The bailout plan passed muster by a rather wide margin in the Senate last night and is back in the House awaiting a decision which is expected to come hopefully by tomorrow.
This is a total opinion piece so be warned. I'm not too happy with what I'm hearing. First lawmakers should be ashamed that they would stuff a bunch of gimmes into such a critical bill. We're over a barrel and they're going to make sure we get it good. Maybe I should have not been so disappointed. I mean, who didn't know this kind of pork was coming.
So far the Senate has included tax breaks for wooden arrow manufacturers, wool research, rum imports and auto-racing tracks to name a few. It goes without saying this is so far out of left field for such a bill that you just know someone is helping them write this junk.
It's obvious our welfare & interests are not at the heart of this. It's sad too. Secretary Paulson did us a huge disservice when he submitted his proposal/request to lawmakers. Something so poorly articulated in terms of strategy but fully developed in terms of urgency only serves to blast the gates guarding our tax dollars wide open for an infinite number of add-ons and general misappropriation. I'll bet that after all is said and done we fail to fix the problem then we wind up feeling the effects of a (longer than normal) depression. We will most likely saddling our grandkids with finding a real solution.
This bill has a slim chance of fixing what ails our economy even if our government enlisted real economists devoted to finding a solution, but we don't. We have all our self serving lawmakers. Our security and soverignty is now in your hands Barney Frank, Godspeed!
Tags | bailout | congress | barney | frank 
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