You've got to love brutal honesty, especially when it comes from the financial media.
The Senate's version of a bailout bill, which passed last night by a margin of 74-25, included "sweeteners" - or obscure tax breaks - including benefits for the manufacturer of wooden arrows used in children's toys and another for litigants in the 1989 Exxon Valdez oil spill.
Melissa Francis, co-host of CNBC's "The Call," and "Squawk on the Street" co-host Mark Haines called it all "crap" on their Oct. 1 special coverage of the vote on the network. Their description was similar to the one used by House Minority Leader John Boehner's regarding the House version of the bailout: "crap sandwich."
FRANCIS: "Steve, what about all this crap they added on? I mean - the arrows and the ..."
CNBC Correspondent STEVE LEISMAN: "I didn't call it this ..."
FRANCIS: "Well, I called it crap. It's crap. Mark, is it crap?"
HAINES: "I will second that emotion."
LEISMAN: "You didn't say the word."
HAINES: "Crap - it's crap. Are you happy now?"
LEISMAN: "OK - you did."
FRANCIS: "I'm less delicate than you guys are."
The bailout portion of the bill is similar to the House bailout, which was defeated. It includes the $700 billion, but an additional $150 billion in tax extenders. In the same segment, Dan Mitchell, Senior Fellow at the Cato Institute and Business & Media Institute adviser described the bill as "lose-lose" and referred to similar bailouts that occurred in Japan and Argentina.
"It's a lose-lose situation for taxpayers because we're going to get raped $700 billion to bail out Wall Street in a way that's going to make our economy worse just like it made Japan's economy worse in the 1990s and we're paying for it with a bunch of special interest provisions," Mitchell said. "Making government bigger and more powerful is not a recipe for prosperity. We don't want to be like Argentina."



















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Comments Policy
Flushing these self-serving nitwits...
October 2, 2008 - 09:51 ET by ThalpyFlushing these self-serving nitwits from office seems to be one of the few options we have. Term limits never looked so good. Instead of electing Democrats or Republicans, we should only consider conservatives who believe in preserving our nation (at least, what's left of it).
allow me to love
October 2, 2008 - 10:16 ET by JIMMY1660allow me to love America
term limits and line item veto, seem a weapon taxpayers and voters
can use to keep us from hards way.
Jimmy, congress passed a
October 2, 2008 - 11:42 ET by bassndudeJimmy, congress passed a line item veto law some years back. It was challenged and the supreme court said it was unconstitutional. It usurped the powers of congress to pass laws. No line item vetos for the President of the United States.
Save a SeAL, club a liberal!!
»→ Line Item Veto
October 2, 2008 - 11:48 ET by Cool ArrowOne guess as to who was responsible for carrying the Line Item Veto case to the Supreme Court and killing it.
Rhymes with Judy Rooliani.
Kill Bill II - Stop the bailout
pork on every page
October 2, 2008 - 09:51 ET by JIMMY1660allow me to love America
one of the most important bills ever to be written, and the Senate can not leave it stand alone.
pork on every page.
The Senate has lost touch with the tax payer and voter.
Term Limitations is the only answer.
Jimmy - I don't think the tax extenders are all bad
October 2, 2008 - 11:43 ET by Dee BunkI need more detail but I know part of it is extending important things like the AMT patch. The middle class should not be subjected to the AMT. I also know that the $4,000 tuition and fees deduction was allowed to expire and I hope this is added back on as part of the extenders. That can make $1,000 difference in many people's taxes. Many of these needed tax extenders couldn't pass the house and I think these were put on to get Republican votes. I'm not sure because I don't have the actual details.
As for the 'add ons,' the
October 2, 2008 - 09:53 ET by bdshepherdAs for the 'add ons,' the argument is wrong. Yes, they are crap, but they have nothing to do with the bailout. They were in the version of the bill that passed the Senate last Tuesday (9/23); the bailout -- which was tacked onto that bill as an amendment for procedural reasons -- did not add the wooden arrows, wool research, etc.
Tax extenders,
October 2, 2008 - 11:19 ET by IamTinmanWhat an elegant way to describe financial rape!
Talk about putting lipstick on a pig!
It's pork folks! Pure and simple, they took a crap sandwich and added more crap. Not only do the people who got us in this mess make us bail them out, they have the sheer nerve to add another $150 billion to boot!
What is it going to take before we run them all out of office?
Michelle Malkin has been
October 2, 2008 - 10:12 ET by motherbeltMichelle Malkin has been calling the whole thing a "crap sandwich" from the beginning. Apparently they're OK with the sandwich and only object to the garnishes.
