Senate Bailout Bill Passes - Goes To House Monday (Video)
Author: Rob K. Blake | Date: October 2, 2008 | Filed In: Mortgage News
Senate bailout bill (HR 1424) passed easily last night in a 74 to 25 vote. The new bill must now go back to the House for a vote which will take place on Monday. The House declined to pass the measure this week and this new bill will need 14 of those who voted down the bill to change their minds.
Senate Bailout Bill Includes Billions In Tax Cuts
The Senate bill is filled with pork in order to bribe those Republican’s who declined to approve of the measure on Monday. It is believed the $150 Billion in new tax cuts earmarked in HR 1424 will do the trick.
Here are a few of the tax cut earmarks stuck into HR 1424:
New Tax earmarks:
Wooden Arrows designed for use by children (Sec. 503)
Film and Television Productions (Sec. 502)
Earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)Tax earmark “extenders”:
Virgin Island and Puerto Rican Rum (Section 308)
American Samoa (Sec. 309)
Mine Rescue Teams (Sec. 310)
Mine Safety Equipment (Sec. 311)
Domestic Production Activities in Puerto Rico (Sec. 312)
Indian Tribes (Sec. 314, 315)
Railroads (Sec. 316)
Auto Racing Tracks (317)
District of Columbia (Sec. 322)
Wool Research (Sec. 325)
I wrote a scathing article on this Senate bailout bill as a measure secretly designed to bailout foreign banks…not help home owners, tax payers, or American banks called “US Senate Bailout Bill: Secretly Designed To Help Foreign Banks“…click the link to read.
Here’s a Bloomberg video clip on the bill passage….
Author: Rob K. Blake
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You called it out for exactly what it is: a traitorous attempt at pawning off an unthinkable sum on the average American.
Every single Congress member, Senator or Representative, who supported this bill deserves to be unelected.
To make sure we don’t forget who they are, we’ve made a permanent list that will be updated for each roll call for this bailout.
You can find the lists of villains and heroes here: http://bailoutbrigade.com