House Passes $700B Financial Bailout Bill
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http://cbs5.com/slideshows/financial...301.html?rid=3
According to 2008 U.S. Census figures, a $700 billion price tag comes out to be about $2,300 for every man, woman and child in the United States.
At a median U.S. household income of $50,000 per year, that comes out to be an extra 92 hours of work at pre-tax wages.
In terms of 440-calorie double cheeseburgers off the Dollar Menu at McDonalds, $700 billion will get you 308,000,000,000,000 calories.
What can that many cheeseburgers power? According to the Web site wagingpeace.org, that's equal to the energy of a 300 kiloton nuclear blast.
In terms of individuals' net worth, $700 billion is equal to 11 Warren Buffets, 12 Bill Gateses or 280 Oprah Winfreys -- or 14 million average American earning households.
Equal in worth to about 1/17 the bailout: Exxon-Mobil Corp.'s annual profit of $40 billion, earned from $377.64 billion in 2007 revenue.
Equal in worth to about 1/14 the bailout: Bank of America Corp. paid $50 billion to acquire Merrill Lynch on Sept. 15, 2008.
Equal in worth to about 1/11 the bailout: It took $60 billion of debt to cripple the the 158-year-old Lehman Brothers Holdings Inc., forcing it into bankruptcy on Sept. 15, 2008
According to financial leaders, the cost of the financial bail out: $700 billion.
According to the Congressional Research Service, total U.S. cost of war in Iraq from January 2002 to September 2008: $582 billion.
According to U.S. Government Printing Office, total federal budget for Social Security in 2008: $609 billion.
According to U.S. Government Printing Office, total federal budget for all U.S. defense spending in 2008: $481 billion.
According to 2008 U.S. Census figures, a $700 billion price tag comes out to be about $2,300 for every man, woman and child in the United States.
At a median U.S. household income of $50,000 per year, that comes out to be an extra 92 hours of work at pre-tax wages.
In terms of 440-calorie double cheeseburgers off the Dollar Menu at McDonalds, $700 billion will get you 308,000,000,000,000 calories.
What can that many cheeseburgers power? According to the Web site wagingpeace.org, that's equal to the energy of a 300 kiloton nuclear blast.
In terms of individuals' net worth, $700 billion is equal to 11 Warren Buffets, 12 Bill Gateses or 280 Oprah Winfreys -- or 14 million average American earning households.
Equal in worth to about 1/17 the bailout: Exxon-Mobil Corp.'s annual profit of $40 billion, earned from $377.64 billion in 2007 revenue.
Equal in worth to about 1/14 the bailout: Bank of America Corp. paid $50 billion to acquire Merrill Lynch on Sept. 15, 2008.
Equal in worth to about 1/11 the bailout: It took $60 billion of debt to cripple the the 158-year-old Lehman Brothers Holdings Inc., forcing it into bankruptcy on Sept. 15, 2008
According to financial leaders, the cost of the financial bail out: $700 billion.
According to the Congressional Research Service, total U.S. cost of war in Iraq from January 2002 to September 2008: $582 billion.
According to U.S. Government Printing Office, total federal budget for Social Security in 2008: $609 billion.
According to U.S. Government Printing Office, total federal budget for all U.S. defense spending in 2008: $481 billion.
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Take it before the wolfs get it. Then take your money for a ride. The buy in is cheap enough.
Google is too inflated I think. I'm guessing we will see them drop off in the up coming year.
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I like the idea of the bullet train, BUT....I also like the idea of finally getting BART all around the bay area, and the bay bridge eastern span being completed first.
No big transportation project will get done in this state if we are trying to fund a few of them simultaneously. No military offensive will come to a successful execution if we are trying to fund multiple fronts of combat simultaneously.
The U.S. economy is running lean and the knock sensor is looking like xmas tree lights, HA!
No big transportation project will get done in this state if we are trying to fund a few of them simultaneously. No military offensive will come to a successful execution if we are trying to fund multiple fronts of combat simultaneously.
The U.S. economy is running lean and the knock sensor is looking like xmas tree lights, HA!
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At least we should all be happy that the moron white color criminals (CEOs) that put us in this situation will be able to afford their yacht payment, mistresses and multi-million dollar bonuses this year. God forbid they have to budget, make due with less than they were expecting to earn, not go on vacation, buy (another) car or not be able to afford the usual necessities of life. That is just plain cruel and unusual punishment that no person in US has ever experienced.
At least we should all be happy that the moron white color criminals (CEOs) that put us in this situation will be able to afford their yacht payment, mistresses and multi-million dollar bonuses this year. God forbid they have to budget, make due with less than they were expecting to earn, not go on vacation, buy (another) car or not be able to afford the usual necessities of life. That is just plain cruel and unusual punishment that no person in US has ever experienced.
as a post on another forum said, "CAPITALISM is dead..."
