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politics

More info on the bailout…

In the aptly titled “A Tourniquet for a Hemorrhaging Economy,” Andrew Leonard goes through the ridiculousness that is this bailout bill from the senate. What was once a 3 page plan is now 451 pages long. Here are some of the goodies in it:

Sec. 105. Energy credit for geothermal heat pump systems.
Sec. 111. Expansion and modification of advanced coal project investment credit.
Sec. 113. Temporary increase in coal excise tax; funding of Black Lung Disability Trust Fund.
Sec. 115. Tax credit for carbon dioxide sequestration.
Sec. 205. Credit for new qualified plug-in electric drive motor vehicles.
Sec. 405. Increase and extension of Oil Spill Liability Trust Fund tax.
Sec. 309. Extension of economic development credit for American Samoa.
Sec. 317. Seven-year cost recovery period for motorsports racing track facility.
Sec. 501. $8,500 income threshold used to calculate refundable portion of child tax credit.
Sec. 503 Exemption from excise tax for certain wooden arrows designed for use by children.

This is for Wall Street? Clearly, it’s an attempt to throw enough bones to the House to get them to pass this thing. I’m hoping against hope that they don’t fall for it. This bill will cost considerably more than $700 billion after all of the costs are added up.

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