Friday, October 3, 2008

Economic Car Crashes

Great commentary on Wiretap from writer Anika Brown on the new bailout plan:

While everyone on Capitol Hill is patting themselves on the back and both presidential candidates are claiming the role of our knight in shining armor, the big question is: what changed? What revisions were made to change the minds of the 200+ politicians who deemed the plan un-American?

Did they increase the direct benefits to their constituents? Maybe extend a little help to the 9.4 million people who are unemployed? Change the bankruptcy laws to protect all those houses on Main Street from going into foreclosure?

Of course not.

Unlike President Roosevelt, who was under more pressure and facing a nation in even greater despair, Congress didn’t use this opportunity to reform an inherently corrupt system. Instead, they packed the rescue bill with earmarks so off the wall it’s almost funny. Two of my favorites are a $2 million tax break to wooden arrow manufacturers in Oregon and $192 million rebate for rum producers in the Caribbean.

Forget lipstick on a pig. They brought a band-aid to a car crash.

Read more here.

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