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Monday, October 06, 2008
Bailout Bill's Top 10 List
Posted by: Michele Bachmann at 11:22 AM

Last week, I voted twice against the nearly $1 trillion Wall Street bailout bill in the U.S. House. The first bill (with a $700 billion price tag for taxpayers) failed with an overwhelming bipartisan majority.  Then the Senate passed a second version that was loaded with tax "sweeteners" in an attempt to attract enough lawmakers in the House who voted "Nay" the first time around to switch their vote to pass the bill. That jacked the price tag up to $810 billion.  You've got to love Washington.

We were supposed to be voting on a financial bailout bill, but unfortunately we got much, much more.

Taxpayers for Common Sense have listed their Top 10 Tax Sweeteners in the recently passed Bailout Bill. As the organization notes, not all of these are outrageous on their own, but when we are supposed to be voting on a bailout package that is already putting the American people further in debt, these extras are the last thing that should be thrown into the mix as political currency to attract votes. They should have been dealt with at another time.

1.) Sec. 503. Exemption from excise tax for certain wooden arrows designed for use by children ($2 million)

2.) Sec. 317. Seven-year cost recovery period for motorsports racing track facility ($100 million)

3.) Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and the Virgin Islands ($192 million)

4.) Sec. 301. Extension and modification of research credit ($19 billion)

5.) Sec. 504. Income averaging for amounts received in connection with the Exxon Valdez litigation ($49 million)

6.) Sec. 601. Secure rural schools and community self-determination program ($3.3 billion)

7.) Sec. 201. Deduction for state and local sales taxes ($3.3 billion)

8.) Sec 502. Provisions related to film and television productions ($478 million)

9.) Sec. 325. Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds ($148 million)

10.) Sec. 309. Extension of economic development credit for American Samoa ($33 million)


Check out Taxpayers for Commonsense for more information on these provisions and several others.



View in ascending order View in descending order
Monkeywrench writes: Wednesday, October, 08, 2008 2:13 PM
Michele knee-deep in scandal

Wow! Michele has taken over $35,000 from ex-con Frank Vennes and his family members and lawyer. Now Vennes is under investigation in a billion-dollar financial fraud scandal. And, she wwrote him a recommendation for a presidential pardon for his crimes of money laundering, cocaine and firearms trafficking. I guess one fraud deserves another. Is Michele going to give back her tens of thousands of dollars in dirty money? Check it out:

http://dumpbachmann.blogspot.com/2008/10/pardongate-update- what-will-michele.html

http://minnesotaindependent.com/11967/bachmanns-pardon-gate -more-about-her-letter-withdrawing-pardon-request-for-pette rs-associate-vennes

http://dumpbachmann.blogspot.com/2008/10/was-frank-vennes-j r-wolf-in-sheeps.html

http://dumpbachmann.blogspot.com/2008/10/michele-bachmanns- pardongate.html

http://www.startribune.com/business/30398069.html?elr=KArks DyycyUtyycyUiD3aPc:_Yyc:aUU
I want my country back. writes: Tuesday, October, 07, 2008 5:56 PM
More Bitter Medicine
I've also heard there was some type of industrial carbon trading provision in here. Is it true? Does this mean we can expect an additional "carbon tax" on our utilities? Now is the time for change, but not the change championed by Obama. I beginning to believe that John "I'll name names and make you famous" McCain won't bring about the right change either.
jennifer writes: Tuesday, October, 07, 2008 4:48 PM
Pasadena Phil
They tried to tempt the Reps from Alaska but they voted no.
Victor writes: Monday, October, 06, 2008 10:56 PM
Bail Out bill Irony
I love it when politicians are so self serving. look at Item ten ....isn't that in Diane Finestiens district and she was going to vote yes anyways ?

Michelle I love you dear but you need to wear spiked heels and go step on John Klines foot for voting Yes. I got a letter from him today and it was a JOKE. Talking about the needs of the country for this financial crisis ( Wall Strret Made ) to end. Now it's monday and the markets nosedived, Lot of good it did.

Step on some toes girl and make sure your heard loud and clear.

Bachmann for President in ???????????
Pasadena Phil writes: Monday, October, 06, 2008 8:26 PM
Carlos
Citi just sued Wells Fargo for $60B. If they think the deal is worth so much, why didn't they up Wells Fargo's offer by another billion? Could it be that $60B is the amount they expect taxpayers to cough up? The FDIC is highly suspect here, as in quid pro quo.
BrianR writes: Monday, October, 06, 2008 7:19 PM
Nee!

