Pundit,
Ever bought a used car and the salesman tells you we are throwing in the fragrant little Christmas trees so you have that new car smell? You and him both know that all those Christmas trees do is get rid of the lemon smell. Well that is what this bailout bill with its "sweeteners."
WASHINGTON - After one spectacular failure, the $700 billion financial industry bailout found a second life Wednesday, winning lopsided passage in the Senate and gaining ground in the House, where Republicans opposition softenedI believe it was Rep Hensarling that used the "crap sandwich" analogy. I prefer my sleazy used car salesman one, it leaves a lot less to the imagination. Here are some of the sweeteners for Hensarling's crap sandwich. They aren't bad, but, they do not ease the $700 billion butt raping we are taking.
Senators loaded the economic rescue bill with tax breaks and other sweeteners before passing it by a wide margin, 74-25, a month before the presidential and congressional elections. [1]
In addition to extending several tax breaks popular with businesses, the bill would keep the alternative minimum tax from hitting 20 million middle-income Americans and provide $8 billion in tax relief for those hit by natural disasters in the Midwest, Texas and Louisiana.
Help for rural schools was aimed mainly at lawmakers in the West, while disaster aid was a top priority for lawmakers from across the Midwest and South.
Another addition, to extend the deductibility of state and local taxes for people in states without income taxes, helps Florida and Texas, among others.
Increasing the deposit insurance cap was a bid to reassure individuals and small businesses that their money would be safe if their banks collapsed. [1]
If you are not familiar with the term BOHICA you have just been introduced to it. Bend Over Here It Comes Again.
-OmegaPundit
"The last word on everything."
[1] Senate passes $700B rescue; House votes lured
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