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Parsing the “Emergency Economic Stabilization Act of 2008″
Lenadams Dorris
Thursday, October 2, 2008
My truth-loving friends…
I heard on the radio about an item on page 300 of the current bill before the Senate (the Emergency Economic Stabilization Act of 2008)…300 pages! I thought to myself…what sort of “emergency bill” would take that many pages, I wondered? It’s not as if they’re actually writing the statutes and procedure manuals for implementation. And besides, wasn’t the original plan 7 pages?
Turns out it’s actually 450 pages…seen ‘em with my own eyes. And it’s filled with an extraordinary number of things that have little or nothing to do with the crisis at hand. In short, it’s the same old bullshit politics as usual, dripping with pork barrel and special interests. Don’t believe me? Download your own 450 page copy at http://banking.senate.gov/public/_files/latestversionAYO08C32_xml.pdf, and happy reading.
Of course, I might just be a political naif who doesn’t understand just what it takes. I do understand bluff, bullshit and diversion, however…after all, I’m from Las Vegas.
For your titillation, here’s just a few tidbits excerpted from the table of contents of just a few titles of just one section of the bill…it goes on and on and on for 451 pages and is stuffed to overflowing with so much extraneous crap that I doubt I will ever be able to read and digest it all…but trust me, someone will…
(ARTICLE CONTINUES BELOW)
Title III
Sec. 308 – Increase on limit on cover over of rum excise tax to Puerto Rico and the Virgin Islands
Sec. 309 – Extension of economic development credit for American Samoa
Sec. 310 – Extension of mine rescue team training credit
Sec. 314 – Indian employment credit
Sec. 316 – Railroad track maintenance
Sec. 317 – Seven year cost recovery period for motorsports racing track facility
Sec. 319 – Extension of work opportunity tax credit for Hurricane Katrina employees
Sec. 322 – Tax incentives for investment in the District of Columbia
Sec. 325 – Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds
Title IV
Sec. 401 – Permanent authority for undercover operations
Sec. 402 – Permanent authority for disclosure of information relating to terrorist activities
Title V
Subtitle A – General Provisions
Sec. 502 – Provisions related to film and television productions
Sec. 503 – Exemption from excise tax for certain wooden arrows designed for use by children
Sec. 504 – Income averaging for amounts received in connection with the Exxon Valdez litigation
Subtitle B – Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Act of 2008
Sec. 512 – Mental Health parity
Title VI
Sec. 601 – Secure rural schools and community self-determination program
Sec. 602 – Transfer to abandoned mine reclamation fund
And remember…this is a teeny-tiny part of the whole!
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36 Responses to “Parsing the “Emergency Economic Stabilization Act of 2008″”
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October 2nd, 2008 at 10:49 am
Are you freaking kidding me? I just finished lunch, and I don’t think I can keep it down after reading this. I guess I’ll start looking for some remote property in the Ozarks
October 2nd, 2008 at 11:01 am
CDSs are something they are totally ignoring. CDSs are a derivitive that are a bet that a loan will go bad. That is one reason they pushed mortgages to illegals. These guys not only made money by bundling the subprime loans as worthless securities, sold off overseas after being leveraged over 30 times and using the good name of the U.S., but they also made money by betting on predictable loan defaults that would then be blamed on minorities and illegals. It has been a big, cynical Ponzi scheme and these perpetrators, including Paulson, should go to jail for fraud. There is a clip of a speech by Bush, promoting this scheme of urging Fanny and Freddie to loan to minorities for bigger houses than they would be normally qualified for. They weren’t doing this for some altruistic reasons and Fanny and Freddie were just doing as directed as a quasi government business. In the meantime, we already owed foreign countries who we have been borrowing from to fund the war profiteering. They are now turning the screws on us to fix the worthless securities that are unhinging their economies. CDSs are ongoing. They are now taking them out betting on Treasury Bonds defaulting. This, from Fortune magazine.
http://money.cnn.com/2008/09/3.....2008100112
October 2nd, 2008 at 11:17 am
This is the economic equivalent of the PATRIOT Act. One more nail in the coffin for the Republic.
RISE UP AND SHINE!!! NOW!!!
October 2nd, 2008 at 11:37 am
PORK, PORK, PORK laden, almost sounds like bin laden !!!!!!!!!!!!!!!!
http://www.youtube.com/watch?v=gf6xadMwGz0
October 2nd, 2008 at 11:41 am
My favorite part is the “Allow the Federal Reserve…”
scary-sick shit, really.
VOTE 3rd PARTY or TEA PARTY & NO OTHER PARTY!
Unless those options don’t exists – then vote the candidate without the (i) in front of their name. In other words: NEVER RE-ELECT…EVER!
A New 535!
October 2nd, 2008 at 11:54 am
So am I to understand that under Title 3 Section 317 of this proposed bill, we have to bail out NASCAR since they don’t have a pretty circle to drive in?
And would Title 3 section 316 pertain to maintaining the CSX railroad system to efficiently enhance the FEMA camp ‘inbound passenger’ program?
