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« Jury deadlock in case involving NFA records | Main | Study finds no link between gun shows and gun deaths »

Bank bailout bill

Posted by David Hardy · 2 October 2008 09:00 AM

The 451 page monstrosity is online.

Good grief. The bailout ends around page 297. The next 150 pages is comprised of benefits to one or another region or group, either to round up congressional votes or just slipped in. It included changes to the Internal Revenue Code, benefits for film production, disaster relief to the Midwest, changes in how Forest Service does business, exemption of wooden arrows for kids from (I assume Pittman-Robinson) taxes, etc., etc. You can tell how hastily it was drafted by the fact that many parts refer to amending or deleting "section ___" without saying section of what statute.

From what I'm told, Congress has yet to pass a single appropriations bill this entire session, and just had to pass a continuing resolution covering the entire government. It's a reminder that the federal government was originally set up as a tiny operation (the Sec. of State originally reviewed and signed patents in person; there wasn't even a Department of the Interior until 1849). That mechanism is now trying to run a, what, three million employee operation.

8 Comments | Leave a comment

Tom Gunn | October 2, 2008 10:36 AM | Reply

Vote the damn thing down again.

Get the crap out of it.

If this is a real crisis there wouldn't be earmarks in this bailout.

C. Cox | October 2, 2008 11:21 AM | Reply

"[M]any parts refer to amending or deleting 'section ___ without saying section of what statute."

How does this work? For one thing, the plan as originally presented was [only] three pages long. Not good. Too easily understood; besides, such a brief proposal would be unworthy of such a "big" problem.

Now, as the bill grows and grows, no Congressperson/Senator has the time or inclination to actually read it. They depend on their staff(s) to brief them on it; and, as politicians, their primary interest is talking points. The small, arcane provisions - the amendments and deletions referring to other laws - are added by the weaselwonks on staff who know how to obscure preference.

In brief, "The devil is in the details," and the staffers are his minions.

Norman Yarvin | October 2, 2008 12:34 PM | Reply

I believe it is financial stability for our time.

Steve W. | October 2, 2008 12:44 PM | Reply

Like flies circling a corpse, each legislator leaves behind a few eggs to hatch.

Maybe it's the only way to get things done in Congress ... but it seems damned inneficient.

Virginian | October 2, 2008 1:23 PM | Reply

Our government and the big boys are scared. They have far more to loose than we do if the financial system crashes.

The people have a great negotiating position if they can only be made to recognize it and use it.

We've told Congress what we don't want. Now its time to tell them what we do want. We can demand pretty much anything of our government.

1. Full acknowledgement that the government can't work the way its been run.

2. We want our rights back. Just make the list of whatever pops into your head. There is so much to choose from. Reforms to grand juries, Fully Informed Jury Amendment, restoration of the 4th Amendment,...

3. Deep meaningful reforms to the Fed. and the monetary system.

4. Add your own here.

KCSteve | October 2, 2008 2:04 PM | Reply

Ace of Spades had the explanation of this this morning.

Remember, the Senate can't initiate a spending bill, only the House.

But the Senate can amend bills with great abandon.

So they took a previously considered porksicle (which had passed 93-2) and brought it back up for further consideration, i.e., the tacking on of the bailout. The 75-24 vote was for the amendment (bailout bill) not the porksicle itself.

So, as Ace explained, they didn't add pork to the bailout, they added the bailout to the pork.

Questions about the porksicle itself are left to the reader.

W W Woodward | October 2, 2008 7:11 PM | Reply

We all need to send the following to our congresspersons and senators:

Due to unwise decisions and ineptness on my part I find myself in dire financial straits. I would appreciate a bill being presented to the congress of the united States of America on my behalf requesting a gift of one million dollars to be paid to my account by the U.S. taxpayers. Oh! I forgot, I’m a taxpayer – make that 2 million dollars.

Thanks, That should do it.

W. W Woodward
Spur, Texas, CSA

Jim D. | October 4, 2008 11:03 PM | Reply

"The 451 page monstrosity is online. Good grief. The bailout ends around page 297."

So that's 297 pages of ... what? Restrictions? From three pages of "we need" to 297 pages of "thou shalt not", I guessing.

I don't Feel safer...

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