H.R. 1424 [PDF][HTML], page 300:

SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN WOODEN ARROWS DESIGNED FOR USE BY CHILDREN.

(a) In General- Paragraph (2) of section 4161(b) is amended by redesignating subparagraph (B) as subparagraph (C) and by inserting after subparagraph (A) the following new subparagraph:

• • `(B) EXEMPTION FOR CERTAIN WOODEN ARROW SHAFTS- Subparagraph (A) shall not apply to any shaft consisting of all natural wood with no laminations or artificial means of enhancing the spine of such shaft (whether sold separately or incorporated as part of a finished or unfinished product) of a type used in the manufacture of any arrow which after its assembly–

• • • `(i) measures 5/16 of an inch or less in diameter, and

• • • `(ii) is not suitable for use with a bow described in paragraph (1)(A).’.

(b) Effective Date- The amendments made by this section shall apply to shafts first sold after the date of enactment of this Act.

That’s not all… just perhaps the most ludicrous. The New York Post gives us more:

WASHINGTON - Here, little piggies!

Congressional deal-brookers yesterday slopped a mess of pork into the $700 billion financial rescue bill passed by the Senate last night - including a tax break for makers of kids’ wooden arrows - in a bid to lure reluctant lawmakers into voting for the package

Stuffed into the 451- page bill are more than $1.7 billion worth of targeted tax breaks to be doled out for a sty full of eyebrow-raising purposes over the next decade.

“This is how Washington works,” said Keith Ashdown of Taxpayers for Common Sense, a Washington research group. “A big pot of pork is their recipe for final passage.”

The special provisions include tax breaks for:

• Manufacturers of kids’ wooden arrows - $6 million.
• Puerto Rican and Virgin Is- lands rum producers - $192 million.
• Wool research.
• Auto-racing tracks - $128 million.
• Corporations operating in American Samoa - $33 million.
• Small- to medium-budget film and television productions - $10 million.

Another measure inserted into the bill appears to be a bald-faced bid aimed at winning the support of Rep. Don Young (R-Alaska), who voted against the original version when it went down in flames in the House on Monday.

That provision - a $223 million package of tax benefits for fishermen and others whose livelihoods suffered as a result of the 1989 Exxon Valdez oil spill - has been the subject of fervent lobbying by Alaska’s congressional delegation.

I’ve got nothing…

Dodd Amdt. No. 5685

H.R. 1424: Genetic Information Nondiscrimination Act of 2008

Both votes, as one would expect, were the same.

Here is footage from the response by leaders of the Senate after the passage. I apologize for the sync. I ripped it from a Realaudio stream and am too lazy to figure out why the conversion is off.

These guys are really self absorbed ass hats. They pushed for programs which caused this mess and now they blame others even when the evidence is overwhelming. The talking heads in the MSM generally just parrot the Democrats and Republicans condemnation of the supposed free market we have and their call for fascism. And what is that Dodd said? “America I hope saw Congress, the United States Senate, acting as the forbearers and the Founders intended it to act.” I’m not sure but voting completely contrary to their constituents desires doesn’t seem to be what the Founders intended in a representative democracy.

H.R. 1424: To amend section 712 of the Employee Retirement Income Security Act of 1974, section 2705 of the Public Health Service Act, section 9812 of the Internal Revenue Code of 1986 to require equity in the provision of mental health and substance-related disorder benefits under group health plans, to prohibit discrimination on the basis of genetic information with respect to health insurance and employment, and for other purposes.

451 PAGES, up from the H.R. 3997’s 110 and the original’s 3.

Senators Voting “Nay” on Federal Intervention in the Financial Markets: Wednesday, Oct. 1, 2008:
Sen. Wayne Allard (R-CO), Sen. John Barrasso (R-WY), Sen. Sam Brownback (R-KS), Sen. Jim Bunning (R-KY), Sen. Maria Cantwell (D-WA), Sen. Thad Cochran (R-MS), Sen. Mike Crapo (R-ID), Sen. Jim DeMint (R-SC), Sen. Elizabeth Dole (R-NC), Sen. Byron Dorgan (D-ND), Sen. Michael Enzi (R-WY), Sen. Russ Feingold (D-WI), Sen. James Inhofe (R-OK), Sen. Tim Johnson (D-SD), Sen. Mary Landrieu (D-LA), Sen. Bill Nelson (D-FL), Sen. Pat Roberts (R-KS), Sen. Bernie Sanders (I-VT), Sen. Jeff Sessions (R-AL), Sen. Richard Shelby (R-AL), Sen. Debbie Stabenow (D-MI), Sen. Jon Tester (D-MT), Sen. David Vitter (R-LA), Sen. Roger Wicker (R-MS), Sen. Ron Wyden (D-OR)

Official roll call for vote number 213.

