Senate bailout bill hits the Internet; Update: File added; Update: Not earmarks?

posted at 10:24 am on October 1, 2008 by Ed Morrissey

The Senate will begin debate within minutes on their attempt to revive the bailout bill rejected by the House.  They have released the bill text this morning, and the Senate Conservatives Fund website has it for public perusal.  The new version has no allocations going to the Housing Trust Fund, which the Dodd version originally did, so ACORN will get no money from the bailout.

However, the Senate did add a few winners to this new version:

New Tax earmarks in Bailout bill
- Film and Television Productions (Sec. 502)
- Wooden Arrows designed for use by children (Sec. 503)
- 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)

Tax earmark “extenders” in the bailout bill.
- Virgin Island and Puerto Rican Rum (Section 308)
- American Samoa (Sec. 309)
- Mine Rescue Teams (Sec. 310)
- Mine Safety Equipment (Sec. 311)
- Domestic Production Activities in Puerto Rico (Sec. 312)
- Indian Tribes (Sec. 314, 315)
- Railroads (Sec. 316)
- Auto Racing Tracks (317)
- District of Columbia  (Sec. 322)
- Wool Research (Sec. 325)

I love the auto racing tracks in particular.  I can see the headlines now: “Global financial markets melt down, NASCAR, Caribbean rum hardest hit”.  As many people have said now, I’d be more inclined to take this crisis seriously if people on the Hill didn’t use it to butter up their favored constituencies.

The Senate will vote at around 7:35 PM tonight on this bill.  I’d expect an easier passage, thanks to provisions to expand FDIC insurance and an added authority to suspend mark-to-market rules that may make some of the rest of this bill unnecessary.  Senate leadership isn’t taking any chances; they’ve added this as an amendment to a bill containing some legislation sought by both liberals and conservatives, making it difficult to oppose from any direction.

Update: My friend Sean from Everything I Know Is Wrong returns to blogging on this issue, and takes issue with Arianna Huffington’s analysis of the crisis.  We need more people pushing back on the notion that a lack of government action caused this collapse; it was a government distortion of lending and investment sectors that caused the problem.  But to the extent that government inaction contributed to it, it’s good to recall exactly who the obstructionists were.

Update II: Apparently the load on the SCF server has created some problems.  I’ve loaded the PDF file here.

Update III: I’m being told from multiple sources that the term “tax earmarks” is incorrect and misleading.  Americans for Tax Reform has sent out a memo explaining the difference (and note that the “Ed” in this does not refer to me but a staffer on the Hill):

The language Ed uses below here is very unhelpful and completely wrong from a fiscal conservative perspective.  There is no such thing as a “tax earmark.”  Earmarks are spending.  There are appropriations earmarks.  There are authorization earmarks.  There are no “tax earmarks.”  To claim that there are puts tax deductions and credits (which is what we’re talking about here) on the same par as bridges to nowhere.  Was the creation of HSAs a “tax earmark?”  How about the home mortgage interest deduction?  One might call for lowering the rates and broadening the base, but we should not fall into the trap of equating tax cuts and spending increases.  That’s how some Senate Republicans got in such massive trouble over health care last year and energy this year vis-à-vis taxes.

This is precisely the same logic that Treasury’s Steve Surrey used in the 1960s to create the “tax expenditure” concept.  This faulty doctrine treats tax exclusions, adjustments, deductions, and credits as if they were the same as a federal appropriation.  They are not.  They might not be ideal tax policy, but they are federal revenue reductions—not budget increases.

I would exempt from my statement the outlay effects of refundable tax credits.  Those are, indeed, spending and could rightly be sullied with the term “earmark.”

I’m sorry to be so firm about this, but it’s this confusion between tax cuts and spending increases that I’ve found is the number one cause of well-meaning offices slipping into Taxpayer Protection Pledge violations.  When I see things communicated that would contribute to this confusion (and I know Ed meant no harm by it), I try to jump all over it.

So these are tax breaks, not earmarked spending.  Perhaps some of them are unwisely added to this bill, but this tax extenders bill passed the Senate with overwhelming support, including the anti-pork Tom Coburn.  It didn’t pass the House initially because of the lack of tax increases to accompany it through Pay-Go.


