government bailing out industries that have made bad decisions is upsetting to me. The concept of helping individuals who have made bad decisions is upsetting me. What about those of us who areresponsible? Where is our reward in all of this? There is none, except a weakening dollar as the resultof the government deciding to print more money to solve a problem of bad business/personal decisionsand deception.
I don’t have the right answer of course and know that it is a tough decision to figure out how to save the
economy and wrestle with the thought of bailing out companies, some of which who had CEO payoutsof excess of $40 million in compensation
2
. I have been struggling with the thought of having thegovernment increase our deficit almost a trillion dollars to help salvage some hope in this crisis. I wouldhave hoped that the elected officials of my state would have acted responsibly in this regard and
focuson the matter at hand
for the betterment of the country. I find this now not to be true.I have to ask for those who made an affirmative (Yea) vote for H.R. 1424,
Did you actually know what you were voting for?
If not, let me highlight some of the earmarks that were included in this bailoutplan (that I would argue if you polled normal US citizens they would have thought only affected thefinancial crisis and market). In an original plan that started out being only 3 pages, allow me to helphighlight portions of the now 451 page bill that some of you voted to pass:
Section 503: Exemption from excise tax for certain wooden arrows designed for use bychildren.
This includes specific diameter specifications to receive this benefit.
Section 317: Seven-year cost recovery period for motorsports racing track facility.
Thiseffectively extends some already ridiculous bill another 2 years retro-actively (how I read it).
Section 325: Extension and modification of duty suspension on wool products; wool researchfund; wool duty refunds.
I honestly don’t know what to say here.
Section 502: Provisions related to film and television productions.
Wow, I didn’t realize that
we had to help Hollywood when their movies are grossing
millions
.
Section 305:
Extension of 15-year straight-line cost recovery for qualified leaseholdimprovements and qualified restaurant improvements; 15-year straight-line cost recovery forcertain improvements to retail space.
Wow, good to know Chili’s and Target are acco
unted forhere.
Section 316:
Railroad track maintenance.
Can someone tell me how railroad track maintenanceis related to a financial crisis?
Section 322:
Tax incentives for investment in the District of Columbia.
Hmm, what makes DCso special? Why not rural areas or other states who could use some incentive for business intotheir areas?
Section 504:
Income averaging for amounts received in connection with the Exxon Valdezlitigation.
How on earth is an energy/waste situation applicable to our current economic
situation. I like the gem though that anyone who receives these settlements “shall be treated asengaged in a fishing business.” Nice.
2
CEO Pay: These guys made how much? http://www.msnbc.msn.com/id/26971241
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