Title The Bailout : Earmarks in rescue package published to livewriter-onscreen.
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Here are some things that are in the bailout bill:
* Sec. 105. Energy credit for geothermal heat pump systems.
* Sec. 111. Expansion and modification of advanced coal project investment credit.
* Sec. 113. Temporary increase in coal excise tax; funding of Black Lung Disability Trust Fund.
* Sec. 115. Tax credit for carbon dioxide sequestration.
* Sec. 205. Credit for new qualified plug-in electric drive motor vehicles.
* Sec. 405. Increase and extension of Oil Spill Liability Trust Fund tax.
* Sec. 309. Extension of economic development credit for American Samoa.
* Sec. 317. Seven-year cost recovery period for motorsports racing track facility.
* Sec. 501. $8,500 income threshold used to calculate refundable portion of child tax credit.
* Sec. 503 Exemption from excise tax for certain wooden arrows designed for use by children.
There also tax credits for solar and wind power, and a very expensive requirement that health insurance companies cover mental health the same way they cover physical health.
But remember, this is all about preventing an economic cataclysm. So you must support it!
By the way, we are also footing the bill for another $612 billion to fight Bush’s wars.
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Many on Wall Street and the rest of us are still digesting the momentous events of the last 10 days. Between one and three trillion dollars worth of financial assets have evaporated. Wall Street has been effectively nationalized. The Federal Reserve and the Treasury Department are making all the major strategic decisions in the financial sector and, with the rescue of the American International Group (AIG), the U.S. government now runs the world's biggest insurance company. At $700 billion, the biggest bailout since the Great Depression is being desperately cobbled together to save the global financial system.
John McCain 'undermining' bail-out to lift campaign
... candidate accused of sabotaging the Wall Street bail-out ... leaders scuppered an early deal on a $700bn rescue package. ... also rejected attaching other measures, or earmarks, to ...
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Housing 'bailout' contains millions in earmarks for leftist groups ...
Housing 'bailout' contains millions in earmarks for leftist groups ... The housing package signed into law by President ... Congress steps in to rescue Down syndrome babies
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The Associated Press: House votes $8B relief for highway trust fund
WASHINGTON (AP) — Congress on Thursday sent President Bush an $8 billion rescue package for ... Congress must eliminate the billions in wasted spending, thousands of unneeded earmarks ...
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TheHill.com
... what to do in the wake of a surprise defeat of a Wall Street rescue package. Senate to vote on bailout ... weapons faster, cheaper • Retiring lawmakers want their earmarks to be ...
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Senate Seeks Bipartisan Support For Housing -Rescue Package - WSJ.com
How Voter Fury Stopped Bailout 3 of 10 Dysfunction Exacts a Heavy Price 4 of 10 ... vote Thursday on a housing-rescue package ...
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Stocks Slump on Bailout, Economic Concerns
But earmarks added to the bill make the outcome of Sunday's House vote ... Financial stocks were lower amid the fresh bailout concerns. The Wall Street Journal reports the Senate handily passed a controversial financial rescue package Wednesday night ...
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Source: BusinessWeek
NewsDateTime: 1 hour ago
Pike Place Market, parks and gay marriage: plus bailout--reader ...
We'll be talking again about the bailout package, now moving to the House. The board ... and representatives have to be bought off with perks (quaintly called earmarks ... budget, salmon plan and reader comments on Economy, Sarah Palin · Rescue package, US ...
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Source: Seattle Post Intelligencer Blogs
NewsDateTime: 24 minutes ago
A Great Opening for Sarah Palin
Even the tax-extenders in the Senate bailout bill voted ... the-board tax cuts just as much as the financial rescue ... spending cuts and the elimination of pork-barrel earmarks. Didn’t both Obama and Biden vote for the farm bill -- a $300 billion package ...
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Source: CNBC
NewsDateTime: 1 hour ago
Lawmakers optimistic on revived bailout; Senate votes tonight
... if this is necessary, it should be done without all the earmarks … read ... toward passage Wednesday of a $700 billion financial industry bailout as opposition to the package ... by star Stevens witness Stalled tax relief bill attached to rescue package ...
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Source: Minneapolis Star Tribune
NewsDateTime: 21 hours ago
After Senate OKs rescue, bill's fate back in hands of House
The bailout package was never in danger in the Senate. Senators instead played ... The rescue package would let the government spend billions of dollars to buy bad ... Republicans wanted the earmarks removed like ACORN that was in the first bill ...
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Source: Pantagraph
NewsDateTime: 3 hours ago
the financial system is on the verge of collapse. But the complacency exhibited by many market pundits in the wake of the most wrenching episode in modern financial history is sufficiently shocking that it almost demands some scare-tactic response.
By our count some 300 articles were published last month telling investors "don't panic" or "not to panic." Urging calm is one thing. But too much soothing talk implies that there are no lessons to be learned. What's the use of a vertigo-inducing bout of market turbulence if the only conclusion is "stay the course"?
At the very least, it's a good reminder to take a hard look at your financial plans and to reevaluate how much market risk you can truly withstand in your portfolio. Because - don't panic! - this might not be completely over.
Richard Bernstein, the chief investment strategist at Merrill Lynch, worries that investors still don't appreciate the scope of the credit crisis.
