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  • From: "Lynda" <lurine AT softcom.net>
  • To: <homestead AT lists.ibiblio.org>
  • Subject: Re: [Homestead] Reading the bailout bill
  • Date: Wed, 1 Oct 2008 19:25:58 -0800

I read the 110 pages put out by the House the other day. Having worked for attorneys at one time, I can tell you, these guys didn't come up with all this in a couple of days or even a week. Something is VERY fishy here.

The Senate grew nothing except perhaps some horns cause they are 3/4s prepared to gore the American public!

Lynda
----- Original Message ----- From: "Don Bowen" <don.bowen AT earthlink.net>


I refuse to call it a rescue, it is a bailout. I have tried to read it but
it is filled with obscure references that will take days of searching to
reconcile. For example there is this:

"(a) IN GENERAL.-Paragraph (2) of section 4161(b) is amended by
redesignating subparagraph (B) as sub301 paragraph (C) and by inserting
after subparagraph (A) the following new subparagraph:"

What could this be in reference to? Is it some limit to CEO pay? Is it
some limit to the power of the Secretary of the treasury? The to those
questions is a resounding NO! It is in reference to the tax code. Is it
something to do with taxing the ones who profited? Is it a reference to
helping out homeowners who are taxed on the amount banks reduce the loan?
Again no! It is:

''(B) EXEMPTION FOR CERTAIN WOODEN ARROW SHAFTS.-Subparagraph (A) shall not
apply to any shaft consisting of all natural wood with no laminations or
artificial means of enhancing the spine of such shaft (whether sold
separately or incorporated as part of a finished or unfinished product) of a
type used in the manufacture of any arrow which after its assembly-"

Now we all know why the bailout has to be passed so quickly.

http://calculatedrisk.blogspot.com/2008/10/senate-speeches-on-bailout-bill.h
tml

In reality the bailout was attached to an obscure bill and some previously
house passed tax bills were added. This to get around the fact that the
Senate cannot vote on an appropriations bill until it has passed the house.

If you want to dig through it here it is.

http://banking.senate.gov/public/_files/latestversionAYO08C32_xml.pdf

Good luck. And remember that while you are struggling though this 451 page
monstrosity that it is being voted on tonight by people who have not read it
either. I was against the original bill for may reason but felt that
something needed to be done. As the week progressed I was still for it
under the need to do something now and fix it later. This after noon some
reading has me even more against the bill and now I feel we still need to do
something but this is not it. Maybe the Senate will grow a pair.





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