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  • This Week in Washington: Oct. 6, 2008

    There are several issues in Washington this week following the passing of the Bailout legislation. Here are some key issues to be aware of this week:

    • Congress passed a massive Continuing Resolution to fund the government for the next year and inserted some ridiculous earmarks and special interest projects.

    Some ridiculous items include funding for blimps and squirrel hibernation.

    • The bailout bill contains favorable tax provisions for special interest groups.

    Tax provisions for arrow shafts, directors and producers, and wool research

    Restricting access to our energy hurts the economy, and drives up prices of of other goods

     [youtube]http://www.youtube.com/watch?v=TzkHhsS9K3U[/youtube]

    Posted in Economics [slideshow_deploy]

    2 Responses to This Week in Washington: Oct. 6, 2008

    1. Sandy Gorman, Sand S says:

      What has happened to ethics–just because it's legal doesn't mean it's right (CEO's taking bonuses and leaving the company to die, representatives selling their votes). Our founding fathers must be turning over in their graves–they pledged their honor, lives and fortunes for this?

      Ayres and Wright can be argured as something that happened a long time ago. Obama's words in Berlin only two months ago tell us what he thinks of our country today.

    2. Thomas Gray, South C says:

      The US had been very proud of its "growth". Trouble is, the rate at which it has grown has required massive amounts of debt to sustain. Companies have "grown" at x% a year, and yet take out regular huge loans to make payroll. That's IRRESPONSIBLE growth, not SUSTAINABLE growth. So what we have now is the inevitable result

      You do all realize that, save for a few narrowly defined executive order powers, the President has no real say in our economic fortunes? Indeed, the President, except for the bully pulpit his office affords, has little control over our financial fortunes, unless he chooses to sign or veto a bill presented by Congress. Democrats have controlled Congress, ergo all of the financial services, banking, regulatory and oversight committee's for the last 2+ years. Democrats have been in charge since approximately the time our economic decline started, yet they, the only ones with the power to do anything, have done nothing! I take it back, Democrats were the power behind the revised bankruptcy legislation that now prevents those in bankruptcy from disposing of credit card debt.

      The middle class was presented with a path to greatness fed by staggering loads of debt. The rich wined and dined on risks they failed to understand and did not want to understand. Children ruled Wall Street and then moved to Treasury. How do we get out of it? In the short term, we should never bail out the losers who played this game. Instead, we should wage war on our crumbling infrastructure, spending hundreds of billions on projects that will create jobs and leave us with capital improvements instead of stupid, mindless, ego driven wars. Rather than "tighten our belts" as McCain proclaims — the intellectual equal to bleeding a sick patiet — we should address the scariest part of today's news, the dramatic cut back in state and local infrastructure projects. We should reestablish all of the post Depression walls, reinstateme the prohibitions on banks owning insurance companies and investment houses, and other businesses and require anyone taking deposits and making loans to be a bank insured by the FDIC. The right wing hates Roosevelt which is ironic. Roosevelt saved capitalism by putting referees on the field of play. We need them back.

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