Bailout Bill Passes Senate – Only The House Can Save Us Now

| October 1, 2008

The Senate has passed a pork laden version of the Wall Street Welfare bill. Included for fun are provisions like this:

SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN WOODEN ARROWS DESIGNED FOR USE BY CHILDREN.

(a) IN GENERAL.—Paragraph (2) of section 4161(b) is amended by redesignating subparagraph (B) as sub301 paragraph (C) and by inserting after subparagraph (A) the following new subparagraph:

(B) EXEMPTION FOR CERTAIN WOODEN ARROW SHAFTS.—Subparagraph (A) shall not apply to any shaft consisting of all natural wood with no laminations or artificial means of enhancing the spine of such shaft (whether sold separately or incorporated as part of a finished or unfinished product) of a type used in the manufacture of any arrow which after its assembly—
(i) measures 5/16 of an inch or less in diameter, and
(ii) is not suitable for use with a bow described in paragraph (1)(A).

No, I did not make that up.

Not only are they going to blow enough money to buy outright a sizable percentage of the bad mortgages outright to prop up their fat cat buddies in Wall Street, but now they are elevating wooden arrows designed for use by children to the national crisis level.

Oh well done.

What they are trying to do will only serve one purpose, to make a single lump sum payment to the top end of the Wall Street firms and Tier 1 banks (that’s especially you Citicorp) that lets them bank one more big wad off in their Swiss accounts before it all crashes anyhow.

The fat cats get the money, and the common people get the bill.

One can only hope the House can stop this insanity.

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Category: Credit Backlash, Economics, Main, Recession Watch

About the Author ()

Bruce Henderson is a former Marine who focuses custom data mining and visualization technologies on the economy and other disasters.

Comments (1)

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  1. BWJones says:

    This is the sort of thing that really illustrates why we need to clean the house in D.C. In a time of supposed national crisis, there are still those opportunists who are allowed to persist within the system and profit and the expense of the taxpayers.