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 Posted: Thu Oct 02, 2008 10:48 pm Post subject: US Senate Bailout Bill |
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Rather than listining to what the politicians tell you, you can read
the exact text of the bill here:
http://money.cnn.com/2008/10/01/news/pdf/index.htm
For what it>s worth, the Senate "Improved" the house bill by tacking
on all sorts of improvements to the original 150 house bill, growing
it to 450 pages by special interest Bills to what once was, at its
origin, only 3 pages in length. Heck, the entire US Consitution is
only 4 pages long.
I would urge you to start reading on page 300, where you will discover
that this bill now includes an exempton for "Wooden Arrows Designed
for use by Children". If you believe that I am joking, simply go to
the referenced pdf file and read near the bottom of page 300. (It
will make you wonder what sort of mind alterning drugs our elected
members of the Senate prefer, since the bill passed a senate vote.)
On page 301, you will find this emergency bill also includes SEC. 504,
"Income Averaging for Amounts Received in Connection with the Exxon
ValdezLitigation."
Now what is sad, actually pathetic, is that this legislation was so
hastily generated by mindless hacks pasting together various failed
bills, then adding them to the 'bailout package', then having it
passed in the US Senate who likely never bothered to read the Bill.
Both Senators Obama and McCaine voted for it, which bothers me more
than a little.
With the Intenet, this is the problem that concerns elected
legislators. Today, even the average person can, using the Internet,
read the actual wording of a bill, understand not some, but all of its
provisions, and then call their elected legislator, Politicians hate
this, and for good reason. It defeats the millions of dollars that
they spend on their PR, and causes them to actually return to facts.
'Nuff venting on my part. I was originally for the 3-page bill from
the White House, but when I read the 150 page bill House Bill, my
opinion reversed. On reading the 450 page Senate Bill, I at first
thought it humorous, until I realized that it was real. As a
scientist/engineer, I find it difficult to accept that such terminal
stupidity and self-interest exists in our elected politicians.
I believe that I should mention the reason why I am totally aginst the
'Bailout Bill'. Primarily, this is because I see it primarily helping
the investment banker, stock traders, and others who make a living by
being fast talking and financially clever, but never materially
contributing to the basis of the American Economy (which is the
production of the goods and services that did and should form the
backbone of our National Economy.) For these creeps, a convincing TV
ad or slick talk on a telepone is their entire universe. They cannot
relate, nor do they want to relate to the real world.
Pehaps its time that American Economics reverted back to the real
world. Some or most Economists share this view. Let economics alone
determine what is solid, just as "water seeks" it>s own level. Wall
Street would be seriously hit by such a move, but the floor traders
could retire on their commissions as this takes place. As a network
news guy stated, "screw Wall Street, it>s not the basis for a real
Economy...these guys live in a pretend world. buy junk mortgages in
the hopes of turning a short-term profit,,,and so on. Their sense of
an economy is based on smoke and mirrors, and of course their TV PR.
Now their will be a temporary downside for voting against this
'bailout bill'. In seeking its own level, many firms will go
bankupt...simply because the elected to go for the speculative large
profits rather than investments in the long term. Well, most of us
are faced with the same sort of a decision, do we want to invest our
money in insured bank CDs, or take a chance with Commercial paper that
pays 3-times the interest? It>s our choice, and if we choose wisely,
most investors are not expecting the government to come an bail them
out when they make poor choices. Why then should the major investment
bankers?
Much more to be said on this subject, but the starting point is first
reading the Bill that will now face the House of Representatives.
Again, it is:
http://money.cnn.com/2008/10/01/news/pdf/index.htm
Please read it and see if its provisions make sense to you.
Harry C. |
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