Emergency Economic Stabilization Act of 2008

The largest bank failure in United States history, Washington Mutual, occurred a few days ago, adding fuel to the bailout fire.

Here is the first draft of the Emergency Economic Stabilization Act of 2008. Read it and weep.

Goodbye, America. Hello oligarchic socialist state that we are becoming. Wake up.

I think Trent Reznor summed it up well in his song “The Beginning of the End” from the album “Year Zero”:

Down on your knees, you’ll be left behind – this is the beginning
Watch what you think, they can read your mind – this is the beginning
I got my mark, see it in my eyes – this is the beginning
My reflection I don’t recognize – this is the beginning

We think we climb so high, up all the backs we’ve condemned
We face our consequence, this is the beginning of the end

You wait your turn, you’ll be last in line – this is the beginning
Get out the way, cause I’m getting mine – this is the beginning
God helps the ones that can help themselves – this is the beginning
May be too late as far as I can tell – this is the beginning

We think we’ve come so far, on all our lies we depend
We face our consequence, this is the beginning of the end.

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~ by skepsis on September 28, 2008.

One Response to “Emergency Economic Stabilization Act of 2008”

  1. In the Discussion Draft of the bill dealing with Executive Compensation and Golden Parachutes, am I understanding correctly, that they are not really “prohibited”…. but only $500,000 can be deducted on the “employer’s” tax return. This doesn’t make much sense to me.

    If an employer is going down the tubes anyway, why would they even care about it being deductible on their tax returns? Look at the exec at WAMU who got $20 million for 17 days on the job. Is WAMU going to care that they can’t deduct it on their tax return? They’re going to have such big “legitimate” losses, they won’t have any taxable income left.

    I’m amazed that page after page of this bill is completely incoherent! I hope everyone is not so tired of these negotiations they just blindly accept the final version of the bill without completely understanding it!

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