Reject Gigantic Spending Bill
By The IntelligencerMembers of the House of Representatives are to vote today on the so-called "bailout bill." They should reject it. At a minimum, the bill ought to be sent back to the Senate to be cleaned up.
When members of the House first voted on the bailout bill, on Monday, it reportedly was a three-page document with an estimated cost of $700 billion. The version approved Wednesday night by the Senate had grown to 451 pages and $850 billion.
Not one penny of that additional $150 billion has anything to do with preventing damage to the nation's economy. All of it - hundreds of pages - involves "sweeteners" added by leaders in Congress, in an attempt to sway the votes of their fellow lawmakers.
Here is a sampling of items included in the new bill, with some sections described merely by their titles:
- "Exemption from Excise Tax for Certain Wooden Arrows Designed for Use by Children."
- A measure relating to a "wool research fund."
- One providing $500 million next year, with continuing funding, for rural school districts. Among expenses with which they would be helped: "road, trail and infrastructure maintenance or obliteration," and "reestablishment of native species."
- A tax break providing "Seven-Year Cost Recovery Period for Motorsports Racing Facility."
- A tax break for rum producers in Puerto Rico and the Virgin Islands.
- Money for counties "to provide to homeowners in fire-sensitive ecosystems education on, and assistance with implementing, techniques in home siting, home construction, and home landscaping that can increase the protection of people and property from wildfires."
- Tax credits of at least $2,500 for purchasers of plug-in electric vehicles.
- A measure to encourage use of coal waste sludge as fuel in steel mills.
- "Extension of Expensing Rules for Qualified Film and Television Productions."
- Tax credits of as much as $75 for people who buy energy-efficient dishwashers.
- "Extension of Enhanced Charitable Deduction for Contributions of Book Inventory."
- Tax breaks for employers who help their workers buy bicycles to commute to work.
- More tax incentives for investments in Washington, D.C.
If you are becoming sick to your stomach, we have bad news for you: The bill contains hundreds of pages of additional spending mandates - using taxpayers' money.
The Senate never should have approved the bill. The House should correct that mistake and reject it.
On Monday, congressmen representing our area all voted in favor of the original three-page bill. We call upon them - U.S. Reps. Alan Mollohan, D-W.Va.; Charles Wilson, D-Ohio; and Zack Space, D-Ohio - to change their stance and vote "nay" when the new, larded-up version comes to a vote today.
American families simply can't afford a "rescue" such as that contemplated in the new bill.
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wvforsale
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10-05-08 5:48 PM
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atoddh, I agree with you 100% on this one!
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atoddh
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10-05-08 5:29 PM
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wv4:The Fort Lauderdale condo owner bought two years ago @ 300,000 with 100% financing with the expectation of selling in two-three years @ 500,000 with a 200,000 profit- and no actual cash in.Now the unit will go for 150,000 and the tax payers may pick up the 150,000 in equity lost to accomodate the lender.This went on all over the US in growth areas.It is not hard to see what happened to the 700 billion. I really do not see why the tax payers should pick up the tab for speculators,but we are.
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wvforsale
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10-05-08 9:51 AM
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Atoddh, and they refinanced when the housing was gaining 25-30% in value per year, not normal in even the best of times. THis is just a correction and in the finance world someone will be holding the bag. No problem when the bag was full, but now it's half-full and the wall street group that finances MOST politicians want tax money to bail them out. I say vote them out!
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atoddh
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10-05-08 1:26 AM
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wv4: I think there may be reasons for the bill that have not been made public.Byrd definetly does not need campaign money and has not been backed in the past by big finance.He is certainly not a Bush fan.He must have good reasons. Although not the case in Wheeling or even WV,there are many homes and condos in the major growth areas of the US that now have upwards of 30%-50% negative equity.I am personally considering an elegant, newly constructed, 1BR Fort Lauderdale condo that sold two years ago new for 300,000 with 100% financing that is now going for 150,000. Someone is eating 150,000 and I think it is the public now - not the seller. Because of the decline in property value the lien holders are technically bankrupt-so far as real estate is concerned.
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beach1
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10-04-08 5:45 PM
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HEY UCS,IS YOUR SUGGESTION FOR BARACK HUSSEIN OBAMA? STAB
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ktbass
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10-03-08 11:04 AM
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or "nay"
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ktbass
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10-03-08 11:03 AM
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Byrd? I never thought he could speak out both sides of his mouth. He should practice what he preaches! VOTE NO!!!!
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wvforsale
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10-03-08 10:47 AM
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atoddh, As I have told you before Byrd is not doing what is in the best interest of WV. His mouth says the bill is bad,his vote, FOR IT!
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WVJeep
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10-03-08 8:56 AM
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This is nothing but $ocialism. We need to stop this bailout. Let the banks fail, they purchased bad debt, they need to suffer the consequences. It will be bad for a while, but doing this could make things a 100 times worse. We need a smaller government.
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UNCOMMONSENSE
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10-03-08 8:36 AM
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At this point I would gladly contribute money to purchase a tanker truck of tar and truck load of feathers.
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UNCOMMONSENSE
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10-03-08 8:22 AM
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What we are witnessing is A Government that is CLEARLY out of control and clearly AGAINST the people. These UN-Constitutional raids on the treasury WITHOUT regard to the will of the people PROVES that this Government is both corrupt and tyrannical!
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atoddh
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10-03-08 2:34 AM
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A very thoughful - and truthful - comment by the Intell.As Senator Byrd warns:" the US Treasury is NOT a bottomless ATM machine."
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