Congress OKs historic bailout bill; Bush signs it
http://biz.yahoo.com/ap/081003/financial_meltdown.html
Sadly, Banking bailout/rescue bill passed the house. Now it has been signed by the president. But to get it passed, the bill grew in length by 150 times. Let’s take a look at all the Pork added to this bill to get it passed.
Increase in subsidy for biodiesel production
tax break for owners of motorsports complexes
$148 million in tax relief for U.S. wool fabric producers
subsidies for people who bike to work
Both Obama and McCain agreed in the beginning that this bill needed to be passed quickly and without lots of stuff added in. McCain has been a huge opponent to earmarks and pork barrel spending. Buying votes has to stop.
If you want to waste time you can read the bill itself.
October 3, 2008 at 9:35 pm
It was also a bit funny that the market tanked all day after the vote…