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 softened.
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.
In the House, leaders were working feverishly to convert enough opponents of the bill to push it through by Friday, just days after lawmakers there stunningly rejected an earlier version and sent markets plunging around the globe.
I love when people say bullshit facts to start their article. “Forcing each American to fork over $2,200 at a time when median family income has declined by as much is no way to improve the economy.” :blah:
While if it were true, they would be right. Unfortunately that’s about as true as when some of our city’s economic masterminds bitch about how “they built Heinz field and PNC park with my tax money” or how “I am the one who has to bail the economy that George Bush wrecked with higher interest.” Please, the people that say that shit should be shown their square foot of concrete that they paid for, and they should just be thankful that there are ‘bastard CEOs’ out there that employ them. If they could have thought of it and built their business plan, they would be rich too. But they’re not.
“Americans making $60,000 or more a year pay some 85 percent of all federal taxation, notes the Tax Foundation, yet that group receives only about 66 cents for every federal tax dollar extracted. The top one percent pays more than 10 times the amount that the entire bottom 50 percent pays in federal income taxes. (This is why tax cuts frequently don’t go to “the poor”; that group effectively pays no federal income taxes in the first place.)”
link: http://findarticles.com/p/articles/mi_m0JZS/is_/ai_n25006074
It is the American taxpayer that will suffer this burden. No matter what tax bracket you fit in, you will pay.
A NY Times article posed a question. It is a 2 part question. here is the first part:
“Q. So is it fair to say that Americans who are neither rich nor reckless are being asked to rescue people who are?”
The first part of this question is what this is really all about for me. 15 years ago I was reckless. I was ignorant, naive, gullible, and an easy mark for some shady salespeople who saw me coming. I learned some very hard financial lessons and have paid the price ever since. It took me 5 years to rebuild my credit.
Fast forward to 7 years ago. I just got out of the Army, no real money saved for a house, but financially smarter. We had repaired our credit but and had no problem qualifying for a decent home loan. Combined my wife and I made $24 an hour. I could have purchased a house up to $125,000, but we didn’t. A few years ago my wife had to quit her job and we got stretched pretty thin over a long period of time. Had we bought the $100,000 + house, we never would have been able to make it.
I have been anything but reckless in the last decade. I have worked very hard to improve my life for myself and my family. Now I have to give part of my hard earned paycheck to the sorry fuck that made bad decisions? This stupid bailout CHEAPENS all of my hard work that I have put in during the last 10 years.
I wonder how long it will be before I will be forced to cash my pay check and hand it out to random strangers?
The 2nd part of the question:
What is in this package for responsible homeowners of modest means who might be forced out of their homes, perhaps for reasons beyond their control?"
I really don’t understand this part. Can anyone elaborate?
wow, who the hell is this person? one of the most intelligent things i have read on this site in a long ass time. an argument based on facts! get the fuck out…