»→ Crap Sammich
October 2, 2008 - 10:11 ET by Cool ArrowNow, because Congress is getting negative calls 10-1 instead of 30-1 they think they've got some kind of mandate.
Kill Bill II - Stop the bailout
bailout
October 2, 2008 - 10:12 ET by east tennessee johnTo paraphrase Lenin; We'll sell you the rope that we'll hang you with. To paraphrase Alinisky: The organizer must have sight of the long term goal, but must work towards and appreciate unchangable incremental successes. What did stealth Marxist and ACORN field trainer teach his marxist minions? Did he teach them to count on the , primarily white man's , capitalist greed? Did he teach them to threaten the area lenders to do more CRA loans, knowing that if you flood the system with enough crap, without cleaning it out, the system would ultimately fail? Did he teach them not to fear any negative feedback from their actions, rather they be protests against or lawsuits against these capitalists because they 'weren't up for the struggle" since bad publicity of any kind negatively impacted their business?Did he teach them to insist in controlling the application process because "our people" weren't used to ealing with folks, not from the street, not from the neighborhood? Most of these loans were risky to begin with. This insured illegal and fraudulent, like their voter's registrations,got in the system. Did he teach them that they had influential friends, in government agencies that would finance and support their actions, or they were the "constituents who helped create political cover for their elected "friends"? What did stealth Marxist, ACORN field trainer teach? Who knows,who cares,right? There's an election to win and we hate Bush. Afterall, the plan counted on the primarily white capitalist greed. How else could they have taken mostly worthless paper and created more wealth,for themselves and risk, for us by "developing" direviatives? Of course, control of FANNIE/FREDDIE with the mismanagement and malfeasance that occured there made things easier. What they didn't control of the market, accommodating lenders like Countrywide, did. FANNIE/FREDDIE spent mega millions on contributions to ACORN and like minded 'community groups", political contributions to favorite politicians or their lobbyist friends, just enough to Republicans to show their involvement, but mainly Democrats. They made sure any attempts at reform were either bought and paid for or challenged with the ever effective charges of racism and classism. After that, they let primarily white, Wall Street greed do it work. Dealing in nothing but fecal matter the system could no longer stand the stench of these "investments". Obama, in characteristic fashion ,says this represents the final failure of o system. In his typical gutless manner, he implies market capitalism, but since that might expose his Marxism, he only makes the impilcation and blames the hated Bush. Yet, on the Senate floor during the bailout debate he says that the plan must have protections in it for the American people. As if they would really matter. His advisors, Raines and Johnson had regulations and accounting rules they simply ignored. Now after the crap has hit the fan we're to be protected? John McCain does nothing.
You know it's a pretty sad
October 2, 2008 - 10:14 ET by dscottYou know it's a pretty sad state of affairs when even the left realizes pork for what it is.
Nancy Pelosi and Harry Reid, starving the poor one gallon of ethanol at a time. Fill your tank with E85 and cull a village.
»→ Tastes like pork
October 2, 2008 - 10:17 ET by Cool ArrowI notice the bill has $33 million for Pelosi's Tuna World over in American Samoa. Imagine tht, the Senate knows how to bait her speakerness.
Kill Bill II - Stop the bailout
And I thought pork was the
October 2, 2008 - 10:27 ET by dscottAnd I thought pork was the other white meat? Now it's Tuna, must be Albacore.
Nancy Pelosi and Harry Reid, starving the poor one gallon of ethanol at a time. Fill your tank with E85 and cull a village.
»→ Pork
October 2, 2008 - 10:32 ET by Cool ArrowI saw a sign in the jungle
Kill Bill II - Stop the bailout
CA... Doesn't this
October 2, 2008 - 11:31 ET by bigtimerCA...
Doesn't this figure...I heard about this one this morning...
Besides her excluding min. wage for Samoa when the House passed it, she now has a sweetener...don't you just love how the msm are now calling this pork sweeteners and the bail-out bill is now a rescue bill...
These people never stop...
I thought for sure McCain was going to at least make a floor speech before the vote last night, and he was going to keep being the maverick he is against the very thing he voted for...
Color me not surprised...I am past disgusted.
"America isn't the problem...America is the solution." ~ Rush Limbaugh
»→ Yes, It figures
October 2, 2008 - 11:40 ET by Cool ArrowMcCain gets a hanging curveball Helen Keller could hit out of the park, and he wiffs it.
He should have spiked that sucker for for the trojan horse it is.
What gets me is that we've kinown for many years that the $100k protection of FDIC is inadequate, and now they want to throw us this bone like they're doing us some favor.
