I have never been one to follow the herd and as we know that can have both positive and negative consequences. So, initially when some Congressman were opposing Caesar Paulson’s “hurry up bailout offense” I was supportive of the ” time out”. Chiefly because in our bicameral democratic society Congress should review budget matters proposed by the President. I was also concerned that President Bush, Treasury Secretary Paulson ( ex Goldman Sachs C.E.O.) Wall Street and the New York Congressional members were Strong arming the nation. Naively, I believed we may still have some statesman such as the late Senator Patrick Moynihan of New York a champion of America. I thought they would ensure the bill was pure, and it’s purpose finite and swift ” To inject stability in the financial markets and stop the domino’s of destruction to the dollar and our credit markets. New York’s landscape as the financial capital of the world may have ended this year. World ecomomics are dominated and move in correlation with the “dollar”. American’s dervie economic power by a storng dollar. http://www.entrepreneur.com/tradejournals/article/99933284_3.html As such all states and elected officals had a justifiable rational and sole objective in passing this legislation. The elected officlas who witheld their vote in order to get subjective pork barrell spending should be arrested for extortion http://aolsvc.merriam-webster.aol.com/dictionary/extortion against the american people and their economy.
My friends we should recall that President Bush gave 20 Billion to New York City after the 911 attacks. http://www.fas.org/irp/crs/RL31617.pdf That money is still not fully accounted for. Lets throw in the 70 billion Katrina Debacle.http://www.usatoday.com/news/washington/2006-01-17-katrina-congress_x.htm Do you really think the Federal government will properly handle “$700 billion in toxic real estate that is declining in value as we speak.
Here are the staggering monies clearly “pork barrel” legislation boot strapped to the economic bailout plan. If you got your pork you voted yea, if you did not nay. The groups such as the teachers union, hollywood producers and other have blood on there hands, they are not Americans they are greedy greedy selfish bums. http://www.nypost.com/seven/10032008/news/nationalnews/sweetners_tacked_onto_rescue_plan_132000.htm
1. Hollywood gets a $ 480 millon dollar tax break. http://www.nypost.com/seven/10042008/news/nationalnews/cut__big_fat_tax_break_for_movie_shoots_132057.htm
2. $ 400 million for Teachers who claim they purchase school supplies with their own money.
3. 20 Million American who would be hit by the “AMT” Alternative Minimum Tax will now be exempt. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSgLBrYiphYM
4. R & D Credits to The Information Technology Association of America
5. Renewable Energy Incentives ( wind geothermal) Credits ( $ unknown)
6. $ 5 Billion for higher education deductions
7. $ 8 billion deductions for disaster victims.
8. $ 3 billion for state residents who don’t have state income taxes to deduct local taxes.
9. $ 190 million to exempt Puerto Rico and Virgin Island Rum
10. Commerical Automobile Race Tracks get a 7 year depreciation worth $ 100 million.http://blogs.moneycentral.msn.com/smartspending/archive/2008/10/03/there-s-plenty-of-pork-in-the-wall-street-bailout-bill.aspx?PageIndex=6
11. Oregon Archery manufacturers get $ 2 million.
12. Wool Producers $ 148 million.
For further information see ” Taxpayers for Common Sense”. http://www.taxpayer.net/resources.php?category=&type=Project&proj_id=1429&action=Headlines%20By%20TCS