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Wednesday, April 7, 2010 as of 11:14 AM ET

The Casone Exchange
  • October 2, 2008 10:23 AM UTC by Cheryl Casone

    Oink Oink

    Once again I find myself upset with Washington. They voted down a 700 billion dollar package (which I still believe was/is needed to unfreeze the credit market as I watch IBM and AT&T deal with CP problems this morning) and turned it into a piece of pork. They lost credibility on Monday by saying a deal was in place, when in fact it wasn’t. Strong decisive action was needed, and Paulson’s original plan was just that. Now that Congress is mucking up the water with a lobbyist wish list, I understand why nothing ever gets done. They can’t help themselves, it’s politics as usual. No wonder they have a 17% approval rating.

    Want to know what your Senators added to the bill? Wooden arrows! Check this out:
    * Manufacturers of kids’ wooden arrows – $6 million.
    * Puerto Rican and Virgin Islands 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.

    Tom Schatz, president of the watchdog group Citizens Against Government Waste told the New York Post
    “There’s always something that goes on at the end where the last dozen members are trying to get something for themselves or for a special interest rather than what might be good for the country,” Schatz said.

    AMT is hitting more of the middle class, and there is a provision that shields another 20 million Americans from it.

    I still believe the bill did and needs to go through, because credit is drying up this week even further. Everyone calls Wall Street greedy, but rum production? Really?

    CC

    David Williams VP of Policy for the Citizens against Government Waste joins us on this.

Steve in NYC

Why we need those programs in the bill * Manufacturers of kids’ wooden arrows - $6 million. - Not nearly enough and no provision was made concerning adolescent or adult wooden arrows where the supply has dipped to critical levels * Puerto Rican and Virgin Islands rum producers - $192 million. - The general bad reviews of the last Pirates of the Caribbean have led to a virtual meltdown in rum sales. When you combine that with the temporary shutdown of Patty O'briens in New Orleans and the lack of Hurricanes being served - without help the economic impact on for these two Islands would make the current Wall Street finanancial crisis look, well, pretty much the same * Wool research! - We are on the verge of itch free wool, we can't stop when we are so close to what so many have dreamed of for so long * Auto-racing tracks - $128 million. - With the current gas crisis many people have switched back to horse track racing. It is obvious to anyone that watches Nascar that there is no way advertisers can make up this $128 million dollar shortfall as they have never truly taken to advertising at these events * Corporations operating in American Samoa - $33 million. - Without this influx of cash we risk corporations leaving American Samoa for the other Samoa which is not American - all part of keeping jobs in US Territories that very few people have ever heard of. * Small- to medium-budget film and television productions - $10 million. - I hate to say it, but without this money educational programs like Deal or no Deal will be off the air - there is a show featuring one of America's best bankers

October 3, 2008 at 4:20 pm

Greg Borus

Hi Cheryl, May be if the name of the of these Pork adders was posted every time the add this pork. Then maybe just maybe the people of their state would vote them out next time around. Fox should post this on their web sites and keep it up to date for everyone to see just who's loading this stuff up!

October 3, 2008 at 1:45 pm

Dana Swan

This particular legislation is a do or die for the country!! The usual pork and partian politics are unacceptable!! My anger is so intense I will NEVER vote for an INCUMBENT again!! The American people need to vote out ALL those in Congress and send a signal to Washington!!

October 3, 2008 at 9:55 am

Charles Whitman

369 Million in pork. I thought John McCain said he would veto any bill that came to him as president that had pork and now he votes for it. Don't tell me he did it for me. I think this is a bad bill and does nothing to fix the problem but line the pockets of Wall Street. John McCain missed a golden opportunity to speak up on the floor denouncing the pork and move to remove it from the Bill and pass the bill on its merits. Oh yea, if we have to bribe Senators to vote yes on a bill 90% of the voters do not want, what will be added by the House? No doubt that is it passes and there will be another bill or appropriation made to pay for making all the doors in the White House and Capital as well as the Senate and Congessmans office wider, so our pork ladden "representatives" can get through them. Oh by the way? Why doesn't anyone publish the names of these porkers who felt the the Bill was so important to pass, if they got fed? John McCain said he would publish names as President. I have lost confidence in John McCain. Just another Pork Politician.