Hahahahahahahahahahahaha!

YES!

We had it correct right from the jump.
Nee writes: Monday, October, 06, 2008 7:01 PM
Brian
These trolls actually believe what they've been told!!! bwahahaha!!! All I can say is, "we few, we happy, we band of orphaned conservatives." I'm proud to be an SCDS'er!!
BrianR writes: Monday, October, 06, 2008 6:47 PM
Heh heh, Hskrwbl

Yeah....

"people want to see heads rolling and people being carted off to jail in handcuffs."


Starting with the politicians from BOTH parties!


Hskrwbl writes: Monday, October, 06, 2008 6:38 PM
Lots of angry people
I've been going around updating software at our stores in the N metro area and what I've found is overwhelming anger about this bailout and what it says to the honest hardworking taxpayer (f. you), people want to see heads rolling and people being carted off to jail in handcuffs.
But they know that probably won't happen and they know it.

I personally think the only way to cure the Washington corruption is to have a constitutional amendment which limits their ability to tax and limit the areas where funds can be spent and hopefully you force governments to live within their means. Remove the money, remove the power.
BrianR writes: Monday, October, 06, 2008 6:22 PM
Yeah, Carlos

Great point! I read that, too.

That's the whole problem with this abortion "bailout". The Feds bought a controlling interest in our free market, so it's no longer "free".

Now, all of a sudden, THEY get to say what's acceptable and what's not.

Mortgages "renegotiated" by judges.

???????????????????????????????????

It used to be that when a homeowner was "distressed", his house went on the market at what was a BARGAIN for a qualified buyer.

Weeeeeeeelllllll........ no longer!

Find a friendly judge who'll step in and totally renegotitate the bad deal you were stupid enough to commit yourself to. He can even reset your principal balance owed!

Wow! Didn't get such a "great" deal when you bought that house!

No prob! The Judge'll fix THAT for ya!

We are SCREWED!

Why was I stupid enough to actually pay my bills for all these years?



New solution for the energy problem, and it's "clean".


Hook up generators to all the graves of the Founding Fathers. I'm sure they're spinning in their graves so fast they can generate enough electricity to keep us "independant" for the next century or two.
carlos writes: Monday, October, 06, 2008 6:13 PM
Citigroup vs Wells Fargo...
The bailout is disrupting the free market.
Wells Fargo is trying to buy Wachovia at a fair price but Citigroup is able to undercut the offer because they are getting help from the Feds.
BrianR writes: Monday, October, 06, 2008 6:09 PM
Hahahaha, Screwtape!

I really like your Plan B!

As I said, typically I'd agree with you: tax cuts = savings to the peeps. It's just not true in this case, though, because of the social engineering aspect of so much of what they passed.

Where are the tax benefits to bringing new oil production on-line in any way? Conspicuous in their absence.

However, all kinds of "climate change" oriented tax breaks.

Does Hollyweird really neeeeeeed more tax breaks? Do you have any idea what kind of breaks they already get at the state level here in Leftifornia?

Philosophically, I agree with you; unfortunately, the way it was put into practice with this POS law is a whole other animal.

Screwtape writes: Monday, October, 06, 2008 5:50 PM
BrianR
I'm not arguing the utter stupidity of the bill, in it's entirety or any particular piece of it. And wooden arrows? Jeese. I just have a knee jerk reaction to equating tax cuts as costs. Sorry.

I would suggest that each and every senator and representative that voted for the bill be recalled immediately except that I think that ALL senators and representatives should be recalled immediately!
BrianR writes: Monday, October, 06, 2008 5:44 PM
LLR

First of all, printing in ALL CAPS is the internet equivalent of screaming like a little spoiled child.

Secondly, I know in a heartbeat when the other guy's totally out of intellectual ammunition, because the first thing they do is resort to calling the other person a dreaded "liberal".

Your room-temp IQ is showing.

BrianR writes: Monday, October, 06, 2008 5:42 PM
Screwtape

I understand your theory, and it has merit when those "tax breaks" and "incentives" are on issues that actually promote economic growth.

Can you explain to me how that's the case when we're talking about toy wooden arrows? Or "climate change" idiocy? Or any of the other social engineering white elephants loaded into this fat hog af a law?

