"The Bailout" is now "The Rescue." But whatever name it now goes by, it's still an irresponsible handout to the people who sold our grandchildren into slavery to debt.
The Senate's approval today of a package that's nearly 800,000,000,000 of those things we used to think of as dollars is even worse than the bill that was brought down Monday by a coalition of liberal Democrats and conservative Republicans. The bill includes a rollback of the alternative minimum tax, an increase in the FDIC insured ceiling on bank deposits from $100,000 to $250,000, aid for rural schools, $14 billion in business tax credits and a host of other give-aways of the sort that are usually under listed the heading of "waste, fraud and abuse." Like this one:
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).
It's irresponsible, reckless and completely unaffordable. But it's not socialism. Socialism, according to Webster, is a "collective or governmental ownership and administration of the means of production and distribution of goods." And that's precisely what's wrong with this bill. Under a socialist approach, the "people" (that's us) would at least get equity in the investment. But this is not an investment. It's welfare for corporate gamblers. So we get zilch, except for tax-free wooden arrows.
The Masters of the Universe get to go on gambling, only now they get to use our credit lines. All we get for it is...? Well, what, exactly? A guarantee that they won't be back next week or next month for more? A share in the profits when the price of Cape Coral condos comes back above water? A share of AIG stock?
You gotta be kidding. This is America. We aren't a socialist nation. So we get almost nothing in return, except a generation or two of crushing debt.
Wanna buy an arrow?