Both of the senators from the state of New Jersey where I am a resident voted in the affirmative. They’ve already received emails indicating my displeasure with their actions.

To Frank Lautenberg:

I am disappointed by your vote in the affirmative on H.R. 1424. I will be doing what I can to to assure you are not reelected in November.

“We will not let this economy fail” -Senator Reid
“This bill creates jobs here at home.” -Senator Reid
“Inaction is not an option.” -Senator Reid
“America I hope saw  Congress, the United States Senate, acting as the forbearers and the Founders intended it to act.” -Senator Dodd

http://www.dailypaul.com/…

I am outraged! Senator Mikulski actual said, on the floor of the Senate “I’m deeply troubled by where we find ourselves when the House Republicans are defying their own President.” They don’t work for him, they work for us! She seems to have forgotten that she works for the people of Maryland. Here is what she had to say about us – “…in the last 72 hours I’ve gotten close to 8,000 emails and only 30 were for this bill. I’ve gotten over 1,300 phone calls and almost all were against the bailout. “We listen to them loud and clear…” Yet she is still going to vote for this steaming pile. She went on to say that our democratic process in action was “hubbub”. HUBBUB?! Then she call for GW to become the “Commander of the economy”. In other words, DICTATOR.

November is going to be interesting.

http://news.yahoo.com/…

Hoyer, though, said on NBC’s “Today” show he was concerned that the tax issues could complicate the chances of final congressional passage when the legislation comes back to the House floor for a vote.

“There’s no doubt the tax package is very controversial,” he said, adding that “there’s no doubt in my mind that the Senate added this because they thought that’s the only way they could get it passed.” He said he wasn’t pleased the tax provisions were attached to the bill.

Adding a set of popular business tax breaks and legislation to prevent more than 20 million middle-class taxpayers from feeling the bite of the alternative minimum tax promised to win House GOP votes for the plan even as it angered moderate “Blue Dog” Democrats concerned about the tax cuts adding to the deficit.

I reported earlier on the some of the changes made to the House amendments by the Senate. Unfortunately the only way to find out is through piecing together random news articles as at last I checked the actual bill to be voted on was not publicly available. So… I hadn’t seen that the AMT was part of this supposed tax reduction. We’ve all have heard the horrors of the AMT and yet Congress has been unable to do anything about it until now? It’s not even a carrot for passage, as a real tax reduction would be, but the promise not to use the stick… as hard. Another example where government regulation has lead to an unforeseen problem that would simply not have existed in any sort of resemblance of a free market. Now they are trying to sweeten this poison bill with it. Getting rid of the AMT is a great idea… but not on the back of one of the most egregious corporatist bills to come our way in a generation.

Speaking of negative unforeseen consequences.

http://www.bizjournals.com/…

The U.S. Securities & Exchange Commission Tuesday decided to ease “mark to market” accounting rules which have hurt banks, mortgage lenders and the housing sector during the downturn.

Mark to market is a Sarbanes Oxley accounting rule that requires holdings, assets, and loans be valued at their current value. It was aimed at keeping company’s books on the up and up but it has devastated banks and mortgage lenders in the housing slump.

On Tuesday the SEC said companies and financial institutions have some leeway in assessing value, not just the current market, which is of course way down.

There is also some talk in Congress of a temporary or permanent mark to market repeal to allow for a more long-term valuation of assets and loans.

What a surprise? Government regulation which manipulated the market values of assets caused the market to negatively react to that misvaluation. It’s unfortunate there isn’t a way to translate the economic distortion into something the politicians could understand. Like a punch in the face.

http://www.reuters.com/…

The Federal Deposit Insurance Corporation is seeking temporary unlimited borrowing authority from the Treasury Department, according to a copy of the final Senate bailout legislation on Wednesday.

In the bill, which is expected to be voted on by the Senate later Wednesday, the FDIC is seeking the borrowing authority through the end of 2009.

The FDIC currently insures up to $100,000 per depositor and up to $250,000 per individual retirement account at insured banks.

Really just accounting tricks. The FDIC doesn’t have their own separate fund to draw from anyway so instead of the Congress borrowing they are trying to delegate the borrowing through the FDIC.