October 2, 2008 at 7:01 pm

Susan

Here is what we all need to do. Vote every one of these idiots out of office. If they are dems, vote republican! If they are republican, vote dem (I know, but at least they are out of there). I am 100% against this bailout - let the chips fall where they may. Our economy - and society - need a reset anyway. All of these add-ons to the bailout prove - yet again - that Congress is corrupt and has no clue (or care) what the people want. I worry for my grandchildren...

October 2, 2008 at 6:38 pm

Dan

Our forefathers (the 1776 ones) were about putting themselves sacrificially on the altar of togetherness. Our current governmental fathers are all about putting us on the altar of porkishness, while too many of the people in this country are thinking only of their own pocketbooks. What happened to the patriots who once were in abundance in this good land?

October 2, 2008 at 4:48 pm

James in DC

Why isn't there someone (ummmmm McCain) "naming names" and fighting this pork? Seriously, Where is CAGW or any other non-profit / advocacy groups out there? Oh wait, the bulk of them already lobbied/bribed/cheated/stole everything they wanted from the tax payers! Maybe now I can have my nephew shoot arrows, while at the race track, in my wool socks, drinking rum runners, being filmed by a small to medium film studio in a documentary about starting a corporation in Samoa.

October 2, 2008 at 3:48 pm

Bill RUTH

$192mil for the Puerto Rican and V.I Rum Producers is "NOT" enough, infact how about $100mil for the American whiskey and bouron producers, and $100mil for the American vodka producers... Since the majority of our elected officials want to whiz our tax dollars away then atleast let the American tax payers feel happy whizzing their money away. This may sound silly to some, but it would generate money for the economy, what is the $700bn bail out bill going to generate??

October 2, 2008 at 2:58 pm

Ron

Why do we all act so suprised by the hidden pork. This ALWAYS happens. Always. Personally I am against any government sponsered bailout or whatever you want to call it. That is Socialism. Period. The beauty of capitalism is the rise and fall of the system. But............... If they really want to help the banks, and I'm not advocating anything here............. They should help the HONEST homeowner who is lossing there house. In honest I mean someone who is a low crdit risk and has maybe been in their homes for at least 3 years and had some rough times. So in a sense, by directly helping the homeowners you are helping the banks recoup their money. But that will never work either. Look at Katrina and all the scams that took place with trying to help the folks out there as well.

October 2, 2008 at 2:32 pm

Scott Kirkwood

Why hasn't our congress demonstrated some leadership and offered to give back any campain contributions received from any of these firms? Why have they not opted to make some sacrifices from their own perks, retirements, etc instead of dumping all of this on the U.S. taxpayer? I would like to know which Senator's added this crap to the bill? I hope the voters fire these jokers come November. It is time to start over.

October 2, 2008 at 2:01 pm

M. Shreve

I regret having become so cynical, but what happened appears clear to me. When you think about it, they’re actually pretty crafty: Former CEO Paulson presents Congress with a three-page request for an unrestricted $700 billion that he simply must have right away to save the planet. He knew absolutely that this would be denied. After lots of meetings, fear-mongering, dire predictions of financial Armageddon, the vote comes to the House. Just to make sure it didn't pass, Nancy Pelosi made a divisive speech just prior to the vote. With overwhelming public sentiment against passage, the House uncharacteristically represented the people and voted the bill down. As predicted, the stock market posted a huge reduction, more hysteria was released through the media and Congress could go to work on what they intended from the beginning – adding 447 pages of pork. Now they had a bill that the Senate could pass, posing and pontificating as the saviors of the economy, “Didn’t really want to, but I had to…” Meanwhile, sound-bites swirl to further the gloom and doom (Harry Reid, for example) so that the House can now pass the bill as well, for the same reasons. Bottom line: Pork for all; a tax bill for American workers, their children and grand-children. Erosion of free-market, a pass for the ineptitude of Paulson, Bernanke, and the wink and nod to Fannie Mae, Freddie Mac and those responsible for the oversight thereof. Worst of all, no change on the horizon, regardless of the outcome in November.

