Tonight On The Randi Rhodes Show

SMACKDOWN ON THE TEE VEE

The Bailout for Bankers cleared the Senate last night 74-25 after 100B was ADDED TO IT to appeal to House Holdouts. There doesn’t seem to be much relief for homeowners in it but I’m still reading and searching with a flashlight.

What I have learned is that there is some stuff we need in there like an adjustment in the AMT tax which was meant for businesses who paid no taxes and not for individual taxpayers. Millions would have felt it this year. We needed the increase in FDIC insurance for bank deposits, but there is lots of strangeness in this bill as well.

THE GOOD STUFF

  1. Extensions of the AMT patch, tax deductions on state and local sales taxes, tuition, teacher expenses and real property taxes and tax credits for business research and new market investors
  2. Energy tax credits and incentives to encourage wind and refined coal production, new biomass facilities, wave and tide electricity generators, solar energy property improvements, CO2 capturing, plug-in electric drive vehicles, idling reduction units on truck engines, cellulosic biofuels ethanol production, energy efficient houses, offices, dishwashers, clothes washers and refrigerators, and fringe benefits for employees commuting by bicycle.
  3. A requirement for private insurance plans to offer mental health benefits on par with medical-surgical benefits
  4. Tax relief provisions for victims of this summer’s Midwestern floods, and Hurricane Ike
  5. Freezing of deductions for sale and exchange of oil and natural gas, mandatory basis reporting by brokers for transactions involving publicly traded securities and an extension of the oil spill tax
  6. Tax credit for employees in Hurricane Katrina disaster area
  7. Tax incentives for investments in poor neighborhoods in D.C.
  8. Increased rehabilitation credit for buildings in Gulf area

THE WEIRD STUFF

  1. Economic development credit to American Samoan businesses
  2. $10,000 tax credit for training of mine rescue team members
  3. 50% immediate expensing for extra underground mine safety equipment
  4. Tax credit for businesses with employees from an Indian reservation
  5. Accelerated depreciation for property used mostly on an Indian reservation
  6. 50% tax credit for some expenditures on maintaining railroad tracks
  7. 7-year recovery period for motorsports racetrack property
  8. Expensing of cleaning up “brownfield” contaminated sites
  9. Enhanced deductions for businesses donating computers and books to schools, and for food donations

THE REALLY REALLY WEIRD STUFF

  1. Reduction of import duties on some imported wool fabrics, transfers other duties to Wool Trust Fund to promote competitiveness of American wool
  2. Special expensing rules for film and TV productions
  3. Deduction for income from domestic production in Puerto Rico
  4. Increasing cover of rum excise tax revenues to Puerto Rico and the Virgin Islands
  5. Making it easier for film and TV companies to use deduction for domestic production
  6. Exempting children’s wooden arrows from excise tax
  7. Income averaging for Exxon Valdez litigants for tax purposes

Party leaders in the House need 12 lawmakers to switch, assuming other votes stay the same. Majorty Whip Steny Hoyer is pressing Republican leaders to deliver 100 votes, half the Republican caucus.

TONIGHT’S TEE VEE SMACKDOWN

If you wrote this storyline for a cheesy Tee Vee Movie of the week you’d get laughed out of the room. But here it is:

Our nation is involved in 2 wars. There is a Terrorist Organization in a third country plotting attacks against the US while the country is teetering on the brink of total economic catastrophe. Soldiers are limping home to find no safety net. The Banks have stopped lending. Some have just closed their doors. Insurance companies are Nationalized to prevent a further implosion of the American Economy. Just last night The US Senate votes on a Bail Out for Bankers loaded with unrelated expensive TAX CUTS and the House has yet to vote. The country holds its breath while it waits for either a Great Depression or a return to their crappy economy as usual which is our BEST CASE scenario.

The country gripped in fear, unable to function, pauses and waits for something to come over the Tee Vee. Some message of calm, some message of hope, some message that is permeated with sound policy and strong solutions. We stare at a steady stream of Talking Heads who at long last are forced to admit “No one understands this!”