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Contact your senators and let them know your feelings. Doesn’t matter if you are for or against. Be heard.

volsense on October 1, 2008 at 10:27 AM

I’m a big fan of wooden arrows. Lord knows we need the government to supply them.

ballz2wallz on October 1, 2008 at 10:27 AM

Good grief.

Christine on October 1, 2008 at 10:28 AM

OK, I’m back to my original stance:

LET THEM BURN!

JamesLee on October 1, 2008 at 10:28 AM

Boy, money is sure easy to spend when it ISN’T YOURS.

Dumbasses. A clean bill is a good bill.

originalpechanga on October 1, 2008 at 10:28 AM

You mean there’s a wooden arrow lobby?

txsurveyor on October 1, 2008 at 10:29 AM

As a long time NASCAR fan, for me the sport has done to hell. However the government has no place in auto racing. Politicians Keep Out and fix the roads we all drive on.

Wade on October 1, 2008 at 10:29 AM

As Glenn says.

“I’ll believe this is a crisis when the people telling me it’s a crisis start acting as if it’s a crisis”

E9RET on October 1, 2008 at 10:30 AM

I wish there was a better mechanism for voting these guys out of office.

BadgerHawk on October 1, 2008 at 10:30 AM

Well this is an apropos gimme…

Do you think the anti-earmark Maverick will run an ad with this, showing the people just how bad earmarks creep is in Washington?

Nah….

SPCOlympics on October 1, 2008 at 10:30 AM

WTF!!!! I am getting really pissed off. Even if this is better than the original bill, there should not be one earmak or piece of pork added to this. Just put the Frakin where it needs to go so we can deal with how to get past this.

On a side note I am moving closer to calling shinanagins on the whole thing everyday the world does not end.

nazarioj001 on October 1, 2008 at 10:31 AM

Whoops

As a long time NASCAR fan, for me the sport has done gone to hell

Wade on October 1, 2008 at 10:31 AM

McCain is weak. He’ll never call them out on trying to insert money for ACORN, etc etc etc. WEAK.

marklmail on October 1, 2008 at 10:31 AM

We’re in a crisis. One in which only giving money to completely irrelevant groups could fix. Not to mention taking off a day for holiday.

…Pressing needs if I ever saw them.

AeroSpear on October 1, 2008 at 10:31 AM

How can Mccain vote for this if it has so many earmarks and still claim he is the earmark reform champion?

promachus on October 1, 2008 at 10:32 AM

I’m a big fan of wooden arrows. Lord knows we need the government to supply them.

ballz2wallz on October 1, 2008 at 10:27 AM

We’ll need them once Obama bans all the guns, I guess.

Illinidiva on October 1, 2008 at 10:32 AM

Lose the earmarks. Or forget the deal.
These people are a collection of King Georges.

either orr on October 1, 2008 at 10:32 AM

Let them burn.

patriot2001 on October 1, 2008 at 10:32 AM

I think we all know how the implosion of all these credit default swaps have endangered the shearing industry.
;-)

Karl on October 1, 2008 at 10:33 AM

I hope all of these are democrat earmarks.

meci on October 1, 2008 at 10:33 AM

Free drinks around the house and please send the bill to the appropriate govt agency.

moxie_neanderthal on October 1, 2008 at 10:33 AM

If the subject’s fleecing, the emergency budget appropriation will probably do nicely, too.

Dan Collins on October 1, 2008 at 10:34 AM

Our congress is so unserious.

ctmom on October 1, 2008 at 10:34 AM

And, yeah, NASCAR has gotten waaaay too corporate. Oh, to be younger and watch the King, Dale Sr., Cale Yarbrough, David Pearson, Junior Johnson and friends again.

either orr on October 1, 2008 at 10:34 AM

“Take $20 each and just charge it on the Underhill’s account…”

Irwin M. Fletcher

J.J. Sefton on October 1, 2008 at 10:35 AM

I love the one about wooden arrows for children. How a few million to study the nutritional value of lead paint chips or feasibility of finger-sized electric outlets. What a munch of bucking forons.

Laura in Maryland on October 1, 2008 at 10:35 AM

I’ve worried for years that my wooden arrows were not suitable for use by children.

Priscilla on October 1, 2008 at 10:35 AM

What about wooden slings?

carbon_footprint on October 1, 2008 at 10:36 AM

WTF? I’m so tired of these politicians thinking this is THEIR money. I wish, just wish we could march on DC right now and drag these bums out of Congress and kick their asses out of town.

