Bye Bye Banks and Wall Street

[Alex]

Yeah, I know that part (the untertainty). With the WaMu-Chase deal, it happened, literally, in a couple hours. All the month of prep that generally go into beginning a merger didn't happen.

So we're all essentially stuck sitting on our hands to 30-60 days while that necessary process of reviews and evaluations happens.

[BDBopper]

This whole mess makes me thankful I am not a politician in Congress. I'd be sweating like a pig and suffering from a lack of sleep.

Picture the financial situation like a dam. A piece of it has broken off due to years of apathy. Now there is water gushing through the hole. Unfortunately the people who should be rebuilding the dam don't have enough time to do it before they are replaced and a new team of people come in to handle the problem. The good news is there is a plug available (ie the bailout) to keep the dam from breaking. Unfortunately it is made from material that might cause the dam to break eventually. So do you use the plug or do you hope and pray that the dam doesn't break over the next two months during the transition?

If we are going to have to plug the hole we should demand solutions so the dam can be rebuilt as the first priority of the next Congress. Unfortunately I don't have too much faith in the upcoming administration.

One more analogy before I finish - We as citizens are desperately looking for a spoonful of sugar to make this medicine go down...but the sugar bowl is empty and there is none to be found. Ugh.

[Ghoulish Delight]

Unfvcking believable

http://www.youtube.com/watch?v=-i0su1roQLI

"They can't help themselves"?!?!? Who are "they" John? That'd be YOU, John.

[BarTopDancer]

What the fvck are children's wooden arrow's and why do their manufactures need subsidizing by the government?

[Ghoulish Delight]

Originally Posted by BarTopDancer

What the fvck are children's wooden arrow's and why do their manufactures need subsidizing by the government?

They're arrows, made of wood, designed for use by children.

And it's not a subsidy, it's a repeal of an excise tax.

[BarTopDancer]

Originally Posted by Ghoulish Delight

They're arrows, made of wood, designed for use by children.

And it's not a subsidy, it's a repeal of an excise tax.

And said tax only effects wooden arrows made for children?

[JWBear]

Hear that flushing sound? That's our country going down the toilet.

[BDBopper]

Originally Posted by JWBear

Hear that flushing sound? That's our country going down the toilet.

Amen! My sentiments exactly!

[Ghoulish Delight]

Originally Posted by BarTopDancer

And said tax only effects wooden arrows made for children?

Yes.

[Alex]

That little bit of "pork" is an update to this section of the Tax Code:

Sec. 48.4161(b)-1 Imposition and rates of tax; bows and arrows

(a) Imposition of tax. Section 4161(b) imposes a tax on the sale of the following articles by the manufacturer, producer, or importer thereof:
(1) Any bow that has a draw weight of 10 pounds or more;
(2) Any arrow that measures 18 inches overall or more in length;
(3) Any part or accessory (other than a fishing reel) suitable for inclusion in or attachment to a bow or arrow described in subparagraph (1) or (2) of this paragraph; and
(4) Any quiver suitable for use with arrows described in subparagraph (2) of this paragraph.
(b) Rate of tax. The tax is imposed on the sale of articles enumerated in section 4161(b) and paragraph (a) of this section at the rate of 11 percent of the price for which such articles are sold. For the definition of the term “price”, see section 4216 and the regulations thereunder.
(c) Liability for tax. (1) The tax imposed by section 4161(b) is payable by the manufacturer, producer, or importer making the sale. For determining who is the manufacturer, producer, or importer, see §48.0–2(a)(4).

So what happened is that there is a company in Oregon that makes toy arrows that are not intended for actual use with bows or as sporting equipment. But it was being charged the tax (something like $0.36 per arrow). The bill carves out an exemption for any arrows meeting certain physical requirements and not intended for use with a bow covered by this section.

Yes, pork in that it is intended as a bone to a specific politician. Hard to argue against the merit, though, since it is like saying candy cigarettes should have to pay tobacco taxes.