the visible hand

it is the theory which decides what can be observed – einstein

Omnibus corporate bailout bill passes senate

Posted by ecoshift on April 16, 2008

This bill has precious little to do with preventing foreclosures. Hiding behind the image of weeping foreclosed families corporate lobbyists have managed plug enough corporate tax-break pork into this omnibus business bailout bill to feed an emerging market for several years. No wonder stocks are up in this slinking economy. When the economy is strong, they get the profits; now that it’s weak they know they’ll get the breaks….

/rant

Just one person’s opinion of course.


Big Tax Breaks for Businesses in Housing Bill – New York Times

By STEPHEN LABATON and DAVID M. HERSZENHORN

Published: April 16, 2008

WASHINGTON — The Senate proclaimed a fierce bipartisan resolve two weeks ago to help American homeowners in danger of foreclosure. But while a bill that senators approved last week would take modest steps toward that goal, it would also provide billions of dollars in tax breaks — for automakers, airlines, alternative energy producers and other struggling industries, as well as home builders.

The tax provisions of the Foreclosure Prevention Act, which consumer groups and labor leaders say amount to government handouts to big business, show how the credit crisis, while rattling the housing and financial markets, has created beneficiaries in the power corridors of Washington.

It also shows how legislation with a populist imperative offers a chance for lobbyists to press their clients’ interests.

This has proved especially true on the housing legislation, which many lawmakers and lobbyists view as one of the last opportunities before Congress grinds to a halt amid election-year politics.

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