Comments on: Everything But the Kitchen Sink

By: You Get a Tax Perk! And You Get a Tax Perk! | taxgirl

You Get a Tax Perk! And You Get a Tax Perk! | taxgirl — Thu, 09 Oct 2008 03:58:43 +0000

[...] to be a hot mess. The bill which managed to pass the Senate wasn’t just about the bailout – it was everything but the kitchen sink. But the final bill is even [...]

By: You Get a Tax Perk! And You Get a Tax Perk! | taxgirl

You Get a Tax Perk! And You Get a Tax Perk! | taxgirl — Thu, 09 Oct 2008 03:58:43 +0000

[...] to be a hot mess. The bill which managed to pass the Senate wasn’t just about the bailout – it was everything but the kitchen sink. But the final bill is even [...]

By: Pat

Pat — Thu, 09 Oct 2008 01:08:25 +0000

Anyone wonder why they called Bush’s bailout bill a “bailout”?

Since Wall Street is mostly made of scads of men all too willing to take the high risk road, once again America is willing to subsidize bad behavior and bail “them” out.

I’ve yet to hear that it is a bailout bill for consumers; we’ve been bailed in – like reeling fish in on a hook to feed the flocks in NY.

Does anyone see a problem here with vision that respects what consumers are entitled to, as well as what they are entitled not to do?

Taxation without representation is obviously outdated by this audacious outrage.

By: Teri Evans

Teri Evans — Fri, 03 Oct 2008 02:17:42 +0000

If you would like to know who really stands to gain from this bail out, you should go to OPENSECRETS.ORG. Check out who has a vested interest in all of this.

It doesn’t matter how many provisions are added or subtracted, it doesn’t matter if they stand on their heads and write this bill. If
we tax payers have to pay for this bail out, WE DO NOT WANT IT.

You are right, they know how we feel. We have made it very clear.

I am praying that the House will have more sense in their vote.

Makes me wonder if they remember that we will be voting soon too.

By: Melody Platz

Melody Platz — Thu, 02 Oct 2008 16:42:47 +0000

Did you see the interview with Warren Buffett last night on Charlie Rose? He is enthusiastically for the rescue package.

I thought it was an interesting conversation, no matter which way you lean.

By: Suz

Suz — Thu, 02 Oct 2008 13:27:16 +0000

Once again I find myself asking the question…is this really a well thought out plan or really will it be as effective as a band aid applied to a severed arm? Why must our ELECTED officials always add on to bills in order to get the passed? Why can’t they look at the will of their constituents and vote their conscience? If it was good enough today…why wasn’t it good enough a few days ago? I’m frustrated with the lack of leadership from both party leaders. When will there be an understanding that they are working FOR the US voters and not the US voters working for them….

By: WAYNE pHILLIPS

WAYNE pHILLIPS — Thu, 02 Oct 2008 12:55:52 +0000

Taxgirl, you mentioned the following:
“As expected, the bill increases the FDIC insurance cap to $250,000 from $100,000, but only temporarily”.
How temporary? Like the ever looming ATM?

Wayne Phillips

By: Urbie

Urbie — Thu, 02 Oct 2008 12:31:42 +0000

Ya — 440 pages is a lot to slog through. Reading ANY piece of legislation is a pain, because so much of it usually consists of amendments to existing sections of statutes. (I tried to read the Patriot Act once, and it proved fruitless — sure, the text of the Act is on-line, but it’s mostly a bunch of amendments, and the laws that it amends are not hyperlinked. Who’s got the time to go and look through each one, to take a look at the third sentence of the 11th paragraph, which is being amended by the addition of a comma and the words “as far as is practicable?” Sarbanes-Oxley was just as bad. But hey, I’m not a lawyer.)

But something has to be done here, or we’re looking at Great Depression II. I’m unemployed — despite two desirable skill sets and a resume with lot of stuff people usually need — and am watching the job market dry up, day by day, while the headlines read “Fed Mulls Rate Cut Amid Recession Fears.” I ask you, exactly what kind of “Fears” are we talking about? The unemployment rate here in Rhode Island is 8.5% and climbing fast — how high does it have to go before they face the fact that we’re IN a recession?

So ya, this bill is ugly, it’s not a good thing to have to do, and so on. From the point of view of a tenured economics prof, it would be better to just let the free market do what it’s going to do. But from the vantage point of a leaky lifeboat, we need some help out here.

Urb

By: Lori

Lori — Thu, 02 Oct 2008 11:59:34 +0000

Here’s what we do – going forward CEOs of failing companies no longer get a golden parachute. They get an exit package directly related to the success or failure of the company under their watch. If the company fails while they’re heading it, they go down with the ship. No cash. Why are they being paid either way? Makes no sense.

Oh, and in order to ensure that boards will begin to hold CEOs accountable – they too will have penalties assessed them should their bright new star not have checks and balances in place to guarantee his/her efforts will be focused on growing the company, not growing his/her personal bank account.

By: Bruce

Bruce — Thu, 02 Oct 2008 11:22:50 +0000

The part that gets me, the original 3 page bill wasn’t changed. Now with over 400 pages, can we expect it to pass? If so, why? The original simple bailout has nothing different and is still flawed.

Has any one seen the new bill? One of the “new provisions” provides a 6 million tax break for companies that make children’s arrows. Somebody please tell me how that is going to help this countries economic issues.