No Time for Regulation, but tax relief for the wealthiest, NO PROBLEM...

[WA98296]

"Senate Democrats and Republicans believe it is essential that we work quickly on this important legislation to restore confidence to our financial system and strengthen the economy," Reid said in a statement.

Every time "REGULATION" is brought up, there is simply no time for any of that now. . We need to move quickly to pass a bill that will move billions of dollars from the people to the banking industry.

But there IS time for:

RELIEF from the Alternative Minimum Tax, without which millions of Americans would have to pay the so-called "wealth tax." (Relief for the Wealthiest)
How about some RELIEF from the high credit card rates the banks are charging us?

The revised bailout bill also includes a "Mental Health Parity" provision, which would require health insurance companies to cover mental illness at parity with physical illness.
Okay, this is probably a good idea, we're all going to need some mental health care after this screwing...but what the hell is it doing in this EMERGENCY BAILOUT BILL?

And, for the "middle class" deposits federally insured to $250,000. But, is the FDIC capable of covering those deposits if ALL the banks fail? I doubt it.

[fasttense]

1. Tax cuts, privatization and deregulation are the only

tools neocons have in their efforts to help the economy. They can't think further than that.

[Cresent City Kid]

2. Don't forget capital gains

I heard this old gem trotted out by none other than Tom DeLay last night on Hardball. He called for the downright abolishment of capital gains taxes, suggesting that it would instantly restore capital to the markets.

Why don't we just give the rich free food and housing? If they didn't pay for their houses, the money could be invested in the economy. Gimme a break.

[Warren Stupidity]

3. it is that damn table again.

The list of obvious things that should be done that are 'off the table' has been recently amended to include re-regulation of the mortgage and credit commercial banking system, a system that recently collapsed in large part due to the irresponsible repeal of New Deal Glass-Steagal laws that established oversight and reulation of this industry in order to prevent What Just Happened as it Happened Before and if we don't re-regulate it Will Happen Again.

[WCGreen]

4. Teh AMT was never indexed to inflation so people who are right smack

in the middle class are bumping up against the AMT.

I do taxes for a living and I think there has to be some changes but to just toss this in with the Bail-out is ridiculous...

What it does is add back deductions if they are considered too high. For instance, a person who can deduct business expense from his or her income will see that scaled back after they hit a certain income level. It really does kick in starting at about $ 50,000.