October 2nd, 2008 at 12:48 pm
HEY PEOPLE – READ THIS BILL. – This is a bailout for the WORLD banking system – paid for by us (the us taxpeyer) This bill not only gives authority to purchase the troubled assets of US banks, but of foreign banks as well.
They definately improved this bill (for the worse)
Instead of sticking a single barrel in our face, now we are getting a double barrel heist.
October 2nd, 2008 at 12:56 pm
if you put truth into the suit of a lie, then expect none!
October 2nd, 2008 at 1:02 pm
I would love to have a $700,000,000,000 Revolving line of credit. Read Section 115
Increases the “limit” on the national debt to $11,315,000,000,000 Read Section 122
October 2nd, 2008 at 1:03 pm
Sec. 503 – Exemption from excise tax for certain wooden arrows designed for use by children
What the hell is this??????
October 2nd, 2008 at 1:26 pm
Here’s the plan:
The Banks fail, so nationalize the banks. i.e. now government is liable.
The US government will then fail and the US dollar will be worthless.
The World Bank will then assume the debts.
the US will then be dissolved and a new North American Union will be formed.
Welcome the Amero.
One World Government is on it’s way.
October 2nd, 2008 at 1:38 pm
“They want a fascist planet with the superwealthy ruling it all
Since we’re too independent, America must be led to fall
When our credit’s been exhausted to subdue the Middle East,
They’ll install our debtor nation in the body of The Beast
Traitor…Dare call it treason”
http://www.youtube.com/watch?v=uw5dP5gy2Vs
–The Cornbread Mafia
October 2nd, 2008 at 1:39 pm
“I’d rather Die on my feet then Serve on my knees”
October 2nd, 2008 at 2:24 pm
WHOA!!
“Title IV
Sec. 401 – Permanent authority for undercover operations”
Hmm, that’s not ominous!
October 2nd, 2008 at 2:31 pm
Sec. 503 – Exemption from excise tax for certain wooden arrows designed for use by children
THIS IS THE ONLY WAY TO FIX THE ECONOMY!!!!!!!!!!!!!!!!!!!!
October 2nd, 2008 at 2:45 pm
Bloated superpower flushes self down toilet.
October 2nd, 2008 at 2:49 pm
There were twenty five senators who voted against this, I think they’re going to need seventy five new colleagues. Let’s try to vote out all of these wretched incumbents.
October 2nd, 2008 at 2:51 pm
What crisis?
Excellent article below from RussiaToday:
BAILOUT FRAUD
http://www.russiatoday.com/business/news/31264
October 2nd, 2008 at 3:09 pm
“They want a fascist planet with the superwealthy ruling it all
Since we’re too independent, America must be led to fall
When our credit’s been exhausted to subdue the Middle East,
They’ll install our debtor nation in the body of The Beast
Traitor…Dare call it treason”
http://www.youtube.com/watch?v=uw5dP5gy2Vs
–The Cornbread Mafia
October 2nd, 2008 at 4:10 pm
NAYs —25 THESE ARE THE HEROES WHO VOTED NO!!! to save our Country
Allard (R-CO)
Barrasso (R-WY)
Brownback to Oppose Bailout Bill (R-KS)
Bunning (R-KY)
Cantwell (D-WA)
Cochran (R-MS)
Crapo (R-ID)
DeMint (R-SC)
Dole (R-NC)
Dorgan (D-ND)
Enzi (R-WY)
Russ Feingold in the U.S. Senate (D-WI)
Jim Inhofe is an experienced leader that’s been working hard for Oklahoma and our Country in the US Senate. (R-OK)
Johnson (D-SD)
Landrieu (D-LA)
Nelson (D-FL)
Roberts (R-KS)
Sanders (I-VT)
Sessions (R-AL)
Sen. Shelby (R-AL)
Stabenow (D-MI)
Tester (D-MT)
Vitter (R-LA)
Wicker (R-MS)
Wyden (D-OR)
October 2nd, 2008 at 4:23 pm
I can only think of one effective way to protest the current foolishness in D.C. It’s time to pull our money out of federally chartered institutions, and move it into state chartered banks, and local private investment firms. J.P. Morgan / Chase could be brought to their knees.
October 2nd, 2008 at 4:51 pm
Aren’t these called “Add-ons” or something. The one thing that all politicians swear they are against.
October 2nd, 2008 at 6:22 pm
What a load. We will try to establish programs that encourage the banks we are giving all this money to to try not to reposess your house. Did they ever mention the 700 bill?
October 2nd, 2008 at 6:25 pm
If you would have told the founding fathers that congress was trying to pass this crap they would have forgotten the whole thing.
October 2nd, 2008 at 8:47 pm
The original bill was PORK for Wall Street and Foreign Banks as well. This only adds additional PORK on top of PORK. the whole thing is PORK, and the premise or reasoning for the bill is an illusion.
