700 Billion, I mean One Trillion, I mean... Who Knows?

[Meir-SiN]

It's a little late to post about this considering the stock market already started tanking after the bailout bill but Warhammer has kept me interested enough to not spend an hour or two researching the bailout =p. This news post is also a poll about the future of the economy so vote! Here are some facts about the 400 something page bailout bill, of which I made it in about twenty pages before I gave up. The following information on the earmarks is collected from various network sites, and believe me its not all. This is the short list.

- Wooden arrows: This tax break, backed by Oregon's two senators, would benefit an Oregon manufacturer of wooden arrows for children by $2 million over 10 years.
- Racetracks: Earmark would allow auto racetrack owners to depreciate their facilities over seven years, saving the industry $100 million over two years.
- Rum: Offers rum producers in Puerto Rico and the Virgin Islands a rebate on excise taxes worth $192 million over two years.
-Wool: Reduces tariffs for U.S. makers of wool fabric that use imported yarn, worth $148 million over five years. The measure was pushed by Reps. Louise Slaughter, D-N.Y., and Melissa Bean, D-Ill.
- Exxon Valdez: Plaintiffs in the suit over the 1989 oil spill could spread their tax payments on punitive damages over three years, cutting their tax bill by $49 million. The measure was backed by Rep. Don Young, R-Alaska.
- American Samoa: Allows certain corporations to reduce their tax liability on income earned in American Samoa, at a cost of $33 million over two years.
- Hollywood: Extends a tax break for film and TV companies that keep their production in the United States, worth $478 million over 10 years. The provision was originally pushed by Rep. Diane Watson, D-Los Angeles.
- Doubling ethanol subsidy from 50 cents to one dollar
- 900 million to refineries
- 2.55 billion for "clean coal"
- Increasing credit of plug-in electric cars ranging from $2,500 to $7,500.

Many say the total cost of this bill will be upwards of one trillion, and that doesn't seem to be a stretch to me. By the way, this is on top of the 690 billion dollars the treasurey has already "lent" (printed) in the past few weeks to companies like AIG, and banks on the verge of collapse. The national debt now stands at around 10.2 trillion dollars (when Bush entered office it was 5.727 trillion). March 16th, 2006 the national debt was 8.2 trillion and congress voted to extend the ceiling to 9 trillion. The bailout bill (I think its that) inceased the ceiling to 11.3 trillion dollars.

[Meir-SiN]

I honestly don't know. I have a feeling that it wont work by any means, but I don't know how bad it will get. I personally don't think the money should have been printed to bailout anybody. Letting bad buisness practices turn out in companies failing is a good thing in the long run in my view. Why the hell arn't all the Republicans up in arms about this, I don't get it. Anyway as for my education on the economy... I use the yellow helmet but I personally don't think its a bad thing to get our country off the credit system. So many people are living beyond their means, and if it takes years of bad luck, high prices, and even a depression thats the price you pay (and we all should).

You don't go out and buy a 500,000 dollar home when you can only afford a 250,000 dollar one. You shouldnt get 40 year loans. The whole point in life is to insure your children's future and leaving them with debt (or not as much money as they could have had) is a crime. If you live in that shitty house or drive that shitty car for 10 years you can actually afford the good stuff later in life without much, if any debt. If the government really wanted to spend a trillion dollars they could have used it to back small buisness loans at low intrest rates and fuck everyone else.

[Tektonic9]

more of your money going to their pet projects. I will call it now. Our entire government system will collapse. We will have to go back to small business's and state government. Which is all good with me. I might be able to actually start the business i have tried to start for many years since when I went to get a SMALL loan to start one they sit back and tell me its too risky, meanwhile they give out millions to pet projects so they can make the profits. Essentially we will be removing all these "leaders" and putting people in who have their fellow human interests at heart. Not greed and power. For me this is just the begining of our planets evolution into a new system that works for everyone. State's and communities will have say in their own laws(not the fed gov stepping in and saying no), thus for all those people that want to grow and smoke MJ they can move to the state that allows it which soon might be all states. not to mention going back to growing industrial hemp for all our needs. Yet another thing the fed gov has stopped. Because they want to corner the drug market with the large pharma companies. Not to say that hemp is a drug. It was just the means to stop all growing of the plant. Hemp alone can provide more than enough fuel for us to get off crude also. If we grew as much hemp as we do corn for cattle feed we would be free from crude altogether already. Since the big oil is also part of the big boys lobbying for gov aid. I find it amazing people don't realize that our government is holding back our own progression into greener and cleaner. So once again, I cannot wait to see them fail.


http://money.cnn.com/2008/09/26/news...ion=2008092613



WaMu CEO: 3 weeks work, $18M
Alan Fishman could be eligible for a multi-million paycheck after only three weeks on the job ... if he decides to keep it.


