The Bail Out: I Call BS

~Snooper~

I have a few questions. If in fact the sky was falling to such a degree on the 17th of September in the year of our Lord 2008 and, as the New York Times writer so states: "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" 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?

Color me stupid. Or, just put a bullet in my head. With a HT to JWF, 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.

The Senate unconstitutional bill can be read here...

The Washington Times is a must read and doesn't see the "urgency" either...JonJayRay also has a must read and reveals what an "insider" has to say...RWN? Same thing...the WaPo is even questioning the alleged panic...TAT exposes (as so has many others) the utter lies of Barney Frank and other cretins just like him...

Trackposted to Blog @ MoreWhat.com, Rosemary's Thoughts, third world county, The World According to Carl, The Pink Flamingo, Leaning Straight Up, Cao's Blog, , Democrat=Socialist, and Wingless - Canadian Press Cries For Convicted Terrorist, thanks to Linkfest Haven Deluxe.