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Wednesday, October 01, 2008

Senate bailout passes (with lard)

The Senate took the failed House bill and sexed it up with a few juicy (and often unrelated) components to win some more votes.  It passed this evening.

Some of the additions:
  • Increasing FDIC insurance to $250,000 from $100,000 (the maximum you get back if your bank goes under)
  • Renewables and "renewables"
    • Extending the renewable energy credits for wind and biofuel for 1 year, and for other technologies for 2 years
    • Lots of coal related tax credits (for things like "refined coal," "advanced" coal and "coal gasification")
    • Tax credits for plug-in hybrid cars
  • Mental health parity for health insurance (yay!)
And then there are a few smaller items like this:
  • SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN WOODEN ARROWS DESIGNED FOR USE BY CHILDREN.
  • SEC. 325. EXTENSION AND MODIFICATION OF DUTY SUSPENSION ON WOOL PRODUCTS
I think I agree with Paul Krugman that this stinks, but may be necessary.

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