See all CNNMoney.com RSS FEEDS (close)
By Aaron Smith, CNNMoney.com staff writer
Last Updated: September 26, 2008: 3:07 PM ET

WaMu CEO Alan Fishman joined the firm earlier this month after long-time CEO Kerry Killinger was ousted. Now that the bank has failed, will he leave with a big severance package?
WaMupennystock.mkw.gif

NEW YORK (CNNMoney.com) -- Washington Mutual Chief Executive Alan Fishman could walk away with more than $18 million in salary, bonuses and severance after less than three weeks on the job, according to the terms of his employment agreement.

But will Fishman follow the lead of another troubled financial firm and turn his severance package down?

JPMorgan Chase (JPM, Fortune 500) grabbed up the banking assets of WaMu on Thursday after federal regulators seized the company, making it the largest bank failure in history.

[Motig-SiN]

- Increasing credit of plug-in electric cars ranging from $2,500 to $7,500.

Hey well thats not such a bad idea.... as long as thats hybrid cars aswell... Exclusively plug-in cars arent very good because they have extremely limited range :/.

But well....

I spent more time working on a Mechanism Description explaining the physical attributes of a CD-ROM for a college course than Henry Paulson spent writing this Bailout bill that was proposed to congress in less than 2 days time.

This bill was rushed and rushed and rushed and rushed because Paulson and Bush didnt want to give congress time to REALLY evaluate it.

Half of the point of the bailout bill was to restore faith in the market. What happened yesterday on the stock market is pretty clear that faith was not restored to the market.

[simbala-SiN]

This bill does nothing to "stop the bleeding". Where to begin? You know, I won't even try. Our president is an idiot.

[Kaptn-SiN]

I am glad that my hard earned dollars can help companies stay afloat, but hey, where is my piece of the pie?

Capitol hill has sold out. Even toy companies have senators in their pockets for fucks sake.

I guess the companies all want their return on investment after giving all these people money to get where they are (lets not forget the new beach house and Mercedes).

By the people for the people.....

[Kaptn-SiN]

lol wtf is up with my warhammer sig?

[Meir-SiN]

Originally Posted by simbala-SiN

This bill does nothing to "stop the bleeding". Where to begin? You know, I won't even try. Our president is an idiot.

I figured the bill was just a bunch of guys giving paper cuts to some anemic child.

[Fuldo]

Bah this is a terrible idea. They are putting all of their hopes on the shoulders of the trickle down effect, but let's face it, it isn't going to happen. The money they give to all of the banks and large corporations will be spent by those corporations on either acquisition of a new venture in hopes of generating more profit, or it will be used up just trying to stay open. What does that give all of us? Zilch.

A better idea would be to write a ...what...10 grand check to everyone in the nation? 85% of America is middle class. WE are the people who spend the money. WE are the people who decide what happens to the economy. If we don't have money, shit literally hits the fan (housing market, anyone?). Now, of course the government argues that oh everyone will just take that money and invest it, and it won't be spent in the market, but honestly, right now, who in their right mind is going to invest in anything long term? If everyone bought a shit ton of stocks with that money, the market would go back up, or at least stop dropping to the fiery gates of hell. But frankly, people are going to pay off loans, cars, mortgages, credit cards, and all things they have outstanding. This helps the corporations and banks as well as helping we, the middle class, to get out of debt.

Yeah, sticking a trillion dollars in the high level is going to affect the market right now in the short term. Stock prices will go back up, people will make some quick money again. But once it's gone, it's gone, and we're back where we started unless we get something SUSTAINING for the long run. Good game Bush Sr. Deregulation of the market ftl.

[Unskilled]

I thought canada was in deep shit with our 78billions debt... till I see usa's debt. jeez