LLR writes: Monday, October, 06, 2008 4:51 PM
WASSA MATTA BRIANR
WASSA MATTA BRIAN R
TRUTH HURT?
YOU ONE OF THOSE YELLA LIBS THAT HIDE IN THE CORNER?
YOU ONE OF THE SHEEP THAT HIDES IN THE CORNER?
BRIANR FACTS ARE FACTS AND YOU CALL THEM BOGEY MAN?
WAKE UP BLOG! BRIANR IS A YELLA LIB HIDES IN THE CORNER!
GET SOME STONES BRIAN AND STATE THE FACTS, NOT YOU BOGEYMAN JUNK!
FACTS BOTHER THOSE YELLA LIBS!
Screwtape writes: Monday, October, 06, 2008 4:42 PM
Michael
There was no surplus when Bush took office. The 'surplus' was due to projected revenues assuming the economy kept growing the way it was. A little something called 9/11 happened. Remember that? It was in all the papers.
Screwtape writes: Monday, October, 06, 2008 4:39 PM
Correction....
I meant to say "are tax cuts 'costs' ".

And I also think the bill was a horrendous piece of pork laden crap.
Screwtape writes: Monday, October, 06, 2008 4:37 PM
BrianR
I have to disagree with you on the cost of tax breaks. Tax breaks are not a cost as they actually realize greater growth than do government expendatures do (after government costs are taken into consideration) and will generate more tax revenues in the long run. Only in the world of Congress and the CBO with it's static accounting are taxes 'costs'.
Scotch Indian writes: Monday, October, 06, 2008 4:09 PM
Who dunnit? That's what we need to know
Can you please do another article telling WHO sponsored each of these amendments?

This is what McCain promised to do "when he's President". He would have A LOT BETTER CHANCE OF BECOMING PRESIDENT if he would read your list with the names of the sponsors who added the pork at the debate tommorow night.

My understanding is that Senators Wyden (Dem) & Smith (R) are responsible for the wooden arrows. So publicize it.

You (or McCain) must publicize both Dems & Repubs.
carlos writes: Monday, October, 06, 2008 3:39 PM
3 page to 450 pages...please explain
Did the "meat" of the bill change from the original 3 page document? I don't know - does anybody? Taking the time to put in those tax extenders seems bizarre. I can't believe Brit Hume and Bill Salmon were defending it.
Michael writes: Monday, October, 06, 2008 3:35 PM
Short Term Memory
Lolo1 writes: Monday, October, 06, 2008 2:38 PM
New Democrat Mantra...
"I CAN'T BE OUT OF MONEY I STILL HAVE CHECKS!!!"

I guess you forgot that there was a budget surplus when Bush was elected and the Republicans controlled Congress for six more years.
BrianR writes: Monday, October, 06, 2008 3:16 PM
Hahahaha, Ewing!

Must be nice, maiing up your own "facts" and all.

I suggest you actually READ the bill. It is absolutely LOADED with additional spending and "incentives". On TOP of the $700 BILLION in outright spending on the unconstitutional "bailout", Bachman correctly characterized the porky aspect of the rest.

This thing isn't just pork; it's a hog on steroids.

All those "incentives" have a real cost in now-missing revenues that will have to be made up somewhere. Further, there are billions in new outright expenditures.

J. Ewing writes: Monday, October, 06, 2008 3:01 PM
Don't accept the premise
This bill is NOT $860 billion in spending. It is $700 billion in spending, and $160 billion worth of tax cuts-- letting people keep their own money. Tax cuts do not "cost" government anything and do not need to be "paid for" except by cutting SPENDING. If you raise taxes to offset the cuts, you haven't cut taxes. Please, don't accept this Democrat shibboleth.
Lolo1 writes: Monday, October, 06, 2008 2:38 PM
New Democrat Mantra...
"I CAN'T BE OUT OF MONEY I STILL HAVE CHECKS!!!"
Trampling out the vintage writes: Monday, October, 06, 2008 2:10 PM
animal girl, more info on your poll.
Where did you get the poll? Who was polled? That seems way to left leaning for me to believe. Please give more info as to its origin.
BrianR writes: Monday, October, 06, 2008 2:08 PM
LLR.... bah!

Just more lameoid scare tactics from you McCainiac droids.

All you have is a bunch of bogeyman BS. Innuendo, hyperbole, and empty rhetoric.