Its ALL PORK, with more PORK on top of PORK. It should not be passed! If it does pass, this is going to really give so much more wealth to the already wealthy, that they are going to be even more entrenched in their social-economic class, and it is going to be very difficult to fairly complete against them for small business and workers.
Why not just each every man, woman, and child USA Citizen a Billion Dollars each? This would only cost about $300 Billion dollars, and I think the economy would be great, and no more homelessness, of course inflation may creep in quickly.
If this bill passes, one reason you or I won’t even get $1B or $1M, or even $10k, is that most of it is helping out banks with invested stakeholders all over the world, and not just for the USA. The bill is to help make sure middle class and lower ranks within USA stay that way. It is designed to protect the hierarchy, and perhaps bring the USA Citizens looking like desperate persons possibly willing to become socialists, or worse something like Europeans or like starving Indians, or Chinese peasants.
October 2nd, 2008 at 9:08 pm
“what are you going to do about it”
October 2nd, 2008 at 9:08 pm
Senetor Obama really seems to be acting like an eager Parrot or Puppet in regard to the Bail Out Bill. He speaks with so much confidence in it like it has to be done and there is not a thought of it not working.
Can anyone in the world show me exactly how $700 Billions going to Banks who seem to hate people, plus another $110 Billion Tax Loopholes is going to help the overall economy, and the USA Citizens?
Can anyone show the clear goals and methods of how this is going to help me sell my house or avoid foreclosure? How exactly is this supposed to help and when? Are we (USA Citizens) to simply have blind trust in the Treasury and the President?
I can hardly wait to see various documentaries and books written about this strange Twilight Zone moment in a couple of years.
October 2nd, 2008 at 9:14 pm
good BBC movie on market meltdown !!!!!!!!!!!
link : http://quicksilverscreen.com/watch?video=52078
October 2nd, 2008 at 9:21 pm
Secure rural schools and community self-determination program……WHAT!
October 2nd, 2008 at 10:22 pm
We are not powerless.
We don’t have to take this shit.
FREE AMERICA
REVOLUTIONARY (DIRECT) DEMOCRACY
October 2nd, 2008 at 10:47 pm
This is just another bullshit bill to pay for special interest and fill the pockets of these greedy fucking politicians and their pals at the bank. I watched c-span today and noticed how they were looking for a way to wash this down to the people and didn’t want to face us as we are pissed off that they are so blatently trying to screw us with this bill. Come November vote these assholes out of office and vote for a independent or some other group that isn’t republican or democrat and we can send a message to these shit bags that we aren’t going to put up with this b.s. anymore.
October 3rd, 2008 at 1:38 am
SECTION 117
of this frankenstien of a bill…
“Carbon Audit of the Tax Code”
Get this…
The Secretary of the Treasury shall enter into an agreement with the Nat. Acad. of Sciences to undertake a comprehensive review…to identify types of and specific tax provisions that have the largest effects on “carbon” and other “greenhouse gas” emissions and to “estimate” the magnitude of those effect.
Now where were we again? The Secretary of the Treasury is going to enter into the agreement and not Congress or the President? Fishy as all hell…
October 3rd, 2008 at 1:47 am
Bush’s largest GAINS have been with inflation, OIL and food prices, DEBT, trade deficits, bankruptcies, Foreclosures, and healthcare costs.
If an assembly of the world’s leading economic strategists were to design the most destructive economic disaster possible, they could not match the results of Bush’s tenure.
October 3rd, 2008 at 1:52 am
This smells like Obstruction Of Justice.
Bail-out without due diligence of so called “troubled assets” is a perfect way to HIDE documentation of financial crimes.
It is also a perfect means to Launder both the Past ill-gotten gains and New federal money spent recklessly and WITHOUT necessary safeguards and oversight mechanisms. Be very suspicious when they tell you “we just can’t tell what’s in these troubled assets.” We can assure you the federal government has field offices all across the country that deal with significant amounts of real estate and mortgage assets.
October 3rd, 2008 at 2:32 am
It reads like a Christmas gift list for senators with a serious conflict of interest-
“Dear Santa, this year, bring us increased personnal profits by means of the following…”
Akaka, Daniel- Increase on limit on cover over of rum excise tax to Puerto Rico and the Virgin Islands
Alexander, Lamar- Extension of economic development credit for American Samoa
Allard, Wayne- Extension of mine rescue team training credit
Barrasso, John- Indian employment credit
Baucus, Max- Railroad track maintenance
“Thank you so much Santa! We promise to remain morally spineless year ’round and to always, always turn to mush at the drop of a nickle in our bottomless special interest bag. We LOVE you Santa!”
October 3rd, 2008 at 4:44 am
If you have ever watched the british comedy series called “Yes Prime Minister” you will understand this. When the civil servants in the tv series wanted a pay rise they came up with a report at least 1,000 pages long and then had a single 1 page summary for the politicians to read. The reason they make these things so ridiculously large is because as you say, hardly anyone will read it. Amongst all the crap in that document there is probably something that the elites really want but don’t want anyone to know about until it is pushed through and made law.