This is disgusting.

darwin on October 1, 2008 at 10:38 AM

You can never eliminate a new bureacracy, never, never, get back money spent. The Democrats want this too badly, and after January inauguration will eliminate all the chocolate.

Starlink on October 1, 2008 at 10:35 AM

Wasn’t the RTC eliminated? Wouldn’t this similarly have a limited life expectancy?

dedalus on October 1, 2008 at 10:38 AM

“- Wooden Arrows designed for use by children (Sec. 503)”

Gee, how about real bullets designed for use by a firing squad, two blindfolds and two cigarettes, for Barney Frank and Chris Dodd?

I would personally fund all three and volunteer to participate in said firing squad.

NoDonkey on October 1, 2008 at 10:38 AM

This bill is soooo BAAAAAAHHHHHHHHHD!

It really misses the mark… way off target.

I guess they are really racing for the finish, and needed to pour oil on the waters…

Romeo13 on October 1, 2008 at 10:38 AM

Feinstein’s number is busy. Boxer’s number cannot be dialed I do not even get a busy signal. The switchboard must have smoke coming out of it.

Theworldisnotenough on October 1, 2008 at 10:38 AM

Funny – my iTunes, on Shuffle Mode, just played “Addicted” by Simple Plan.

SlimyBill on October 1, 2008 at 10:40 AM

If there is one dollar of PORK in this bill it should not be passed PERIOID!!!!

twiggman on October 1, 2008 at 10:40 AM

Film and Television Productions (Sec. 502)

Thank God. Now all those Hollywood producers will be able to send more money to Dear Leader Obama’s campaign.

As for wool research, I’ve heard that wool can be turned into really nice winter clothing.

rbj on October 1, 2008 at 10:40 AM

Great we are funding a team of midget rescuers!

Can we give them the acronym: ULB?

Umpa-Lumpa Brigade

TheHat on October 1, 2008 at 10:41 AM

Crediting Gov. Palin for using a pithy wonderful, yet somehow MSM conveniently overlooked, acronym – OPM. I agree that Congress is really addicted to OPM, they simply love and can’t stop finding ways to keep spending Other People’s Money.

marybel on October 1, 2008 at 10:41 AM

Watch Democrats hang that Alaska stuff around Sarah Palin’s neck.

rockmom on October 1, 2008 at 10:43 AM

If we’re going to build new clean-coal plants, we’ll need money for mine safety and rescue teams. Therefore Joe Biden will vote against it, to send the coal plants to China. /sarc

Oh, do the children’s wooden arrows have rubber suction cups on the ends? You wouldn’t want the FuhrerObamaJungenSinger shooting each other by accident, would you?

Of course, you’ve got to keep Captain Jack Sparrow and Elizabeth dancing around their campfire at taxpayer expense. Yo-ho-ho and a bottle of rum!

Steve Z on October 1, 2008 at 10:43 AM

AMT relief for the right, wool for left. Whatever. Just get it done.

phronesis on October 1, 2008 at 10:44 AM

As many people have said now, I’d be more inclined to take this crisis seriously if people on the Hill didn’t use it to butter up their favored constituencies.

They say you could awaken Smoky Burgess at 3 am, drag him to the field in a dense fog, throw pitches at him in the dark, and he’d still hit line drives.

Such is the stuff of our elected leaders.

SlimyBill on October 1, 2008 at 10:44 AM

I agree that Congress is really addicted to OPM, they simply love and can’t stop finding ways to keep spending Other People’s Money.

marybel on October 1, 2008 at 10:41 AM

Good point.

OPM is like opium. Our political and ‘elite’ class is addicted to it, that’s for sure.

techno_barbarian on October 1, 2008 at 10:44 AM

Anyone have the number for Mccain and Kyl? The senate.gov website is getting killed and has been down all day

offroadaz on October 1, 2008 at 10:44 AM

Wait a tick,I don’t see Obama’s
Temple of Hope construction
project on that list!!

canopfor on October 1, 2008 at 10:45 AM

- 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)

Wonderful, I’m sure the duckies and the fishies will be well taken care of.

And the lawyers. What this country really needs, is a few more rich lawyers. Ask Obama.

Too bad Captain Hazelewood wasn’t operating his tanker off of the Kennedy Estate. That would have beached one useless whale years ago.

