01 October 2008

A Random Selection of Text From the New Senate 'Rescue' Bill (Pages, 176, 76, 353)

(hat tip Tammy Bruce, here's a link to the PDF of the text, hosted by the Senate Conservatives Fund)
O:\AYO\AYO08C32.xml S.L.C.
1 ‘‘(B) is measured at the source of capture
2 and verified at the point of disposal or injec3
5 ‘qualified carbon dioxide’ includes the initial deposit
6 of captured carbon dioxide used as a tertiary
7 injectant. Such term does not include carbon dioxide
8 that is re-captured, recycled, and re-injected as part
9 of the enhanced oil and natural gas recovery process.
10 ‘‘(c) QUALIFIED FACILITY.—For purposes of this
11 section, the term ‘qualified facility’ means any industrial
12 facility—
13 ‘‘(1) which is owned by the taxpayer,
14 ‘‘(2) at which carbon capture equipment is
15 placed in service, and
16 ‘‘(3) which captures not less than 500,000 met17
ric tons of carbon dioxide during the taxable year.
19 For purposes of this section—
22 TAKEN INTO ACCOUNT.—The credit under this sec23
tion shall apply only with respect to qualified carbon
24 dioxide the capture and disposal or use of which is
25 within—

What the Hell? Why is this 'carbon sequestration' crap taking up line after line of text within a financial system rescue package (this one small provision starts on 175, ends on page 180. If this crap is important on its own, it shouldn't be glommed on to a bill designed to stop a ongoing financial emergency. Even if you are an enviro-nut who believes that the Earth is in the Balance, there's still no excuse for gumming up this bill with this crap. Pass a clean bill, without these riders and attachments. Stuff like this seems like a tacit admission that the current crisis isn't viewed by Congress as a crisis, but instead it's just another opportunity to get favored earmarks snuck through. Grrrrrrrr, Arrgggggghhhhhhhhh (sorry, the more I think on this, the less verbal I become). On to the next random page:
O:\AYO\AYO08C32.xml S.L.C.
2 There is authorized to be appropriated to the Over3
sight Panel such sums as may be necessary for any
4 fiscal year, half of which shall be derived from the
5 applicable account of the House of Representatives,
6 and half of which shall be derived from the contin7
gent fund of the Senate.
9 amount equal to the expenses of the Oversight Panel
10 shall be promptly transferred by the Secretary, from
11 time to time upon the presentment of a statement
12 of such expenses by the Chairperson of the Over13
sight Panel, from funds made available to the Sec14
retary under this Act to the applicable fund of the
15 House of Representatives and the contingent fund of
16 the Senate, as appropriate, as reimbursement for
17 amounts expended from such account and fund
18 under paragraph (1).
20 (a) IN GENERAL.—Section 18(a) of the Federal De21
posit Insurance Act (12 U.S.C. 1828(a)) is amended by
22 adding at the end the following new paragraph:

Well at least this is actually about financial crap. This is the minutiuae pertaining to the establishment of an 'Oversight Panel' to be composed of two purely DEM appointees, two purely GOP appointees, and one joint appointee to a five person panel charged with watching our money as it is funneled to the various entities that our tax money will be used to prop up. The very end part, about amending the act to prohibit misrepresenting FDIC insured status suggests that previously banks could claim an asset was covered under FDIC even if it wasn't (afterall, why clarify a rule that was already in place?). That's nice to know, and may in part explain some of the Freddie/Fannie Mess (empty promises of government backed securities that weren't really government backed). Now on to the final page for perusal
O:\AYO\AYO08C32.xml S.L.C.
1 ‘‘(b) COUNTY PAYMENT.—For each of fiscal years
2 2008 through 2011, the Secretary of the Interior shall cal3
culate for each eligible county that received a 50-percent
4 payment during the eligibility period an amount equal to
5 the product obtained by multiplying—
6 ‘‘(1) the 50-percent adjusted share for the eligi7
ble county; by
8 ‘‘(2) the full funding amount for the fiscal year.
10 ‘‘(a) PAYMENT AMOUNTS.—Except as provided in
11 section 103, the Secretary of the Treasury shall pay to—
12 ‘‘(1) a State or territory of the United States
13 an amount equal to the sum of the amounts elected
14 under subsection (b) by each county within the State
15 or territory for—
16 ‘‘(A) if the county is eligible for the 25-
17 percent payment, the share of the 25-percent
18 payment; or
19 ‘‘(B) the share of the State payment of the
20 eligible county; and
21 ‘‘(2) a county an amount equal to the amount
22 elected under subsection (b) by each county for—
23 ‘‘(A) if the county is eligible for the 50-
24 percent payment, the 50-percent payment; or

OK, now my head is just swimming. I have no clue as to properly deciphering what is up with this, but as I go backwards and forwards from this page, it seems to be about BLM land, and possibly agricultural subsidies, but don't quote me on that. Either way, it's clearly not about banking, credit, foreclosures, or anything that should be in this bill. The part preceding this is all about funding roads to rural schools, cause I guess if we had more of those, none of this mortgage meltdown would have happened in the first place.

I have peered behind the curtain at the deli, and I dared to observe the sausage getting made. Now I feel sick, it's enough to turn you into a vegetarian.

Random numbers, generated at Random.org (your one stop shop for all your random needs!).

UPDATE: Crap, Ace at Ace of Spades HQ has to ruin a perfectly good rant by injecting some facts into the discussion. As is taught in your basic 10th grade civics class (or should be, anyway), spending bills can only originate in the House, so to be able to vote on this immediately the Senate used a procedural trick by tacking on the new bailout 'rescue' provisions to a pre-existing pork-laden piece of thoroughly earmarked pig droppings. Doesn't make the pig-droppings any less unsavory, but it does mean that the actual rescue plan is anywhere near the totality of the 451 pages in this bill (even if that has been implied by just about every news report of the bill).

The process of coupling and amending and subverting one bill meant to serve a particular end and then transforming it into something else entirely to force Congress critters to vote for stuff they normally wouldn't want to vote on is another matter entirely. Seems like micro bills are the way to go. Each provision is its own bill with its own vote, the general bill should be part of a discussion, but each discrete unrelated chunk should be put to separate up or down votes. That'd cure a lot of this nonsense and force these folks to be a little more accountable for their actions. But that'd be a big change to the current process, and a completely separate issue than the one at hand.

(d'oh! I've got Congressional disease, I just attached an unrelated rider to one of my own posts, this nonsense is contagious!!!)

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