Pork: Senate Loads Bailout Bill with "Crap"

VIDEO: The US Congress just can't help themselves. They loaded up the bailout bill with tons of crap. So much for stopping or curtailing big government, wasteful spending and earmarks.

Included in the Revised Bailout Bill - Wool Research, Wooden Arrows for Children, Race Tracks, Rum

Of course throwing $700 billion to more than a Trillion dollars at Wall Street is a dumb idea to begin with. Giving money to greedy idiots that caused the problem to begin with don't need more money, they need to go bankrupt.

The revised Senate bailout bill that will be voted on today contains some very strange additions. Wool Research, Wooden Arrows designed for use by children, Race Tracks, Virgin Island and Puerto Rican Rum to name a few.



New Tax earmarks in Bailout bill

- Film and TV Productions (Section 502)
- Wooden Arrows designed for use by children (Section 503)
- 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Section 504)

Tax earmark “extenders” in the bailout bill

- Virgin Island and Puerto Rican Rum (Section 308)
- American Samoa (Section 309)
- Mine Rescue Teams (Section 310)
- Mine Safety Equipment (Section 311)
- Domestic Production Activities in Puerto Rico (Section 312)
- Indian Tribes (Section 314, 315)
- Railroads (Section 316)
- Auto Racing Tracks (Section 317)
- District of Columbia (Section 322)
- Wool Research (Section 325)

(the above quoted from Hotair.com)
I can't believe Bush and Congress is pushing get this load of horse-hockey approved.

"It's (the bailout) like a big cowpie with a little bit of marshmallow inside, and I don't want to eat the cowpie," said Rep. Louie Gohmert, R-Texas.

Not bailing out Wall Street and the Banks and letting them go bankrupt is the natural course for mismanaged companies. The industry will absorb a lot of what's left thus making the industry and economy stronger in the end.

If the Bailout bill of 2008 does get approved I say we lobby and campaign against every congressman that voted the bill into law. No re-elections for them...

Download today's version of the bill ( 451 page PDF) see pages 262 and 263 for the things mentioned in this news article (rum, wooden arrows, wool research, etc.). PDF Source: Senate Conservatives

From other news sources (3 hours after our news story)

"Senators attached a provision repealing a 39-cent excise tax on wooden and fiberglass arrows designed for children to an historic $700 billion bank rescue that is likely to pass tonight. The provision, originally proposed by Oregon senators Ron Wyden and Gordon Smith, will save manufacturers such as Rose City Archery in Myrtle Point, Oregon, about $200,000 a year.

It's one of dozens of tax breaks benefiting Hollywood producers, stock-car racetrack owners and Virgin Islands rum- makers included in the broader legislation in an effort to win support from House Republicans, whose defection contributed to a rejection of an earlier version of the legislation two days ago on a 228-205 vote. " Bloomberg

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"The Senate has sweetened its $700 billion rescue package for tottering financial companies with tax breaks broad enough to save 20 million people an average $2,000 a year in higher taxes and narrow enough to help a makers of wooden toy bow-and-arrow sets.

The tax relief package has a little something for a lot of people: In addition to adjusting the alternative minimum tax, saving more than 20 million from seeing a big jump in their tax bill next April, it has tax relief for disaster victims and measures to promote renewable energy resources such as wind and solar power. It renews an expired R&D credit, essential to many businesses, and extends individual tax breaks for college tuition and teachers' out-of-pocket expenses.

The tax package has some measures to bring in more tax revenues from oil and gas companies, but still would cost about $100 billion over 10 years." - Associated Press

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"Various other provisions are now included in apparent bids to secure specific votes. Among these are an exemption for excise taxes of certain wooden arrows designed for use by children and more favorable tax treatment of income from litigation over the 1989 Exxon Valdez oil spill in Alaska. The latter provision is aimed squarely at Rep. Don Young, an Alaska Republican who voted against the bill on Monday." Reuters