NoDonkey on October 1, 2008 at 10:45 AM

Watch Democrats hang that Alaska stuff around Sarah Palin’s neck.

rockmom on October 1, 2008 at 10:43 AM

She should print this bill and bring it to the debate and read from it, and conclude: “This is why the people who are experienced in the affairs of Washington need to be thrown out of Washington.”

SlimyBill on October 1, 2008 at 10:46 AM

Prediction……

Obama Yea

McCain Nay

Mac should then have a presser….

“My friends, if we are really serious about this impending crisis, let’s not spend more of the people’s money than is absolutely necessary to save our economy. That is incumbent upon us as stewards of the government.”

Dr.Cwac.Cwac on October 1, 2008 at 10:47 AM

I would contact both my Senators and let them know I think this bogus bailout.

Unfortunately, the one Senator is Dickie Durbin.

The other is B.O.

Will still give it a try though.

If anything, it will let these two idiots know there are some who are actually looking at this thing, instead of just being good little sheeple.

pilamaye on October 1, 2008 at 10:47 AM

McCain should vote against this because it has EARMARKS! Even if it passes based on other Senators, this would be a principled stand!

Then let Palin talk about these earmarks in the debate tomorrow. After all, she doesn’t have a vote in the Senate–McCain, Obama, and Biden do!

Steve Z on October 1, 2008 at 10:48 AM

Unfortunately, the one Senator is Dickie Durbin.

The other is B.O.

pilamaye on October 1, 2008 at 10:47 AM

Jeez, why don’t you just chug-a-lug a couple bottles of Robitussin Nightime, chase with a six of Bud Lite, and be done with it?

SlimyBill on October 1, 2008 at 10:48 AM

To be, or not to be: that is the question:
Whether ’tis nobler in the mind to suffer
The slings and wooden arrows of outrageous fortune,
Or to take arms against a sea of troubles,
And by opposing end them?

Mulligan on October 1, 2008 at 10:49 AM

I’m sure ya’ll have this one bookmarked, but just in case:

http://www.senate.gov/general/contact_information/senators_cfm.cfm

Call them and raise heck.

Laura in Maryland on October 1, 2008 at 10:49 AM

Let er crash. Then we will know the real answer, how bad was it.

Unless and until the bill strats with repeal of the CRA and the rest of the crap that caused this, they aren’t serious.

tarpon on October 1, 2008 at 10:49 AM

Now would be the time for Bush to do his crying-wolf shtick again, for the Senate has turned what was a bad bill into one of their patented carryalls for pork, special interests and other wasters of our money.

No sense in calling Feinstein and Boxer. I’m sure their fingerprints are on this hideous travesty.

So I might as well go back to bed. Can I sleep for eight years, please?

MrScribbler on October 1, 2008 at 10:49 AM

We need more people pushing back on the notion that a lack of government action caused this collapse;blockquote>

But that would take propositions based upon principles; and we have been told by both the right and the left that in times like these, principles don’t matter; “what can our ideological purity buy us?”; and there is no time for this dreadful partisanship, we need “bipartisanship”.

Weight of Glory on October 1, 2008 at 10:52 AM

Twenty-seven years later, in the midst of the worst economic crisis since the Great Depression, and seven-plus years into the reign of Bush and Cheney, Reagan’s anti-government battle cry should be on trial.

They seriously can’t get through a paragraph without somehow blaming anything and everything on Bush/Cheney.

Noun, Verb, EvilBush.

BadgerHawk on October 1, 2008 at 10:53 AM

oops! should look like this.

We need more people pushing back on the notion that a lack of government action caused this collapse;

But that would take propositions based upon principles; and we have been told by both the right and the left that in times like these, principles don’t matter; “what can our ideological purity buy us?”; and there is no time for this dreadful partisanship, we need “bipartisanship”.

Weight of Glory on October 1, 2008 at 10:54 AM

The new and improved turd sandwich…Now with hookworms!