LLR writes: Monday, October, 06, 2008 2:03 PM
OBAMA=ACORN
OBAMA=ACORN

DO YOUR RESEARCH CONSERVATIVES, YOU WILL SEE OBAMA IS DEEPER INTO THE BAILOUT THAN YOU FIRST THOUGHT.
HIS ACORN ASSOCIATION IS INVOLVED IN VOTER FRAUD AND TOOK ADVANTAGE OF LOW INCOME PEOPLE THAT OBAMA IS SUPPOSED TO BE SO CONCERNED ABOUT.
DO YOUR HOMEWORK
AND LOOK AT FOR THE SNAKES IN THIS BLOG THAT DEFEND AYERS AND OTHER ASSOCIATES OF OBAMA

THEY WILL COME TO YOU IN SHEEPS CLOTHING BEWARE!
BrianR writes: Monday, October, 06, 2008 1:27 PM
Hell, yeah, Screwtape, but
even WORSE is that BUSH was also on-board and cheerleading the "minority home ownership" fiasco. He was at least as bad as Clinton on this, and just as guilty.

SIX YEARS of Bush admin with a GOP-controlled Congress, and they couldn't stand up to the race-baiters and say this whole sub-prime awarding of mortgages based solely on skin color was a very bad idea.

Not that our First Mexican President would have ever done that anyway....

Screwtape writes: Monday, October, 06, 2008 1:16 PM
Pasadena Phil
Correct, sir. And that is why conservatives are so angry at the Republican party. Even though McCain offered a bill the Republicans who were in control of the committee didn't have the backbone to stand up to Frank, who had significant clout even though he was in the minority. At the same time Bush did not use the bully pulpit like Reagan would have to get it to the public's attention. Vote them all out.
BrianR writes: Monday, October, 06, 2008 1:14 PM
LOL, PasPhil

The time has come to burn down the village; yes!


Where have I read that before, and recently?.....

Pasadena Phil writes: Monday, October, 06, 2008 1:11 PM
Trampling
When the Democrats were promoting and enacting the legislation and government mandates that created this problem, Republicans were in charge the whole time and McCain, even though he might have VOICED opposition to some of the measures, FAILED. The only time he is EVER on board for a bill that succeeds is when it represents LANDMARK LIBERAL LEGISLATION. It is an absolute scandal that the most socialist legislation ever was passed under a Republican president at the conclusion of an extended period of Republican control.

The time HAS come to burn down the village in order to save it. That is how the Athenians preserved their democracy against the Persians a few thousand years ago. We need to do it now.

Vote against the corrupt socialist one-party system. Vote Bob Barr.
Screwtape writes: Monday, October, 06, 2008 1:10 PM
Tara
Why should you care about Jesus? You don't care about religion. You don't care that Obama is a follower of LBT. Nor do you care about the poor. Like all libs you just care that spending hugh amounts of other people's money makes you feel good dispite the abundant that most social programs are failures and simply worsen our social problems. You never did say if you are still taking your Lithium. You didn't miss your therapy appointment again did you?
philosophocon writes: Monday, October, 06, 2008 1:07 PM
Congratulations, Michele,
if only more of your Republican colleagues had stuck to their guns. Unfortunately for them, I doubt they'll be seeing you around so much next year, I expect many of them won't be back and pray that you will.
Virginia Patriot writes: Monday, October, 06, 2008 1:05 PM
GOP Titanic Taking On Water
The Republicans have put their necks in the noose the Democrats have prepared for them. Voting for the bailout over the objections of their constituents will cost them seats in the House and the Senate. Look at Dole in NC as an example, 10 point lead has evarporated over the weekend. My Rep., Eric Cantor lost my vote.

GOP-RIP
Tara writes: Monday, October, 06, 2008 12:57 PM
84 of McCain's advisors
are lobbyist for the finance industry and worked towards deregulation. 84! Davis received money from Fannie May right up to the beginning of September, my friends. WHO is all about reform here? Dropping her "g"s won't make Palin's hot air rhetoric any more palatable knowing that they are guided by the wolves who got us into this mess. But hey, the McCain/Palin team are diverting attention away from the big, bad wolves by pointing at ACORN! Yeah, that's right - Palin may INSIST that they will "reform" the government for Main Street, they are actually undermining the groups that worked FOR the Main Street and the poorest amongst us. How Christian!! How like Jesus of them to go after the little guy and those who try to help the poor! {snark}. In reality, Jesus weeps for what is said and done in his name. Shame on Palin AND McCain.
BrianR writes: Monday, October, 06, 2008 12:52 PM
Well, "Trampling"

The rationalizations of you noseholders is getting more and more ludicrous, especially in light of the fact that your buddy McCain was so signed-on to this rape and pillage of the American taxpayers.