Personally, I wish whatever bank Obama and McCain have their money in would go bankrupt and their money dried up overnight.
Second thought, since McCain took Government funding, he'd get to keep his funding while Obama would flap in the breeze.
Kill Bill II - Stop the bailout
MMMMMM pulled pork!!
October 2, 2008 - 10:27 ET by porpoiseboytastes alot better than crap. MMMMMM!! especially so during the jewish holy days! MMMM! ughh! uh-oh i think i have a tummy ache now
Ecclesiastes 10:2 The heart of the wise inclines to the right, but the heart of the fool to the left.
Michelle Malkin is rallying
October 2, 2008 - 10:33 ET by dscottMichelle Malkin is rallying the opposition to this new monstrosity. The House email system is down, obviously Pelosi and company were counting on silencing the bloggers opposition to this deal. Here's a hint Nancy, our fingers can press the phone buttons just as well as the keyboard.
Give us a clean bill NO PORK. SECONDLY give the States a share of the oil and gas royalties so drilling can now commence, the drilling ban expired but you knew there was another hurtle.
Nancy Pelosi and Harry Reid, starving the poor one gallon of ethanol at a time. Fill your tank with E85 and cull a village.
Hey dscott... What a
October 2, 2008 - 11:42 ET by bigtimerHey dscott...
What a great link...folks, she has a list with all the congress-critters numbers we need to call...
She is also correct about the tripe coming out from the msm saying we have softened out here, hell if we have, I am more angry at the audicity of what the Senate did last night...and I will be calling all the more now.
All patting each other on the back with their little lovefest of a breaking news statement after the vote...
I am tired of the msm telling a complete lie about us softening out here, it is simply a lie, they are using propaganda, including some on Fox...I'm sick of it.
"America isn't the problem...America is the solution." ~ Rush Limbaugh
The Hollywood Squares
October 2, 2008 - 10:40 ET by UtherpendWho was that Liberal tool at the top left of the Hollwood Squares that seems to believe he is the only voice to be heard. When he started bellowing about his Liberal views Mitchell should have told him to STFU and not preach his Solcialist Karl Marx agenda on a serious discussion.
They just can't help
October 2, 2008 - 10:43 ET by Ruths husband BenThey just can't help themselves. This is exposing these government clowns for exactly what they are. The first sign of trouble (btw, caused by the government poking its nose into free enterprise) and they are completely willing to abandon the free market. The American people (and the whole rest of the world) is being screwed by these bozos. It's about time for a taxpayer revolt. I am certainly not going to vote for a single incumbant who votes for any kind of bailout. EVER (pinkie swear). I voted for Roy Blunt for years. He will never get another vote from me.
If they leave it alone, the market will correct this. Let these overbloated companies go tits up and get it over with. (And send the fectless leaders of Fannie Mae, Freddie Mac, etc. and Barney Frank and Co. to prison for a few years.) Yes, there will be years of pain. But this way, there will be decades of pain!
“But maybe you obviously have a better memory about that."- Wolf Blitzer
Ben, you are correct but
October 2, 2008 - 11:00 ET by dscottBen, you are correct but for the wrong reason. You are correct the bail out as proposed WILL NOT stop a recession because it doesn't address the real issues of the current credit lock. The real issues are the fast run up in energy prices during a period when Nancy Pelosi and her Democrat buddies promised in 2006 to LOWER the price of oil. Did the Democrats lower the price of oil? NO. On the contrary it doubled. Surprise, surprise, people with the low FICO scores and more subject to the ups and downs of the economy in the first place had their standard of living lowered or got laid off so they were less likely to pay their mortgage. The other issue is the Collateralized Debit Obligations (CDOs), this bill attempting to address the 700 pound gorilla of bank asset to loan ratios does nothing to address the 7,000 pound gorilla in the room of CDOs. Even if a stripped down bill were passed that directly and only dealt with the bad mortgages, it would NOT deal with the CDOs that will bring down the entire financial system. We are headed to a recession, this bill is too little too late, all of which was completely avoidable.
Nancy Pelosi and Harry Reid, starving the poor one gallon of ethanol at a time. Fill your tank with E85 and cull a village.
I might just have to write
October 2, 2008 - 10:54 ET by mattmI might just have to write myself in for the Senate. Both senators from my state (one D, one R) voted for this crap.
mattm... I have two
October 2, 2008 - 11:35 ET by bigtimermattm...
I have two dems for Senators in my state too..at least one, Tester voted against this... I had the pleasure of talking to his office yesterday, along with others, the only one I could not get through to was McCain's...
"America isn't the problem...America is the solution." ~ Rush Limbaugh