Laura in Maryland on October 1, 2008 at 10:55 AM

Where is the shame? They are writing this bill and someone says “Hey can you uh add some money for rum and wooden arrows?” And no one bats an eye. They just add an earmark for themselves. It’s disgraceful.

sammypants on October 1, 2008 at 10:55 AM

Just sent an email to both Senators. It’s hard to take this seriously when it’s being used as a vehicle for pet projects. If anyone thought it was that big a deal, something clean would have already passed.

melda on October 1, 2008 at 10:56 AM

I’m a big fan of wooden arrows. Lord knows we need the government to supply them.

ballz2wallz on October 1, 2008 at 10:27 AM

I’m pretty sure these are part of Senator Obama’s defense spending plans, so why duplicate the expenditure?

CC

CapedConservative on October 1, 2008 at 10:57 AM

I think we all know how the implosion of all these credit default swaps have endangered the shearing industry.
;-)

Karl on October 1, 2008 at 10:33 AM

I don’t know about you, but I think I just got sheared.

MarkTheGreat on October 1, 2008 at 10:57 AM

I don’t know about you, but I think I just got sheared.

MarkTheGreat on October 1, 2008 at 10:57 AM

Exactly… they already know all they need to know about fleecing…

CC

CapedConservative on October 1, 2008 at 10:58 AM

SEC. 211. TRANSPORTATION FRINGE BENEFIT TO BICYCLE COMMUTERS.

… (iii) QUALIFIED BICYCLE COMMUTING MONTH.
—The term ‘qualified bicycle commuting month’ means, with respect to any employee, any month during which such employee— (I) regularly uses the bicycle for a substantial portion of the travel between the employee’s residence and place of employment, and (II) does not receive any benefit described in subparagraph (A), (B), or (C) of paragraph (1).

This alone makes the bill worthy of passage in elgeneralisimo’s eyes… o_O

elgeneralisimo on October 1, 2008 at 10:58 AM

SEC. 502. PROVISIONS RELATED TO FILM AND TELEVISION PRODUCTIONS

What is this?

luckybogey on October 1, 2008 at 10:59 AM

If McCain is such a Maverick, he’ll demand a claen bill.

Don’t hold your breath…

CliffHanger on October 1, 2008 at 11:00 AM

Look, there was a clean bill. It was defeated. Now they will do what they must to get the votes. So be it.

phronesis on October 1, 2008 at 11:01 AM

I hope all of these are democrat earmarks.

meci on October 1, 2008 at 10:33 AM

I don’t care one way or the other. They’re obscene. This is not regular order, folks. Who would even think to ask for something like this?

I hope Palin will tell us she’s sending the money back to the Treasury unless the Valdez money gets debated in, and voted out of, a committee in the full light of day.

DrSteve on October 1, 2008 at 11:01 AM

Just sent this to Boxer

I’d have a much easier time believing this is a real emergency if the Senate bill was larded up as usual. Earmarks for wooden arrows, Virgin Island and Puerto Rican rum! Are you people sane?

No way I support this bill. This is a travesty. And you are hindering the process. REPEAL Sarbanes-Oxley, repeal it do not work around what you know to be bad law. What kind of sense does that make? Repeal it now. Repeal the Community Reinvest Act. You know what it does and its effects on the economy. I’m black and I think it is a bad idea. What Black people can’t save, get an education to earn more money, understand credit practices? I can tell you we can and having a down payment and living within our means is doable. The Jesse Jackson era is dead.

You are hindering the process, preventing mortgages from being renegotiated at market value. Why would the people holding the loans renegotiate them for 30 cents on the dollar when Paulson is going to give them 50 to 80 cents on the dollar? Paulson, as the former head of Goldman Sachs, is very much looking to scratch the back of his former comrades, they have given 43 million to both parties and no doubt look to get bailed out the most, LET THEN WRITE DOWN THIER LOSSES. There is no “crisis”. Banks have to write down and accept market value for their loans. They can keep lending, that is a fact. They lend or they go out of business, the requirements become more stringent but they will keep lending. If I wasn’t getting credit card app in the mail then maybe I’d beleive the hype. The market going down does not scare me people taking money out of the market and into banks is good it eases the liquidity giving banks greater deposits to multiply.

So raise the FDIC limit to $250,000, repeal Sarbanes-Oxley, repeal Community Reinvestment Act. If you are really really smart you could suggest that the early withdrawal penalties for IRA’s 401K’s 403B’s and the like get suspended for home, car, and tuition. This will encourage people to take up the excess supply of homes.

Theworldisnotenough on October 1, 2008 at 11:02 AM

And by “clean” I mean a bill with zero earmarks and some basic accountability and oversight provisions.