October 2, 2008 at 1:28 pm

Russ C

The simple solution all along has been to go to the root of the problem. These wacky mortgage-backed securities need to be transparent to the investor so a true risk-gain analysis can be done. * Shore up the underlying mortgages. * Identify the problem mortgages, renegotiate, re-do, foreclose, etc., as necessary. * Save as many of the deserving, well-intended, borrowers as possible - whether it be saving them from past predatory lenders, unfair/inflationary mortgages, or themselves. If the original institution has to wait 40 years break even, well, lesson learned. The government cannot and should not do this first step alone. The original leader/current holder of the mortgage needs to be doing this step. Maybe the government can help or encourage. After the mortgages are shored up to lose as little as possible or, long-term, break even or even make a little profit, then let those facts show through the security instrument. An investor can then correctly assess how much risk the security instrument really incurs. Insurers can assess the risks of the instrument's failure to make a profit or break even, and accurately calculate the costs to insure/underwrite. Force government and Wall Street to "set the example." * Pay down the debts (12+ trillion to investors by Wall Street & 12+ trillion by the USG to foreign lenders) and keep paying until they are gone. * Then, live within our means. * Discourage citizens from carrying debt beyond home mortgages and car payments. * Reward people for paying off credit card debt on time. * Outlaw predatory lending like "pay day loans" and such. * Encourage and reward savings and investments vice consumption and material acquisitions. * Get rid of these incomprehensible financial instruments that make up money and profits out of thin air - the stuff hedge funds are made from. * Regulate and control futures speculating to avoid rapid shifts in the market due to speculation by investors who never plan to take delivery of the goods. Let us throw a little of grandma's common sense money management and belt tightening into this bailout equation. If we do not, I fear we will revisit this same issue within a short period of time.

October 2, 2008 at 1:21 pm

Justin

Looks like I need to set up my still in the Carribean and get a piece of that action. I wish the government would subsidize my shine (well I guess in a way they do by keeping taxes so high on legal spirits). Anyway, I have no doubt that Congress will do the wrong thing and put the losses of wall street on the backs of the common man.

October 2, 2008 at 1:11 pm

John

This is disgraceful and I agree, no wonder their approval rating is low!! I hoped Senator McCain would have said something since this seems to be one of his biggest campaign issues. Maybe he is saving it for the campaign trail, but I think he passed up a huge opportunity, while the cameras were on him. Maybe he was afraid of poisoning the deal, like Speaker Pelosi did on Monday? I don't know what we the taxpayer can do to fix this. These crooks say one thing then turn around an do the exact opposite and hideb behind the committee meetings and other crap. We need to clean house (and senate), but we only vote on 1 Rep and 1 Senator at a time. I am SO DISGUSTED at these clowns!!!!!

October 2, 2008 at 12:57 pm

Isabell Klein

Everytime a member of Congress says "I'm doing this for the taxpayers," he means that he's doing it for more taxes from me. If Congress passes this now pork-ladden bill, there will be hell to pay at the ballot box. We citizens are not quite as stupid as the politicians think we are and in the end we hold their jobs in our hands! And, for some of us, our vote can't be bought with pork.

October 2, 2008 at 12:55 pm

Robert Fulton

Congress and the house are arrogant and so far out of touch they need to be thron out. (1) drop the capitail gaines tax 0 (2) FHA 203-K for investors will create jobs and pay off bad loans. (3) Fix the tax code (4) Stop the mark to market accounting (Stupid to begin with) (5) Get congress out of the way they are just another Chavez on investors

October 2, 2008 at 12:44 pm

Steve Jones

Good Jesus!!!! Load it up with nebulis garbage and those fools who put us here will love it. LET THEM EAT CAKE!! OK I'm ready to run for congress.

October 2, 2008 at 12:42 pm

Richard Marshall

Cheryl, If you can't "get it" regarding Mark to Market, you should not be on Fox Business News....really....Your guest also didn't "get it".... This if far too important and elementary to our financial markets.... I suggest you bone up on Mark to Market immediately....or get out of the kitchen. Rich Marshall Retired Bank Executive

October 2, 2008 at 12:41 pm

Doug Schwinn

I am livid that the Senate would add this level of pork to a bill that is so critical to all Americans! I guess that I shouldn't be surprised that our politicians would put their best interests in an election year befor the best interests of the country. I am a small businessman that needs to make a payroll every 15 days and I am getting really concerned that the credit facilities that I need for payroll and inventory to continue in business is drying up. Don't our elected representatives understand the credit markets are freezing up? My credit facility is based on Libor and every day that I look at the rate it reinforces my view that the credit situation is dire. As the election approaches, you can bet that I will look at an incumbant as a disqualifier.

October 2, 2008 at 12:33 pm

William Stanley

This "Bailout" with all the earmarks is like your house is on fire and you have to give the Firemen "goody bags" and "gift certificates" before the firemen will start pumping water to put the fire out. We would fire the firemen.

