{"id":568,"date":"2008-10-01T13:36:04","date_gmt":"2008-10-01T17:36:04","guid":{"rendered":"http:\/\/www.jasetaro.com\/blog\/?p=568"},"modified":"2008-10-01T16:15:36","modified_gmt":"2008-10-01T20:15:36","slug":"crap-sandwich-redux-senate-to-vote-on-bailout-bill","status":"publish","type":"post","link":"https:\/\/www.jasetaro.com\/blog\/2008\/10\/01\/crap-sandwich-redux-senate-to-vote-on-bailout-bill\/","title":{"rendered":"Crap Sandwich Redux: Senate to Vote on Bailout Bill"},"content":{"rendered":"<p><a href=\"http:\/\/michellemalkin.com\/2008\/09\/30\/flash-senate-bailout-vote-scheduled-tomorrow-at-approx-9pm-eastern\/\" target=\"_blank\">Michelle Malkin<\/a> and <a href=\"http:\/\/hotair.com\/archives\/2008\/10\/01\/senate-bailout-bill-hits-the-internet\/\" target=\"_blank\">Ed Morrissey<\/a> have the details on this 451 page monstrosity&#8230; That&#8217;s right 451 pages! The original Paulson Plan was roughly two pages, the house bill was just over 100 and the senate bill is 451 pages.<\/p>\n<p>Some of the additions in the Senate bill include:<\/p>\n<p>New Tax earmarks in Bailout bill<\/p>\n<ul>\n<li>Film and Television Productions (Sec. 502)<\/li>\n<li> Wooden Arrows designed for use by children (Sec. 503)<\/li>\n<li> 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)<\/li>\n<\/ul>\n<p>Tax earmark \u201cextenders\u201d in the bailout bill.<\/p>\n<ul>\n<li>Virgin Island and Puerto Rican Rum (Section 308)<\/li>\n<li> American Samoa (Sec. 309)<\/li>\n<li> Mine Rescue Teams (Sec. 310)<\/li>\n<li> Mine Safety Equipment (Sec. 311)<\/li>\n<li> Domestic Production Activities in Puerto Rico (Sec. 312)<\/li>\n<li> Indian Tribes (Sec. 314, 315)<\/li>\n<li> Railroads (Sec. 316)<\/li>\n<li> Auto Racing Tracks (317)<\/li>\n<li> District of Columbia \u00a0(Sec. 322)<\/li>\n<li> Wool Research (Sec. 325)<\/li>\n<\/ul>\n<p>The one question that needs to be asked: Is this bailout plan even a good idea? At least a few economists think it isn&#8217;t&#8230; From <a href=\"http:\/\/www.cnsnews.com\/public\/content\/article.aspx?RsrcID=36632\" target=\"_blank\">CNSNews.com<\/a>:<\/p>\n<blockquote><p><strong>Free Market Economists Reject Bailout as Bad Policy that Could Prolong Slowdown<\/strong><br \/>\nWednesday, October 01, 2008<br \/>\nBy                      Matt Cover<\/p>\n<p>(CNSNews.com) \u2013 The federal government created the current financial crisis, and unless it does some serious housekeeping, no amount of bailout money is going to solve the problem. That\u2019s what some free market economists and experts said when CNSNews.com asked them about the proposed bailout plan that was rejected Monday by the U.S. House of Representatives.<\/p>\n<p>The problem with the plan is that\u00a0&#8220;it was a bailout,\u201d said Sheldon Richman, editor of The Freeman, a free market journal. \u201cIt\u2019s the government swooping in and buying rotten loans from banks (that) made bad mistakes.\u201d<\/p>\n<p>The bailout\u2019s proposed $700 billion price tag was only \u201ca minimum,\u201d according to Richman, who claimed the bailout failed because \u201cthe taxpayers were innocent in this and yet they were going to be forced one way or another to pay for these mistakes.\u201d<\/p>\n<p>Richman said that instead of bailing out failed financial institutions, Congress needs to end the bad housing policies that caused the crisis in the first place \u2013 a remedy that was echoed by other economists, including professor Jake Haulk of the Allegheny Institute for Public Policy.<\/p>\n<p>\u201cIt wasn\u2019t Wall Street that created these guaranteed mortgage-backed securities; it was Fannie Mae and Freddie Mac acting as adjuncts of the government \u2013 and they are to blame,\u201d Haulk told CNSNews.com.<\/p>\n<p><strong>\u201cYou don\u2019t get a crisis of this magnitude unless there was very heavy government involvement somewhere,\u201d he said, adding that serious reforms are absent from the current proposal.<\/strong><\/p><\/blockquote>\n<p>And there in is the problem with these bailout plans&#8230; We&#8217;re treating the symptoms but not the disease itself.<\/p>\n<p><strong>Update <\/strong>(4:10 p.m.)<strong>:<\/strong> Tax cuts not spending earmarks??? Americans for Tax Reform has released a statement calling the term &#8220;tax earmark&#8221; misleading&#8230; Apparently the items listed above are tax cuts not new spending.<\/p>\n<blockquote><p>Rich Lowry and others are calling tax cuts in the Senate bailout package &#8220;earmarks&#8221; today.<\/p>\n<p>Calling tax cuts &#8220;earmarks&#8221; is very unhelpful and completely wrong from a fiscal conservative perspective. There is no such thing as a \u201ctax earmark.\u201d Earmarks are spending. There are appropriations earmarks. There are authorization earmarks. There are no \u201ctax earmarks.\u201d To claim that there are puts tax deductions and credits (which is what we\u2019re talking about here) on the same par as bridges to nowhere. Was the creation of HSAs a \u201ctax earmark?