Opinion: I Call B.S. on Bailout

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New York Times:

"The extent of the credit crisis that unfolded from the morning of Sept. 17 to the afternoon of Sept. 18 was unseen to the public but spooked policy makers into action."

If this is true, why, then does pages 448 and 449 of the unconstitutional bill state the following?

(d) EFFECTIVE DATE. - IN GENERAL. - Except as otherwise provided in this subsection, the amendments made by this section shall apply to amounts deferred which are attributable to services performed after December 31, 2008.

(2) APPLICATION TO EXISTING DEFERRALS. - In the case of any amount deferred to which the amendments made by this section do not apply solely by reason of the fact that the amount is attributable to services performed before January 1, 2009, to the extent such amount is not includible in gross income in a taxable year beginning before 2018, such amounts shall be includible in gross income in the later of - (A) the last taxable year beginning before 2018, or (B) the taxable year in which there is no substantial risk of forfeiture of the rights to such compensation (determined in the same manner as determined for purposes of section 457A of the Internal Revenue Code of 1986, as added by this section).

So, is the sky falling or not? Has Congress suddenly obtained the power to stall the sky from falling for THREE MONTHS? Can this be? Is it possible? The effective date if it passes in the House is AFTER 01 JAN 2009 and they have ELEVEN YEARS to accomplish the "bail out". That my friends is a very large and slow falling sky. The way everyone is acting, the sky is approximately two inches off of the ground at this moment. It gets worse, actually. On page 449 we also read:

ACCELERATED PAYMENTS. - No later than 120 days after the date of the enactment of this Act, the Secretary shall issue guidance providing a limited period of time during which a nonqualified deferred compensation arrangement attributable to services performed on or before December 31, 2008, may, without violating the requirements of section 409A(a) of the Internal Revenue Code of 1986, be amended to conform the date of distribution to the date the amounts are required to be included in income.

So, as the sky is falling, we have to wait until New Year's Day 2009 for the First Responders to arrive and then, 120 days later, recommendations will be made as to how to address the situation. And, what exactly does "a limited amount of time" mean? But, if something has happened prior to 31 DEC 2008, let's say, way back to 1889, bad mortgages can be purchased? 120 days and a limited amount of time doesn't sound like a dire emergency to me. Neither does the fact that the bill doesn't take affect until January 1, 2009. I suppose we are to wallow in the muck for the next three months suffering from the effects of another DNC fabricated non-issue issue.

The Australian News has this article up entitled, "Minutes left to save the world". JWF reply is as follows: "I guess if you're still around to read this the world has been saved." I guess so. Every morning since the 17th, I have awakened only to find that we aren't drifting into the sun and my home is still right where it was I saw it last. The only draw back is that the worst Congress in the history of the United States is still here.

The Senate unconstitutional bill can be read here...