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Friday, October 03, 2008

US Senate passes Wall Street bailout bill after biodiesel, wind, solar tax credits added : Biofuels Digest

Here is a point of view that I didn't think about.

US Senate passes Wall Street bailout bill after biodiesel, wind, solar tax credits added : Biofuels Digest: "October 3, 2008. In Washington, the US Senate included extensions of the renewable energy tax credits in the Wall Street bailout bill, prompting a 74-25 vote in favor of the bill. The addition of renewable energy tax credits also led to speculation that the bill will now pass the US House. The additional language in the bill provides a one-year extension of the wind energy tax credit, an eight-year extension for solar energy projects, credits from $2500 to $7500 for buyers of plug-in hybrids, and an extension of the $1 per gallon biodiesel production incentive. U.S. Rep. Steve King, R-IA, told the Des Moines Register that, with the credits, he believes the bill will now pass in the House."

2 comments:

Bryant Arms said...

The financiers are snookering us again. We, the taxpayers, will never see that money once Congress caves in to special interests, (as usual). If we try to get it back by taxing these businesses, then they will take the good parts of their portfolios and flee to other countries. Suckers!

If we use that money to enhance social security, then all of the retirees that lost their retirement funds in the stock market will at least be guaranteed a reasonably comfortable retirement. (The only ones who will still be unhappy are the ones trying to retire to their mansions.)

Finally! Congress has found the money to make social security work.

Let Congress know that if they get fooled by this bailout, then the only thing for voters to do is punish congress the way it was punished for the gulf war.

Bryant Arms

Helge Keitel said...

Bryant, you have a very good point. The key to long term survival of the housing problem is to stabilize the prices of real estate.

If housing prices go down by more than 30 % then $700 million will not be enough. The next step is at least the double amount of money.

If real estate values drop with 50 % it's very difficult to see how existing banks will survive.

Bankers don't trust in each other. The end result is that nobody wants to make deals outside their own banks.

It's a very delicate an difficult financial problem.

The problem was created by creative bankers that wrapped toxic loans into branded boxes. Other bankers bought garbage and never examined the real value of what had been pushed into the boxes.