The "Sweeteners"
So after voting "no" before, enough lawmakers might now vote "yes" on the new bailout plan because:
1. Mental health provisions in insurance plans.
2. State and local sales tax deductions.
3. Subsidies to rural counties
4. Relief for victims of natural disasters
5. Business tax breaks
6. Energy subsidies
and all that for a measly 120 billion on top of the 700 billion already in there.
So, ok, raising the FDIC limit to 250,000 may be a good idea in the present circumstances. But other than that, what 1-6 above have in common is that
THEY HAVE NOTHING IN COMMON WITH THE FINANCIAL CRISIS!!!!!!!
(and did anyone notice how in the debates McCain kept referring to this situation as a "Fiscal Crisis"? No John, a "Fiscal Crisis" is when the government's broke and can't borrow. What we have is a "Financial Crisis". Two different things, buddy. I know, I know, he's not the only one confusing things.)
Alright, so maybe you gotta cut some deals to pass the darned thing and that's where we get the above. But the list also reflects how seriously our lawmakers are taking this plan - basically, who cares about the plan itself, let's see how many pet projects we can coat tail on it. If you want those things, fine, but try to get'em passed when there isn't a big crisis going on. If the plan sucked before it sucks worse now.
And of course there's this whole thing about how the taxpayers will not actually have to pay the 700 billion (I'm assuming that no one's been brazen enough to argue the same for the additional 120 billion but who knows), and hey, maybe they'll even make a profit. Whoa! Government makes profit for the taxpayers! Hey, why didn't we do this before? Why not in fact, do it all the time, crisis or no crisis. I mean, Profit's good! With a bailout plan every year, pretty soon the government will be able to close that deficit and pay off the debt. I know, I know, I'm being uncharitable, but the amount of crap that we're being told on this whole thing is overwhelming and it's almost enough by itself to oppose it.
Economic Logic is also mad. (via Gabriel)
Here's Casey Mulligan on the lack of the link between Wall Street and Main Street.
UPDATE: Here's Ken Rogoff, via Mark Thoma:
"Does such nitpicking fail to recognize the urgency of fixing the financial system? Isn’t any plan better than none? I, for one, am not convinced. Efficient financial systems are supposed to promote growth in the real economy, not impose a huge tax burden. And the US financial sector, in greasing the wheels of the real economy, has been soaking up an astounding 30% of corporate profits and 10% of wages. ... Isn’t it possible, then, that rather than causing a Great Depression, significant shrinkage of the financial sector, particularly if facilitated by an improved regulatory structure, might actually enhance efficiency and growth?"
1. Mental health provisions in insurance plans.
2. State and local sales tax deductions.
3. Subsidies to rural counties
4. Relief for victims of natural disasters
5. Business tax breaks
6. Energy subsidies
and all that for a measly 120 billion on top of the 700 billion already in there.
So, ok, raising the FDIC limit to 250,000 may be a good idea in the present circumstances. But other than that, what 1-6 above have in common is that
THEY HAVE NOTHING IN COMMON WITH THE FINANCIAL CRISIS!!!!!!!
(and did anyone notice how in the debates McCain kept referring to this situation as a "Fiscal Crisis"? No John, a "Fiscal Crisis" is when the government's broke and can't borrow. What we have is a "Financial Crisis". Two different things, buddy. I know, I know, he's not the only one confusing things.)
Alright, so maybe you gotta cut some deals to pass the darned thing and that's where we get the above. But the list also reflects how seriously our lawmakers are taking this plan - basically, who cares about the plan itself, let's see how many pet projects we can coat tail on it. If you want those things, fine, but try to get'em passed when there isn't a big crisis going on. If the plan sucked before it sucks worse now.
And of course there's this whole thing about how the taxpayers will not actually have to pay the 700 billion (I'm assuming that no one's been brazen enough to argue the same for the additional 120 billion but who knows), and hey, maybe they'll even make a profit. Whoa! Government makes profit for the taxpayers! Hey, why didn't we do this before? Why not in fact, do it all the time, crisis or no crisis. I mean, Profit's good! With a bailout plan every year, pretty soon the government will be able to close that deficit and pay off the debt. I know, I know, I'm being uncharitable, but the amount of crap that we're being told on this whole thing is overwhelming and it's almost enough by itself to oppose it.
Economic Logic is also mad. (via Gabriel)
Here's Casey Mulligan on the lack of the link between Wall Street and Main Street.
UPDATE: Here's Ken Rogoff, via Mark Thoma:
"Does such nitpicking fail to recognize the urgency of fixing the financial system? Isn’t any plan better than none? I, for one, am not convinced. Efficient financial systems are supposed to promote growth in the real economy, not impose a huge tax burden. And the US financial sector, in greasing the wheels of the real economy, has been soaking up an astounding 30% of corporate profits and 10% of wages. ... Isn’t it possible, then, that rather than causing a Great Depression, significant shrinkage of the financial sector, particularly if facilitated by an improved regulatory structure, might actually enhance efficiency and growth?"
posted by YouNotSneaky! at 1:43 PM
1 Comments:
It was not long cheap wow goldbefore some one knocked atwow gold cheap wow gold for salethe house-door and called, open the door, dear children, your mother is here, and has brought something back with her for each of you. But the little wow goldkids knew that it was the wolf, by the rough voice. We will wow power leveling not open the door, cried they, you are not our mother. She has a soft, pleasant voice, but your voice is rough, you are the wolf.
Then the wolf went World Of Warcraft Goldaway to a shopkeeper and bought himself a great cheapest wow goldlump of chalk, ate this and made gold4power.com his voice soft with it. The he came back, knocked at the door of the house, and world of warcraft gold salecalled, open the door, dear children, your mother is here and Cheapest Wow Goldhas brought something back with her for each of you.
Post a Comment
<< Home