"It's weird - the canary in the mineshaft has fallen over, and now everyone thinks there's a problem with canaries," says Bernstein, who, despite sounding the alarm about a global credit bubble as far back as 2006, could find himself out of a job after Merrill's forced sale to Bank of America. (Too bad Bernstein's Merrill bosses didn't heed his warnings.)
In Bernstein's eyes, the canary is the U.S. mortgage market, but the silent killer of loose credit was an international epidemic. "I don't perceive that most investors fully appreciate either the depth of the credit bubble or how broad-reaching it was in terms of emerging markets and hedge funds and commodities and all these other inflated asset classes that were dependent on easy credit," he says.
If consumers suddenly can't refinance their mortgages and credit cards and if more corporations can't issue bonds or tap lines of bank credit, their ability to weather any slowdown will be diminished. "The fundamentals are still extremely scary," says star financial-sector analyst (and recent Fortune cover subject Credit remained hard to come by Thursday, even after the revised government bailout plan cleared the Senate, as investors waited to see if the bill can pass through the House. The Senate on Wednesday night passed a financial industry rescue plan that was slightly changed from one rejected by the House just two days earlier. The bill would allow the Treasury to buy up to $700 billion of troubled assets from financial institutions. Those assets, mostly mortgage-related, have caused the credit markets to seize up. With loads of troubled assets on their balance sheets, banks are hesitant to take on more loans if the risk of default is high. Furthermore, when banks need to write down those assets, they have less cash on hand to issue loans. That stops the financial system's gears from turning, in turn hurting customers who need a loan to finance a home, a car or tuition. Frozen cash flows also affects companies' ability to make payroll, which can result in layoffs. The major aim of the government's bailout plan is to free up banks to start lending again once their balance sheets are cleared of toxic holdings. But as the legislation faces a tough second vote Friday by the House, credit remains tight.
Market gauges: One indicator of how willing banks were to lend to other banks, called the "TED spread," showed high prices of loans between banks. The TED spread measures the difference between 3-month Libor and the 3-month Treasury borrowing rates and is a key indicator of risk. The higher the spread, the bigger the aversion to risk. On Thursday, the spread retreated slightly to 3.28% from 3.35% on Wednesday. On Tuesday, the measure surged as high as 3.53%, its highest level in more than 25 years. On Sept. 5, the TED spread was only 1.04%. Furthermore, the difference between the decade-old 3-month Libor and the Overnight Index Swaps rose to an all-time record 2.55%, up from 2.44% Wednesday, according to data reported by Bloomberg.com. It's the fifth-straight record for the measure, showing that banks are hoarding cash rather than lending to one another. The Libor-OIS "spread" measures how much cash is available for lending between banks, and is used by banks to determine lending rates. The bigger the spread, the less cash is available for lending.
Take some tax losses. If you buy and sell stocks in a taxable portfolio, it's likely that you have some holdings trading for well below what you originally paid. Our advice: Sell your losers pronto and book the capital losses. Those losses can be carried forward from one tax year to the next (and the next and the next) and thus used to offset future capital gains whenever the market rebounds. Not only that, but Boston accountant Gale Raphael of Raphael & Raphael points out that taxpayers can deduct up to $3,000 in capital losses from ordinary income. That amounts to a tax savings of $990 a year to someone in the 33% tax bracket. What if you think your losers are about to rebound? IRS rules prevent you from buying them back for 30 days. But if you can't wait, try using the proceeds from your tax-loss sale to purchase stocks similar to the ones you're selling. If you take a loss on United States Steel, for instance, replace it with rival steelmaker Nucor (NUE
Market gauges: One indicator of how willing banks were to lend to other banks, called the "TED spread," showed high prices of loans between banks. The TED spread measures the difference between 3-month Libor and the 3-month Treasury borrowing rates and is a key indicator of risk. The higher the spread, the bigger the aversion to risk. On Thursday, the spread retreated slightly to 3.28% from 3.35% on Wednesday. On Tuesday, the measure surged as high as 3.53%, its highest level in more than 25 years. On Sept. 5, the TED spread was only 1.04%. Furthermore, the difference between the decade-old 3-month Libor and the Overnight Index Swaps rose to an all-time record 2.55%, up from 2.44% Wednesday, according to data reported by Bloomberg.com. It's the fifth-straight record for the measure, showing that banks are hoarding cash rather than lending to one another. The Libor-OIS "spread" measures how much cash is available for lending between banks, and is used by banks to determine lending rates. The bigger the spread, the less cash is available for lending. The Libor, or the London interbank offered rate, is a daily average of what banks charge other banks to lend money in London. Treasurys: Rather than invest in other financial institutions with similar risky assets on their balance sheets, banks and common investors bought up government bonds. Treasurys are considered to be safer havens than stocks or commercial paper, as they are less volatile and guaranteed by the U.S. government. The benchmark 10-year note rose 2/32 to 102-7/32 and its yield fell to 3.73% from 3.74% late Wednesday. Bond prices and yields move in opposite directions. The yield on the 3-month bill - considered by many to be the safest investment - rose to 0.80% from 0.79% late Wednesday. The 30-year bond rose 12/32 to 105-6/32 and its yield fell to 4.19% from 4.20%. The 2-year note edged up 2/32 to 100-14/32 and its yield dipped to 1.79% from 1.82% Wednesday
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