Political Cortex: Brain Food for the Body Politic

This obviously was cleverly rushed swiftly by Congress that was so astounded, so busily engaged in considering a $700 billion bailout.  They were almost all unaware of the windfall profit for banks that was taking place with the slick change the Treasury Department was sliding through quietly.  While performing his slick bag of tricks, divert attention one direction while staging an illusion in another direction.

As Paley also wrote:

"The change to Section 382 of the tax code -- a provision that limited a kind of tax shelter arising in corporate mergers -- came after a two decade effort by conservative economists and Republican administration officials.

"Section 382 of the tax code was created by Congress in 1986 to end what it considered as abuse of the tax system: companies sheltering their profits from taxation by acquiring shell companies whose only real value was the losses on their books.  The firms would then use the acquired company's losses to offset their gain and avoid paying taxes."

To add this tax windfall of around $145 billion by changing a tax code law to prevent banks from only acquiring a losing bank could guarantee that they pay no income tax on their profits is just another slick trick to avoid taxation.

Halliburton, which obtained no-bid contracts for their construction work in Iraq, after the U.S. had demolished much of Iraq in the "shock and awe" attacks, moved its corporate headquarters to Dubai.  Why Dubai?  Of course the answer is identical to this bank giveaway -- avoid paying any taxes.

What a patriotic gang we have running this country!

Right now, the Detroit automakers are pleading for a mere $25 billion bailout to save the incredible shrinking auto industry, which used to the number one U.S. industry back when genuine patriots were running the country.  Obama in his first White House visit implored the current White House resident not to just bail out banks, but give assistance to our auto industry and workers.

Bush balked unless he could have a free trade deal with Colombia that Bush is favoring with this trade-off swap of helping the U.S. auto giants, now dependent on some benefit to a deal with Colombia.

Let's put America first, Mr. Bush, please!