him for telling you that you are sick."
analyst Dane Mott, JPMorgan Chase & Co., Bloomberg
Mark to market was a bad idea (and I am glad it will be gone). It allows for expected value of an asset that will be held thereby allowing more capital to be available to the market.
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