Senators Approve Pork-Laden "Bailout" Bill

I don't know why I am surprised.

Barack Obama ridiculed John McCain last week for not being able to multi-task. And when a politician multi-tasks, I guess, this is what we get as a result.

Our intrepid U.S. Senators worked into the evening to craft a bail out bill that will help stem the fiscal crisis in the U.S. They wanted to help not just Wall Street, but Main Street, too.

They ended up helping pretty much every special interest group short of NAMBLA.





Here is just a partial list of the crucial items in Senate bill H.R. 1424 that Wall Street was crying out for.

• tax deductions for computer donations (pg. 291), food donations (pg. 293) and book donations (pg.294)
• tax breaks for filmmakers and TV producers (pg. 298)
• tax exemptions for children's wooden bow and arrows -- not those phony laminate types either (pg. 300)
• duty extension for wool products -- worsted wool and combed wool both! (pg. 295)
• caps on excise taxes for Puerto Rican and Virgin Island rum (pg 280)
  
• tax breaks on cost recovery for restaurant improvements and "certain" retail space (pg. 274)

But, thankfully, they refused to include tax breaks for really big toy arrows. Hey, at least the senators had the children in mind.

And I love this piece of congressional magic -- they are going to turn anyone who receives a settlement from the Exxon Valdez accident into a fisherman (pg. 302). That will help that single-mother in the Bronx pay her mortgage.

My company will do well: they are extending the "Indian Employment Credit;" we have a number of good folks from India working here!

In this "economic recovery package," only 111 of 451 pages are dedicated to economic recovery!

I could write 451 pages of my own on the audacity of the senate to give one person the power to dole out $700 billion dollars to pretty much whomever he wants.

The Secretary is authorized... to purchase, and to make and fund commitments to purchase, troubled assets from any financial institution, on such terms and conditions as are determined by the Secretary, and in accordance with this Act and the policies and procedures developed and published by the Secretary. (pg. 6)

So the secretary of the U.S. treasury can buy any "troubled asset" as long as he determines it appropriate and abides by his own policies. Now that's oversight!

I don't know about you, but I will sleep better knowing that my 401K will mushroom now that we have extended tax breaks for economic development in America Samoa (pg 279).

Phew!