The pork in the bailout

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Mogul of Pineapples
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The pork in the bailout

Postby Mogul of Pineapples » Sat Oct 04, 2008 11:28 pm

Did you noticed it went from a $700 billion bailout to an $800 "rescue" plan over the course of a week? I thought this was for the credit crunch but apparently not.

I just read about all the extra earmarks the revised bill included:

- $100 million in tax breaks for car racetrack owners (why did we need this?!)
- $2 mil tax break for manufacturers of bows and arrows for kids (what logic is there in this that will help the economy?)
- $192 mil tax break on the rum industry in the Virgin Islands and Puerto Rico (Sounds like they're encouraging us to drink our problems away!)
- $49 mil tax break for the fishing industry who sued over a Exxon tanker spill nearly 20 years ago (20 years ago!)
- $148 tax break for wool manufacturers

Maybe we should have passed the original instead. Now they've thrown in 100 billion in favors! What about favors for the citizens instead? That $100 billion could have done another round of stimulus checks.
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Postby Floppster » Sun Oct 05, 2008 8:27 am

Mogul of Pineapples wrote:Did you noticed it went from a $700 billion bailout to an $800 "rescue" plan over the course of a week? I thought this was for the credit crunch but apparently not.

I just read about all the extra earmarks the revised bill included:

- $100 million in tax breaks for car racetrack owners (why did we need this?!)
- $2 mil tax break for manufacturers of bows and arrows for kids (what logic is there in this that will help the economy?)
- $192 mil tax break on the rum industry in the Virgin Islands and Puerto Rico (Sounds like they're encouraging us to drink our problems away!)
- $49 mil tax break for the fishing industry who sued over a Exxon tanker spill nearly 20 years ago (20 years ago!)
- $148 tax break for wool manufacturers

Maybe we should have passed the original instead. Now they've thrown in 100 billion in favors! What about favors for the citizens instead? That $100 billion could have done another round of stimulus checks.


Frankly, $700 bill or $800 bill the difference are peanuts. Either way it will be hard to pay off. It would be just interesting to know from which country in Asia the bailout money was borrowed !
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fffresh
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Postby fffresh » Sun Oct 05, 2008 1:17 pm

It's reported the national debt has now officially surpassed ten trillion. The national debt clock billboards had to shut down for now because they don't have enough digits for that large of a number.

If I recall correctly the last economic stimulus was less than 100 billion. That earmarked money could have gave a bit back to the citizens also.

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Postby bozell » Sun Oct 05, 2008 6:35 pm

$100 billion is not peanuts! the stimulus package was 168 billion and that gave every taxpayer at least $600.

$100 billion would have been enough to give all of us at least $400 each and i don't agree with the stimulus i would rather see that then the money used for pork spending!

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Postby Mogul of Pineapples » Sun Oct 05, 2008 11:47 pm

Pretty soon Asian countries will own more of America than we do ourselves.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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Postby 010101 » Mon Oct 06, 2008 10:35 am

this is smoke and mirrors at it's best --- distract everyone with the urgency of the bailout bill and then when no one's looking toss in an extra 100 bil in pork barrels. the magnitude and urgency of the bill allowed them to slip that right on in there. on any other bill and other time that would never fly.

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Postby Multi-Purpose » Mon Oct 06, 2008 9:21 pm

While the market was open today the Dow dropped by over 700.

Today a father in my are a killed himself and his family because he couldn't get a job. He has an MBA in finance too. Yet at the same time the CEO of Lehman Brothers walked out with a pay packaged worth $480,000,000.

I think we can all agree by now that the bailout isn't working.....
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Postby bozell » Wed Oct 08, 2008 7:40 pm

did you hear what a.i.g. did with the money after we gave them $85 billion? the ceo and other top executives took a week long spa retreat to wine country in california and spent almost a million dollars on accommodations including over $100,000 on massages alone.

when congress grilled them on it they said they needed it to unwind.

then today the government announced they're giving them another $35 billion.

what the **** is wrong with this country!!!!!!!!!!!

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Postby AnthonyBarone » Mon Oct 13, 2008 7:36 pm

This ain't nothing but highway robbery if I've ever seen it. I lose my shirt in the market while the big dogs get have their cake and eat it too with the bailout money.

To me this is starting to look like Bush's biggest scam yet. Crash the markets and create a lot of fear so they can steal trillions from tax payers to give them bailout money.

What a crock.

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pork

Postby mike71857 » Wed Nov 05, 2008 4:05 pm

I know. Is there no integrity? Senator Whoever: "I am idealogically opposed to this bailout." Well Senator Whoever we've decided to fund a 2 million dollar ice skating rink in your district. "Oh well that's different, I don't see anything wrong with the bailout.



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