\u201d How about the home mortgage interest deduction? One might call for lowering the rates and broadening the base, but we should not fall into the trap of equating tax cuts and spending increases. That\u2019s how some Senate Republicans got in such massive trouble over health care last year and energy this year vis-\u00e0-vis taxes. <a href=\"http:\/\/friendsofatr.blogspot.com\/2008\/10\/tax-cuts-are-not-earmarks.html\" target=\"_blank\">Read the rest&#8230;<\/a><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Michelle Malkin and Ed Morrissey have the details on this 451 page monstrosity&#8230; That&#8217;s right 451 pages! The original Paulson Plan was roughly two pages, the house bill was just over 100 and the senate bill is 451 pages. Some of the additions in the Senate bill include: New Tax earmarks in Bailout bill Film [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[26,7],"tags":[166,184,185],"class_list":["post-568","post","type-post","status-publish","format-standard","category-economy","category-politics","tag-bailout","tag-paulson-plan","tag-senate","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pfpI7-9a","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":573,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/10\/01\/senate-passes-crap-sandwich-20-74-25\/","url_meta":{"origin":568,"position":0},"title":"Senate Passes Crap Sandwich 2.0 74-25","author":"Jeff","date":"October 1, 2008","format":false,"excerpt":"From the Wall Street Journal: Senate Passes Bailout Package House Passage Remains Less Certain WASHINGTON -- The Senate's revamped bailout package drew support from 74 lawmakers in a roll call vote Wednesday evening, and the measure will now return to the balky House of Representatives for another vote following its\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":490,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/09\/25\/bailing-on-the-bailout\/","url_meta":{"origin":568,"position":1},"title":"Bailing on the Bailout?","author":"Jeff","date":"September 25, 2008","format":false,"excerpt":"It looks like the bailout deal, if there ever was one, is collapsing... Democrats and Paulson are whining. ABC News' George Stephanopoulos Reports: Treasury Secretary Henry Paulson fears the Wall Street bailout deal is falling apart after a chaotic White House meeting, sources say. Paulson walked into the room where\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":521,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/09\/28\/bailout-deal-reached\/","url_meta":{"origin":568,"position":2},"title":"Bailout Deal Reached?","author":"Jeff","date":"September 28, 2008","format":false,"excerpt":"The Wall Street Journal is reporting that lawmakers reached a tentative bailout deal overnight: Top U.S. policy makers emerged from hours of tense negotiations with a clear message just after midnight Sunday morning: A deal to bailout U.S. financial markets has been agreed on and all that remains to be\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":474,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/09\/25\/harry-reid-trying-to-sneak-oil-shale-ban-back-into-legislation\/","url_meta":{"origin":568,"position":3},"title":"Harry Reid Trying To Sneak Oil Shale Ban Back Into Legislation","author":"Jeff","date":"September 25, 2008","format":false,"excerpt":"Senator Jim DeMint\u2019s office reports that Senate Majority Leader Harry Reid is trying to sneak an extension of the oil shale ban into legislation under cover of the bailout frenzy. Sec 1602 continues ban on oil shale. The language follows: SEC. 1602. Notwithstanding any other provision of law, including section\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1098,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/12\/11\/call-your-senator\/","url_meta":{"origin":568,"position":4},"title":"Call Your Senator&#8230;","author":"Jeff","date":"December 11, 2008","format":false,"excerpt":"The House of Representatives passed the auto industry bailout bill 237-170 last night. The Senate will be taking up the bill in the next couple of days. Call your Senator @ 202-224-3121 and urge him to vote no. Ask your friends and family to do the same.","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"Urgent","src":"https:\/\/i0.wp.com\/www.jasetaro.com\/blog\/wp-content\/uploads\/2008\/12\/urgent1.gif?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":477,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/09\/25\/newsflash-wall-street-journal-reporting-agreement-in-principle-is-reached-on-700-billion-bailout\/","url_meta":{"origin":568,"position":5},"title":"Newsflash: Wall Street Journal Reporting Agreement in Principle Is Reached on $700 Billion Bailout","author":"Jeff","date":"September 25, 2008","format":false,"excerpt":"From the Wall Street Journal: Congress reached an agreement in principle on a $700 billion package to bail out the financial industry, leaders from both parties said Thursday. They plan to present the deal to the White House later Thursday, hoping for a vote within days. Lawmakers said there were\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/568","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/comments?post=568"}],"version-history":[{"count":0,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/568\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/media?parent=568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/categories?post=568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/tags?post=568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}