The Nation prays. We pray for that Leader who understands. That leader who can inspire the confidence of a Nation on the brink and the steel to reign in a banking industry run amok. Someone smart enough, calm enough, tough enough to take charge of a Broken Nation at war with itself and three nations abroad.

ENTER STAGE RIGHT: The folksy PTA Mom from Wasilla Alaska! SARAH! SARAH! SARAH! She will grace us with her charm and in her own precious small town voice (Think Northern Exposure) deliver us!

Sarah from Alaska IS that leader. Sarah knows the way forward. Sarah knows war, terrorism, economic crisis and, “Like some social ideas to promote a culture of life also for the constituencies.” Why that little girl is cuter than a speckled puppy. Sarah knows that a country in meltdown makes great sandwiches! And when you’re in the soup, who doesn’t want a nice sandwich? REFORMS (of something) and billions of barrels of oil go together like horse and carriage, love and marriage! Moose stew in every pot ALSO.

Get Kevin Kline, Eddie Murphy and Tina Fey on the phone. Quick!

Who would buy that script? Ummm about 40% of this country!

Most of America will be watching. Some of us are feeling really dirty knowing we should look away out of decency but others will be sifting through the malapropisms and lack of real understanding of our perilous place in the world today because they just LOVE That Palin Girl.

Common wisdom is that the bar has been set so low for the America’s Hockey Mom, that just about anything above speaking in tongues, drooling on herself, or wandering off the stage will be a ‘win’.

Tina Fey will be watching right along with us. Right on!

IF ANY OF THIS PISSES YOU OFF…GO VOTE! MOST OF YOU CAN NOW!

EARLY VOTING BEGINS IN MANY MANY STATES

HERE’S A LIST

GO VOTE!!
http://www.nfib.com/object/IO_17889.html

The VP debate: TODAY
The second presidential debate 5 days
The third presidential debate: 13 days

Election Day 2008: 33 days
Inauguration Day 2009: 109 days

BAIL OUT FOR BANKERSSenate votes 74-25 for passage
15 Republicans 9 Democrats and 1 Independent vote NO
40 Democrats 33 Republicans vote AYE

LIEBERMAN THE SENIOR SENATOR FROM ISREAL votes AYEWisconsin split as did Florida
http://www.riverfallsjournal.com/articles/index.cfm?id=31160&section=homepage&property_id=9

http://www.lvrj.com/news/30085124.html

What now? The bill will go to the House where its future is uncertain
http://features.csmonitor.com/creditcrisis/2008/10/02/house-braces-for-second-try-at-financial-bailout-plan/

What’s in it? Lots! Really A LOT.
http://online.wsj.com/article/SB122286874792094117.html

http://www.baltimoresun.com/news/nation/politics/bal-te.bailout02oct02,0,111951,print.story

So who are these Economic Geniuses in Congress?http://blogs.wsj.com/economics/2008/10/01/most-lawmakers-dont-have-economic-education/

RAISING THE FDIC CAP TO $250,000http://blogs.wsj.com/deals/2008/10/01/bailing-out-the-bailer-outer-the-fdic-fund/

STATES MUST TAKE THE LEAD ON FORECLOSURES AND SOME HAVEhttp://www.nbnnews.com/NBN/textonly/2008-01-21/Politics+%26+Government/2.html

ALL 451 pages of THE BAILOUT FOR BANKERS COST PLUS PORK BARREL BILL
http://online.wsj.com/public/resources/documents/senatebillAYO08C32_xml.pdf

THE VEEP SMACKDOWN!
Beer? Check! Snacks? Check!…….
Debate expected to pull huge audience.
http://dyn.politico.com/printstory.cfm?uuid=BCC2BDA2-18FE-70B2-A82E06B139D9829C

Thursday Night Sarah-BubbleExpect more than a few stumpers to be heavily coated with quick, in-and-out gloss covered answers…
http://www.latimes.com/news/politics/la-na-palindebate1-2008oct01,0,1744428,print.story
Homework for Thursday, October 2, 2008

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