CliffHanger on October 1, 2008 at 11:02 AM

You mean there’s a wooden arrow lobby?
txsurveyor on October 1, 2008 at 10:29 AM

Yes, I’m the President – and I’d like to ask the Senate to remove the earmark from the bill. We are willing to suffer for the good of America.

huckleberryfriend on October 1, 2008 at 11:02 AM

She should print this bill and bring it to the debate and read from it, and conclude: “This is why the people who are experienced in the affairs of Washington need to be thrown out of Washington.”

SlimyBill on October 1, 2008 at 10:46 AM

Amen…
Just read what this “bailout” has….the rhetorical question she should ask is…”Why can’t government pass one bill, just one bill, that doesn’t have earmarks”.
The supposedly most important bill ever before congress and it has; auto racing, TV production, wooden arrows.
She should just wrap it up and say, “This debate tonight should last about 12 minutes”; hello, thank for inviting me, here is the stupid amendments to an important bill, let’s get the old way of doing business out of Washington, no I don’t care what the MSM thinks about me, this bill is an indication of what is sick about Washington, shoot me like the opening day of moose hunting if I ever become like Obama/Biden, thanks for inviting me, I have nothing else to say because it doesn’t matter unless you elect McCain/Palin, if you don’t elect us, you will get more of the same…goodnight.
Good luck on your book deal…

right2bright on October 1, 2008 at 11:03 AM

Hollywood’s going to shoot a new line of PSAs with Jimmy Carter encouraging us to wear sweaters to conserve energy, hence film production and wool research.

As Glenn says.

“I’ll believe this is a crisis when the people telling me it’s a crisis start acting as if it’s a crisis”

That’s my take on the climate “crisis.” It’s so bad, we had to print and ship 15 million 300-page special editions of Newsweek detailing things we can all do to conserve paper and gas.

saint kansas on October 1, 2008 at 11:04 AM

Wooden Arrows designed for use by children

What no little lead soldiers or plastic army men? This bill sucks!

Mr_Magoo on October 1, 2008 at 11:04 AM

Against wooden arrows?…bigot, racist…

right2bright on October 1, 2008 at 11:04 AM

Wait…

I think I see a theme developing…

Movie and TV production?
Rum?
Nascar?
Wooden Arrows?
Exxon Valdez (from Waterworld)?
American Somoa? (The Rock?)
Washington DC? (stock footage of Lincoln memorial covered in vines)

New Post Apocolypse Movie?

Don’t wanna get into the whole sheep thing though…

Romeo13 on October 1, 2008 at 11:04 AM

“- Wooden Arrows designed for use by children (Sec. 503)”

But how does that benefit Michelle’s …

Oh never mind.

MarkTheGreat on October 1, 2008 at 11:04 AM

Understand that if John McCain votes for this, his entire brand is gone and you may as well hand the election to the Democrats. Observe:

1. When the bill passes the Senate, Obama and Biden will both be at the lectern along with Harry Reid and Nancy Pelosi talking about how grateful they are that bipartisanship saved the day and now the economy will recover. McCain will get no credit.

2. McCain, whose debate response to the bailout last Friday was to blast earmarks, will now be forced to vote for earmarks as part of the bailout. While Obama won’t be able to directly hit him with that, his surrogates and the MSM will.

3. The bill also includes renewable energy tax credits and AMT tax relief, which mute McCain’s attacks on Obama as a tax raiser and as someone opposed to using tax credits to sponsor renewable energy.

4. The bill STILL isn’t more conservative in that it still consists of the government buying the MBSs rather than simply providing backstop insurance.

Good going, McCain and the GOP.

Outlander on October 1, 2008 at 11:04 AM

Just called Kyl’s office – Reiterated the “act like it’s a crisis” and get rid of the rum and wool pork. Staffer, while quite nice, said Kyl’s not happy about that in it at all.

SkinnerVic on October 1, 2008 at 11:05 AM

I can’t stand the fact that this effectively makes the Treasury Secretary in charge of more money than anyone on the planet in the history of man. Anyone else see a small problem with this?

doginblack on October 1, 2008 at 11:07 AM

Look, there was a clean bill. It was defeated. Now they will do what they must to get the votes. So be it.

phronesis on October 1, 2008 at 11:01 AM

Spoken like a true fiscal conservative!

