This is the point.......
This is a temporary fix to a problem that expands so much farther than the banks and mortgage companies that will have severe effects for months and possibly years to come.
Friday, October 3, 2008
Bailout Passes Stocks Still Fall!!
The house passes bailout bill for banks and mortgage companies today. President Bush proceeded signs the bill into law and the stock market still falls over 150 points today. Now I understand first off this is going to take some time to trickle down. Honestly though this is like putting a band-aid on a severe wound and hoping for the best. So I guess now we are on to the three major U.S. car makers. Ford, Chevy and Dodge are in serious financial trouble and no one has brought hardly any attention to this.
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Bailout bill includes big earmark for race tracks
"What do failing banks and foreclosed houses have to do with race tracks? A lot, apparently, if you're Charles Schumer. The New York Senator added an earmark to the nation's $700 billion "rescue plan" that will extend current tax laws for race tracks that allow them to be considered the same as amusement parks in the eyes of the IRS. As long as that's the case, track facilities can write off improvements to their concession stands, parking lots and the tracks themselves over a seven-year period rather than 15 years. On the surface this sounds like small potatoes, but adding up the numbers reveals that the tracks will save $100 million in taxes by writing off improvements over a shorter span of time. That means less of the earnings from each of those seven years will go towards taxes, helping the track owners achieve a higher annual profit in the short term.
The race track earmark wasn't in the House bill that got shot down last week, but was added by Senator Schumer to the 450-page bill, along with a number of other earmarks by other senators, to attract a few more Yes votes when the bill returned to the House of Representatives. It must have worked, as the House passed the bill today by a vote of 263-171 and it was signed into law by President Bush this afternoon. We feel rescued already."
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[Source: Miami Herald]
I haven't read anything more on the much needed earmark that was suppose to have been added to this bill to treat mental illness the same as medical diagnosis. Insurance companies could no longer discriminate against the mentally ill. I've read 4 reports on the earmarks and it's not mentioned in any of them. Maybe the racetrack earmark was deemed more important.
osusana
Yes, it is all very depressing and frustrating, to say the least!
Read the October 2nd entry here:
http://www.travelingcurmudgeon.com/brainstatic.html
-Michelle
Hi Michelle, thanks for the link! I left you a long comment which was lost when I was trying to sign in for the
10th time..lol.
Sue
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