"Mr. Anti-Pork" was deeply committed to this pork-infested abortion of a law.

Frankly, I don't see how things could be any worse under Obambi if this is the best the GOP -- and McIdiot -- can do.

Trampling out the vintage writes: Monday, October, 06, 2008 12:32 PM
Pasedena, McCain is reletively conservat
ive. Only when you compare to Barack. McCain is my Senator and I was ready to vote against him in his bid for re-election. Now I have been forced to vote for him because he is the lesser of two evils. Am I happy about it, no. But, I will be happier to say President McCain than President Obama with possibly a filibuster proof democrat congress. Now that scares me.

Thank you Rep Bachmann for standing your ground. Republicans have been hijacked and the MSM is driving the car. Let's roll.
Screwtape writes: Monday, October, 06, 2008 12:23 PM
MIchele, thanks for voting nay....
My representative vote for it. Moving back home and returing to farming, fishing and hunting for a living is looking better every day.
Sarah writes: Monday, October, 06, 2008 12:18 PM
So Disappointed
Not even 24 hours after the bailout bill passed Wall Street/Banks were asking for more. I am so disappointed in both my Senators McCain and Kyle and my Representative John Shadegg for voting for it. They have all lost my vote when their reelections roll around. The American People wrote, called and emailed to no avail. This was McCain's chance to differentiate himself, side with the American People and become the leader conservatives are so desperately looking for. Instead, he went along with Washington and supported a bill full of pork that WILL NOT WORK. You don't need anymore proof than the Dow crashing today below 10K.

Credit markets to Washington: Bailout isn't enough

http://news.yahoo.com/s/ap/20081003/ap_on_bi_ge/credit_mark ets;_ylt=AqcIlp6xNeG.NNtia9FC3eJu24cA

For bailout to work, housing market needs to mend
Until housing markets improve, banks may stint on lending despite OK of $700 billion bailout

http://biz.yahoo.com/ap/081004/financial_meltdown_credit.ht ml

I give them until Jan. 09 to ask for another trillion. Maybe sooner.
BrianR writes: Monday, October, 06, 2008 12:17 PM
Yup

Pork-belly futures soared when this sow passed.

I don't blame the Dems -- who, after all, were acting true to form -- half as much as I blame the GOP RINOs, which it turns out are most of the GOPers in both houses of Congress.

There were a few real conservatives: Demint, Pence, the others who voted against this raping of the American taxpayer.

Oh, and the justification? That "we have to save the economy" BS?


Well, gee. When does that start? Because all I see are MORE bank failings and MORE falling of the stock market. And MORE articles forecasting how we can expect the economy to continue to tank.


Seems to me that all this did was add a huge tax burden and socialization of the free market coupled with nationalization of our investment infrastructure to an already painful market adjustment, all predicated on the social engineering goal of "minority home ownership".

We wuz raped.
Pasadena Phil writes: Monday, October, 06, 2008 11:36 AM
Exxon Valdez pork item?
Is it possible that this is a pork item to benefit the citizens of a state whose governor is running for VP? I'm not sayin', I'm just sayin'. We all know that only Democrats are liars and crooks.
animalgirl writes: Monday, October, 06, 2008 11:34 AM
Economists speak
Economists polled on who understand the economy better and has a better economic policy:

http://media.economist.com/images/20081004/CUS955.gif
Trampling out the vintage writes: Monday, October, 06, 2008 11:33 AM
Personally, I cheered when it failed.
And then I boooed when it passed. I can't tell you how many others I have talked to that felt the same way.

Americans may not understand everything, but we have built-in BS detectors. My BS detector was sounding off loudly when it passed!
Pasadena Phil writes: Monday, October, 06, 2008 11:33 AM
I love you Michelle
But you are wasting your time here at Townhall. This is a Republican socialist echo chamber. The only sport here is shrill fear-mongering and race-baiting. These people believe McCain is a conservative.
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