/sarc (tags there for those with a sub 75 IQ)

Romeo13 on October 1, 2008 at 11:08 AM

Pork for wool research, the solution to every crisis.

A pig in sheep’s clothing.

- The Cat

MirCat on October 1, 2008 at 11:08 AM

I want to hate this bill, but as a Film Maker and a Drunk I gotta vote yes.

Its a damned if ya do damned if ya don’t bill. The GOP is screwed because Dems wanted to pocket money, somehow I don’t think thats the way it should work.

Rbastid on October 1, 2008 at 11:08 AM

Rep DeFazio (D) from Oregon has an alternative bill that should be looked at. I think McCain should get behind this bill. It would put him back upfront and also be bipartisan.

No Bailouts Act

1. Require the Securities and Exchange Commission (SEC) to require an economic value standard to measure the capital of financial institutions.
2. Require the Securities and Exchange Commission to restricting naked short sells permanently
3. Require the Securities and Exchange Commission to restore the up-tick rule permanently.
4. “Net Worth Certificate Program”
5. Increase the FDIC Insurance limit from $100,000 to $250,000.

Details @ http://www.thenation.com/blogs/jstreet/366574/house_progressives_propose_bailout_alternative

huckleberryfriend on October 1, 2008 at 11:08 AM

Much as I am enjoying the Gwen Ifill story, I think this needs to replace it on Drudge. Complete with the little lamb picture.

BigD on October 1, 2008 at 11:09 AM

I wish this was unbelievable.

Very few people are aware that government intervention got us into this mess, the media is only part of the problem.

The president could have spoken to the country and explained what was actually happening, instead he blamed the people for being greedy…not the government for being power hungry social structuralists.

Is the republican party losing control on purpose?

Paranoid conspiracy theorists want to know!

Dorvillian on October 1, 2008 at 11:09 AM

We should all tighten our belts in anticipation of this crisis. I’m doing my part. I no longer rent movies produced by Rob “I say Howard, you say Dean!” Reiner. I know it’s not much but every little bit helps!

Mr_Magoo on October 1, 2008 at 11:09 AM

I just want to cry…..

SDarchitect on October 1, 2008 at 11:09 AM

Does this mean McCain will oppose since it has earmarks?

Socmodfiscon on October 1, 2008 at 11:11 AM

Wait…

I think I see a theme developing…

Movie and TV production?
Rum?
Nascar?
Wooden Arrows?
Exxon Valdez (from Waterworld)?
American Somoa? (The Rock?)
Washington DC? (stock footage of Lincoln memorial covered in vines)

New Post Apocolypse Movie?

Don’t wanna get into the whole sheep thing though…

Romeo13 on October 1, 2008 at 11:04 AM

It’s not what you think. It’s because every good post Apocalyptica movie needs sheep herding nomadic extras.

- The Cat

MirCat on October 1, 2008 at 11:11 AM

SEC. 203. DEDUCTION FOR CERTAIN EXPENSES OF ELEMENTARY AND SECONDARY SCHOOL TEACHERS.

SEC. 207. STOCK IN RIC FOR PURPOSES OF DETERMINING ESTATES OF NONRESIDENTS NOT CITIZENS.

Our leaders tell us we have a national emergency and then they take a day off for a Jewish holiday and now we have this pork. Unbelievable…….

luckybogey on October 1, 2008 at 11:11 AM

Anyone have the number for Mccain and Kyl? The senate.gov website is getting killed and has been down all day

offroadaz on October 1, 2008 at 10:44 AM

__________________

McCain- 480-897-6289 or 202-224-2235
Kyl- 602-840-1891 or 202-224-4521
DC Switchboard- 202-224-3121
(I have these prg into my phone….I know so don’t say it!)

VikingGoneWild on October 1, 2008 at 11:13 AM

right2bright on October 1, 2008 at 11:03 AM

That would be too good to be true.

Just walk off the stage and let Gwen slob ‘Bambi’s knob in peace and in dignity.

NoDonkey on October 1, 2008 at 11:14 AM

“Sec 124. HOPE for Homeowners amendment”? The Dems managed to get one of Barry’s campaign slogans into the mix!

I can just imagine what his campaign will do with that after the bill is passed.

unclesmrgol on October 1, 2008 at 11:14 AM

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