"The Mother of All Bailouts"

[Frenchy]

"The Mother of All Bailouts"

7 Minute Video - By Ron Paul

Ron Paul talks about the bailout out of the housing industry and how it really just destroys the dollar and adds enormously to the debt. Also, slipped into the bill, was the stipulation that ALL credit card transactions must now be reported to the IRS. Continue

[yeahYeah]

we are so headed to full blown socialization...financial destruction.

[Frenchy]

Originally Posted by yeahYeah

we are so headed to full blown socialization...financial destruction.

Sounds more like Fascism...

[yeahYeah]

our govt. is out of control...Americans need to wake up. this isn't just a financial disaster in the making, but a national security one as well.

It doesn't better the situation that there is man running around promising to turn water into wine, drop sea levels and make everyone lives better if he's elected. the masses are so ripe for this.

[AZXD]

Call me when it's time

[eric_t12]

Information clearing house?/

I think its overdue we debate the source, here, mr. frenchy.


information be d@mned.

[Etta Place]

So, all of our credit card transactions are going to be reported to the IRS? Why is that part of this bill?

[XDConvert9mm]

Originally Posted by Etta Place

So, all of our credit card transactions are going to be reported to the IRS? Why is that part of this bill?

I'm curious about this too. I'm sure it was a compromise to get this passed, but why? Anyone have any info here?

[eric_t12]

i haven't heard anything... of course most of my political info comes from right hereon XDTALK lol

[AZXD]

Originally Posted by Etta Place

So, all of our credit card transactions are going to be reported to the IRS? Why is that part of this bill?

Because IMO some people are after power.
They will use this information for an unknown/unstated reason.

The simple explanation is ... That there is no simple explanation ... Look at all the environmental stuff that was tacked onto this bill ....

The following is Project Vote Smart's highlights for this bill, graciously made available by PVS:
The following summary was for the Passage for this bill on 2007-08-04. The bill may have changed since then.
-Defines a retail electric supplier as a supplier that sells at least 1 million megawatt-hours of electricity for non-resale use, but excludes suppliers that are operated by the government or by rural electric cooperatives (sec. 9611).
-Requires 15% of energy produced by retail electrical suppliers to be generated from renewable energy sources by 2020 (Sec. 9611).
-Allows the Governor of any state to petition the Secretary of Energy to allow up to 25% of the renewable energy requirement to be met by purchasing energy efficiency credits (Sec. 9611).
-Repeals the tax deduction for income attributable to oil or natural gas (Sec. 13001).
-Increases development loan limits for companies undergoing projects designed to reduce energy consumption by at least 10 percent (Sec. 3003).
-Authorizes grants up to $300,000 under the Small Business Sustainability Initiative to provide support to smaller and medium sized businesses to improve environmental performance (Sec. 3005).
-Establishes the Advanced Research Projects Agency (ARPA-E) within the Department of Energy to develop energy technologies that result in reductions in energy imports and greenhouse gas emissions (Sec. 4001).
-Requires the President to establish an interagency United States Global Change Research Program to develop scenarios for climate change and convene regional workshops to facilitate information exchange among experts (Sec. 4614).
-Authorizes loan guarantees of up to $1 billion to assist in the development and construction of bio-refineries and bio-fuel production plants (Sec. 5003).
-Requires Federal agencies to purchase light or medium-duty passenger vehicles that have been designated by the Environmental Protection Agency (EPA) as low greenhouse-gas emitting vehicles (Sec. 6201).
-Requires on-shore oil operators operating a lease under the Mineral Leasing Act to restore any impacted land to its previous conditions, and to replace contaminated water supplies (Sec. 7222-7223).
-Authorizes $850 million a year in future appropriated funds to reduce fares and expand services for public transportation, including $750 million a year for grants to urbanized areas and $100 million for grants to non-urbanized areas (Sec. 8201).
-Authorizes $10 million a year in future appropriated funds for grants to railroad carriers and state and local governments for assistance in purchasing hybrid locomotives (Sec. 8301).

-Requires the Secretary of Energy to issue regulations prohibiting the sale of 100 watt general service incandescent lamps after January 1, 2012, unless they emit at least 60 lumens per watt (Sec. 9021).
-Requires the development of fuel standards for diesel fuel containing 20 percent bio-diesel if the American Society for Testing and Materials has not developed standards within a year (Sec. 9307).
-Allows a base tax credit for plug-in hybrid vehicles equal to the sum of $4,000 with additional credits for battery capacity, not to exceed an additional $2,000 (Sec. 12001).
-Phases out the hybrid tax credit the first year that the number of hybrid vehicles sold is at least 60,000 (Sec. 12001).
-Authorizes a credit for any qualified cellulosic alcohol fuel producer of 50 cents for each gallon of cellulosic fuel produced (Sec. 12004).

Nancy and company are power hungry. That's about all I can say with confidence.

H.R. 3221: Foreclosure Prevention Act of 2008
Sponsor: Rep. Nancy Pelosi [D-CA]
Cost: $4 per American over the 2008-2012 period

Cosponsors [as of 2008-07-25]
Rep. Xavier Becerra [D-CA]
Rep. James Clyburn [D-SC]
Rep. Rosa DeLauro [D-CT]
Rep. John Dingell [D-MI]
Rep. Rahm Emanuel [D-IL]
Rep. Barton Gordon [D-TN]
Rep. Steny Hoyer [D-MD]
Rep. Tom Lantos [D-CA]
Rep. John Larson [D-CT]
Rep. Edward Markey [D-MA]
Rep. George Miller [D-CA]
Rep. James Oberstar [D-MN]
Rep. Collin Peterson [D-MN]
Rep. Nick Rahall [D-WV]
Rep. Charles Rangel [D-NY]
Rep. Christopher Van Hollen [D-MD]
Rep. Nydia Velázquez [D-NY]
Rep. Henry Waxman [D-CA]

The highlights are old and the amendments are full of holes ... So unless you read the final bill with a lawyer ... You'll probably never know exactly why the IRS or all these add-ons are attached to this bill.

Then there is S Amdt 4983: Housing Foreclosure Assistance Programs
Vote to adopt an amendment to HR 3221 that would make changes to the Federal Housing Administration (FHA), amend certain taxes and credits on mortgages, and pursue energy efficient housing.

Official Title of Legislation:
S Amdt 4983 to HR 3221: To improve the bill.
Sponsor:
Sen. Dodd, Christopher (D-CT)
Cosponsor:
Sen. Shelby, Richard (R-AL)