up against the wall motherfuckers

[topaz]

Earlier today, agaran posted a very thoughtful question about the Wall Street bailout bill: if the underlying cause of this crisis can be traced to bad mortgages, then why isn't anyone taking this as an opportunity to straighten out the actual mortgages and provide homeowners with a path to getting back to solvency?

I took a bit of a devil's advocate position: that even though those things should happen, the goal of the current bill is to keep the credit market functioning long enough for the dust to settle, until we know how many banks are left standing and can start to put the pieces back together.  If we are indeed on the brink of catastrophe, it doesn't make sense to hold up the rescue plan with negotiations over long-term fixes, no matter how sensible those fixes may be.  Only after we've achieved short-term stability should we even think about the long term.

I was feeling pretty smart about that answer.  Then I got this from another friend on a mailing list I'm on:

OK, now I support the bailout bill. They are finally meeting my needs.  Check it out.

 From <http://marketplace.publicradio.org/pdf/senatebillAYO08C32_xml.pdf>

Page 300 of the Senate's version of the bailout bill:

SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN WOODEN ARROWS DESIGNED FOR USE BY CHILDREN.
(a) IN GENERAL.—Paragraph (2) of section 4161(b) is amended by redesignating subparagraph (B) as sub-paragraph (C) and by inserting after subparagraph (A) the following new subparagraph:

(B) EXEMPTION FOR CERTAIN WOODEN ARROW SHAFTS.—Subparagraph (A) shall not apply to any shaft consisting of all natural wood with no laminations or artificial means of enhancing the spine of such shaft (whether sold separately or incorporated as part of a finished or unfinished product) of a type used in the manufacture of any arrow which after its assembly
"(i) measures 5⁄16 of an inch or less in diameter, and
"(ii) is not suitable for use with a bow described in paragraph (1)(A)."

(b) EFFECTIVE DATE.—The amendments made by this section shall apply to shafts first sold after the date of enactment of this Act.

My official opinion on the subject of the bailout is now JESUS FUCK YOU GODDAMN FUCKING MORONS GET YOUR FUCKING ASSES BACK IN YOUR FUCKING CHAIRS AND IF YOU COME OUT OF THERE WITHOUT FIXING EVERY SINGLE FUCKING SUBPRIME MORTGAGE I WILL PERSONALLY COME OVER THERE AND SO HELP ME GOD I WILL SHOVE THE FANNIE MAE FY2008 BUDGET UP YOUR FUCKING ASS

Comments

[rwx.livejournal.com]

my theory is someone has offered up their vote for that. otherwise, it would just be too random.

[ayse.livejournal.com]

Well, I may not have any money for retirement, but at least I don't have to pay any taxes on toy arrows. That's going to save me a BUNDLE.

[awfief.livejournal.com]

I've got a wooden shaft for you RIGHT HERE.

[crouchback.livejournal.com]

Here's what I want to know: why do we need the bailout bill when the Fed inflated the currency threw $630 billion out there the same day the bailout bill failed (http://www.bloomberg.com/apps/news?pid=20670001&refer=home&sid=a9MTZEgukPLY).

I'm adding this to my list of reasons why I don't trust the folks pushing the bailout. That made-up $700 billion figure is still getting thrown around after they threw out $630 billion!

[mr-niggle.livejournal.com]

Just a note about this provision. Yes, it helps insure the Oregon based wooden arrow industry is somewhat protected. It will primarily give them about $200K in tax savings each year over about 10 years.

It will help protect jobs in several factories from being leeched off to -- you guessed it -- china.

While this one is too narrow to be of national significance, this is exactly the type of corporate tax break that *does* make sense to include. It benefits actual manufacturing employees, over time, rather than pumping money into the market (when Warren Buffet has already shown there's plenty of money around to pump in there if necessary).

CDH