Bailout Bill Passes: I Hope You Like Pork

October 3, 2008 at 7:59 pm (Political Ponderings)

So in the latest thing congress has done to tick me off, the bailout bill was passed today, and I (and you) now get pay about two year’s salary in order to keep banks from failing that SHOULD BE ALLOWED TO FAIL. That’s the way business and capitalism are supposed to work. If you make good, smart decisions, your business will succeed. If you make really stupid decisions, your business fails, and you go out of business.

These mega-banks made really, amazingly stupid decisions. They made tons and tons of loans to people who should not have been qualified to get those loans. And then had the gall to act all surprised when those people stopped making their payments.

And now that banks started going under, the media started slamming the airwaves with reports of how “less people are able to get credit now compared to this time last year.”
Yeah.. that’s because this time last year was when they were making loans to people with shitty credit. The fact that they now can’t get those loans is the way it should be.

But, feeding us a huge line of bullshit about how letting a few large banks fail will cause the destruction of the planet, congress voted earlier this week on a bill to hand out $700 Billion of our money to these banks. It failed.

But, being the determined little socialist-wannabes they are, the bill was padded with $110 Billion worth of earmarks and pork barrel spending in an attempt to sweeten the deal enough to get senators to sign on.
It worked – today the bill passed with a vote of 263-171, and includes such earmarked gems as the following:

Sec. 503. Exemption from excise tax for certain wooden arrows designed for use by children

Sec. 317. Seven-year cost recovery period for motorsports racing track facility

Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and the Virgin Islands

Sec 502. Provisions related to film and television productions

Sec. 325. Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds

Sec. 211. Transportation fringe benefit to bicycle commuters

Yes – Not only do you, your children, and likely your grandchildren get to pay banks a reward for their Epic Failures, you also get to help pay for government subsidies to arrow factories and race tracks – because those, I’m sure, are among the cornerstones of the US economy that need to be bolstered.

I am so frikkin’ tee’d off about this right now.


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