What do you think of the Government bailout?

Misfit · Post by **Misfit** » Fri October 3rd, 2008, 2:19 pm

Here's an interesting tidbit on the bailout package.

LCW · Post by **LCW** » Fri October 3rd, 2008, 3:13 pm

[quote=""Rowan""]I'm so glad that, for the most part, no one here is pointing fingers at who is to blame outside of those who mismanaged money entrusted to them. I'm getting weary of the Democrats and Republicans saying it's the others fault for this mess.[/quote]

I agree! The problem is that there is so much blame to go around on the part of politicians on both sides that noone dares to do that!

And thanks for the link, Misfit!

donroc · Post by **donroc** » Fri October 3rd, 2008, 4:04 pm

If there must be pork, it is a pity that writers do not have a strong lobbyist to get Congress to reinstate income averaging for authors and screenwriters who struggle at low or no pay for years and then suddenly make a 6 or 7 figure sale.

Leyland · Post by **Leyland** » Fri October 3rd, 2008, 4:31 pm

[quote=""donroc""]If there must be pork, it is a pity that writers do not have a strong lobbyist to get Congress to reinstate income averaging for authors and screenwriters who struggle at low or no pay for years and then suddenly make a 6 or 7 figure sale.[/quote]

Installment type sales receipts might come in handy in this instance. Instead of receiving a huge upfront payment when a successful novel finally gets published, maybe the same 6-7 figure contract price could be spread over the next few years according to sales volume and then taxed through an allocation of revenue. That would help the publishers cash flow management as well.

Of course, some people want sudden wealth, but also have to be willing to pay the taxman! Just some random thoughts.

Margaret · Post by **Margaret** » Fri October 3rd, 2008, 7:11 pm

I don't like seeing some of this pork barrel stuff being added to the bailout bill. But I also don't like seeing the article equate all of the add-ons as gratuitous pork. I live in Oregon, so I know that rural schools here have been desperately strapped for cash because the program that has replaced the lost tax money from timber companies, which they used to depend on to pay for county services (like schools, law enforcement, etc.) is expiring, and Republicans in Congress and the Bush Administration have balked at renewing it. These counties are desperate for revenue. How to provide it can be debated, but I do not consider this to be "pork" in the same league as tax breaks for specific businesses (like rum producers) above and beyond the normal corporate tax structure. Of course, the rum producers probably have a good argument why the tax break they want isn't pork either - maybe it will keep them from laying off workers - but I'd like to see what they pay their CEOs before we start lavishing tax breaks on any business in this country.

I don't see why anyone in this country can't have a truly wonderful life on, say, a maximum of $500,000 a year. These multi-million-dollar CEO salaries are ridiculous. Back in the 1960s, the tax structure had a top rate of 90% for income over a set amount. I'd be very happy to reinstitute a 90% income tax rate for all income that exceeds $500,000 a year, and I will be standing in line to pay it when that $1 million advance for my novel comes in!

Telynor · Post by **Telynor** » Fri October 3rd, 2008, 10:38 pm

I'm rather incensed about the whole mess. What infuriates me are the more ridiculous bits of pork that gets tossed in -- I'm thinking about the 'subsidy for the makers of wooden arrows for children' bit -- but I am also sympathetic about the crying need for funding for some truly serious measures. In any case, many of these problems can be solved by the introduction of a line item veto, but that's something I don't think will ever get through Congress.

In any case, I did fire off an angry email to my local congresscritter, and informed her that she wasn't going to be getting my vote this november. I say, vote the incumbents out!

Phffft.

Leyland · Post by **Leyland** » Fri October 3rd, 2008, 10:58 pm

[quote=""Telynor""] I say, vote the incumbents out! Phffft.[/quote]

I'm considering doing precisely that! Every last man and woman of them and then demand term limitations for ALL politicians. I'm a South Carolinian - no more Stroms and Fritzes! Seriously, I'm so disenchanted with career politicians.

diamondlil · Post by **diamondlil** » Mon October 6th, 2008, 7:42 pm

The financial crisis is really escalating with another huge drop on stock markets around the world.

From an Australian point of view, the biggest issues are around the value of the Australian dollar at this point in time. 9 weeks ago, the Australian dollar bought 98c US. Today, it is down to 73c. Such a huge drop in such a short time.

LCW · Post by **LCW** » Mon October 6th, 2008, 7:56 pm

I'm just sick about this whole thing...still!! I just can't believe the incompetence of the US government to put over 800 billion dollars on the taxpayers credit card and then STILL not a one penny to of relief for the average homeowner who got scammed by the predatory lenders! Not one penny!! Yes, people were stupid and got sucked into loans they couldn't afford but since when does greed, fraud, and corporate incompetence get rewarded while stupidity is left to stew in its own juices? It's an abomination!

But I'll tell you one thing, it sure has made me count my blessings!! The biggest on being that in a few weeks not only do I get to vote our Chaplin In Chief out of office but my congressman as well! Good riddance!

Divia · Post by **Divia** » Mon October 6th, 2008, 8:09 pm

I want to know who is gonna bail my sad ass out when I'm freezing this winter because I cant pay my heating bill. Oh, right...that would be no one. So meanwhile I can freeze in a house thats in the bitter Northeast while all those rich pigs on wallstreet just keep getting fatter and fatter.