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After all it was his pal from Goldman Sachs (our treasury secretary) who dreamed up this bailout in the first place
My take is that the crisis is really just beginning, now that the bailout has been signed into law, our government is pretty much insolvent, we can look forward to hyperinflation and probably a 10-12 year depression.
Thanks W!
Last edited by psoper; Oct 4, 2008 at 02:50 AM.
That's it, this is last ****ing straw!!
http://www.miamiherald.com/news/poli...ry/711014.html
By LISA ZAGAROLI
McClatchy Newspapers
WASHINGTON -- A tax break for NASCAR racetracks and other motor-sports facilities is among the "sweeteners" tucked inside a 450-page financial-services bailout bill to make the package more palatable to lawmakers.
The Senate-passed bill includes an array of so-called "tax extenders." One extends for two years a tax policy that had been allowed to expire in December that lets motor-sports facilities be treated the same as amusement parks and other entertainment complexes for tax purposes.
That allowed them to write off their capital investments over a seven-year period. The motor sports industry feared that without a specific legal clarification, motor-sports facilities would be required to depreciate their capital over 15 years or longer because of a recent Internal Revenue Service inquiry into the matter. That would make repaved tracks and new concession stands more expensive in the short term.
It isn't a new tax break, rather the way tax law historically has been interpreted, said Lauri Wilks, the vice president of communications for Speedway Motorsports, which owns the NASCAR tracks in Fort Worth, Texas; Sonoma, Calif.; Concord, N.C.; and elsewhere.
"It gives us incentive to go ahead and invest in our facilities," she said.
Wilks said she couldn't put a price tag on the measure because track owners would pay the same amount, just over a longer period.
"Whether you pay all up front or depreciate them over time, the cash outlay is the same," she said.
A bill to extend the tax treatment had been introduced in the House of Representatives by Rep. Mike Thompson, D-Calif., and co-sponsored by a number of North Carolina members including Reps. Robin Hayes, a Republican, and Melvin Watt, a Democrat.
Thompson and Hayes voted against the original bank bailout bill Monday, which didn't include the tax extenders added by the Senate and passed Wednesday. Neither has said how he will vote when the House takes up the new bill.
In the Senate, the motor-sports provision was sponsored by Sen. Charles Schumer, D-N.Y.
Some watchdog groups oppose loading up the bill with unrelated items.
"Unfortunately, it took a legitimately historic piece of legislation that lawmakers on principle could vote for or against it, and they just loaded it up with business as usual, a huge tax package not related at all to the bailout, and crammed it over to the House," said Steve Ellis, the vice president of Taxpayers for Common Sense, a nonpartisan budget watchdog group. "And it's going to be interesting to see whether this turns any votes or not."
McClatchy Newspapers
WASHINGTON -- A tax break for NASCAR racetracks and other motor-sports facilities is among the "sweeteners" tucked inside a 450-page financial-services bailout bill to make the package more palatable to lawmakers.
The Senate-passed bill includes an array of so-called "tax extenders." One extends for two years a tax policy that had been allowed to expire in December that lets motor-sports facilities be treated the same as amusement parks and other entertainment complexes for tax purposes.
That allowed them to write off their capital investments over a seven-year period. The motor sports industry feared that without a specific legal clarification, motor-sports facilities would be required to depreciate their capital over 15 years or longer because of a recent Internal Revenue Service inquiry into the matter. That would make repaved tracks and new concession stands more expensive in the short term.
It isn't a new tax break, rather the way tax law historically has been interpreted, said Lauri Wilks, the vice president of communications for Speedway Motorsports, which owns the NASCAR tracks in Fort Worth, Texas; Sonoma, Calif.; Concord, N.C.; and elsewhere.
"It gives us incentive to go ahead and invest in our facilities," she said.
Wilks said she couldn't put a price tag on the measure because track owners would pay the same amount, just over a longer period.
"Whether you pay all up front or depreciate them over time, the cash outlay is the same," she said.
A bill to extend the tax treatment had been introduced in the House of Representatives by Rep. Mike Thompson, D-Calif., and co-sponsored by a number of North Carolina members including Reps. Robin Hayes, a Republican, and Melvin Watt, a Democrat.
Thompson and Hayes voted against the original bank bailout bill Monday, which didn't include the tax extenders added by the Senate and passed Wednesday. Neither has said how he will vote when the House takes up the new bill.
In the Senate, the motor-sports provision was sponsored by Sen. Charles Schumer, D-N.Y.
Some watchdog groups oppose loading up the bill with unrelated items.
"Unfortunately, it took a legitimately historic piece of legislation that lawmakers on principle could vote for or against it, and they just loaded it up with business as usual, a huge tax package not related at all to the bailout, and crammed it over to the House," said Steve Ellis, the vice president of Taxpayers for Common Sense, a nonpartisan budget watchdog group. "And it's going to be interesting to see whether this turns any votes or not."