October 2, 2008 at 12:30 pm

chuck

Cheryl you're not alone. Jerry Doyle,former Actor of Babylon 5, now conservative talk show host,is now on the airwaves attacking the Washington establismnet.

October 2, 2008 at 12:21 pm

Kirsten Kohl

Now that people are watching, the press must pursue this story. Who wanted the $6 million for kids wooden arrows? Why? Who believed that wool research is needed now? Why? Shine a journalistic light on these people - do they really have a passion for helping rum producers or were they black mailing our nations credit? Come on journalists!! Do your jobs! Tell us the whole dirty story... follow the money and give us the names! Kirsten Kohl

October 2, 2008 at 12:17 pm

Robert Fulton

I am so fed up with this congress and president. I am upside down in all my homes and still making all the payments. Now HUD has come out and said if you can't afford your payments we will write down your loan. I work 3 jobs and am a Realtor. Now when the market turns those who did not make the payments will have equity years before those who paid. The moral to the story don't pay bills over leverage and congress will make you a winner. Take my tax dollars and give to those blood suckers. I AM VOTING OUT ANYONE WHO VOTES FOR THIS BAILOUT!!! I AM WRITTING NON OF THE ABOVE ON WRITE INS!!! If this was so bad why congress and house take a day off ? I did not get one. If is so bad tell the congress to stop flying private jets (Ms. Know whats best for all us spender of everyone elses money) I think I will jut walk out on all my houses and go on welfare like the others and then I can have a nice big house and be taken care of !!!!

October 2, 2008 at 12:12 pm

Monty

Cheryl, I made need the rum if this thing passes.

October 2, 2008 at 12:11 pm

David

Come on McCain (and Obama) - make them famous. Tell us their names. I support(ed) the idea of the first bill, the mechanics of what looked like the second might be. We are buying votes from people who do not put country first, but will sell their indignant souls for the benefit of friends in high places? "Don't give it to THEM, I need that money for my buddies!" Be a maverick (or show some real leadership) rhetorically flame the traitors in the public square. Same goes for the media. Yeah, yell out pork, but name all the names that each of these targets. Hypocrisy is worse than naivete. Maybe they didn't understand the ramifications of the credit market problems, but selling out the taxpayer and their "ideology" is exactly what will cause the "change we need."

October 2, 2008 at 12:10 pm

Grant

Remember that $250,000 Insurance our elected oficails were shouting about? The increase is ONLY TEMPORARY!!! In it's current state it will revert to $100,000 on Dec. 31, 2009! That really boosts my confidence! This ordeal will not be over by Dec. 31, 2009. The Alt-A ARM's will continue to drag on the economy for at least a couple more years. I still don't understand how restarting the seized up credit machine will stop this from happening again. I know that a the credit market and a fire have little in common except for the fact that people can be burned by both. But you don't throw gasoline on a fire hoping it will burn out faster. There is no reason to purchase toxic assets if there is not a provision to stop them from ever being created again. Affordable housing for everyone is a noble endeavor but unless we just flat out socialize housing it will continue to produce the situation in which we currently find ourselves. There should also be a provision that goes after those who wrote the original junk mortgage. These are people who knew their lendee's could not pay the mortgage but that would not be their problem once the mortgate was bundled and sold as an investment vehicle. I believe that fits one of the definitions of fraud. I also firmly believe that a jury would agree. There is a major problem though with Paulson's original plan:“Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.” Sec. Paulson is not an elected offical and therefore does not answer to the people to begin with. For someone with such vast control over our finances to be immune from any consequences of his actions is asinine.

October 2, 2008 at 12:05 pm

Robert Fulton

Jsut saw HUD secretery interview and have decied the government has made it more profiable to not pay for my houses and walk. I am upside down bt continue to pay them. Now those who drag my values down get a write down on pinciple. All this means now is when the market turns I am going to be upside down longer than they will. They are rewarding those who do wrong wall street all the way to main street. VOTE NO TO ANYONE IN POLITICS !!! I AM WRITING IN NON OF THE ABOVE ON ALL OF THEM OR NOT VOTING AT ALL !!! LET THEM LEGISLATE NO VOTE BUMS !!!

October 2, 2008 at 12:02 pm

Monty

Cheryl, It just keeps getting worse. It is almost as if our politicians are seeing just how much they can get away with. I, like most Americans, have not ever been impressed with our representatives. They have struck an all time low with me. When I see people at these political rallies holding signs saying Republican or Democrat I just have to laugh. How can we support any party that has done this to the citizens of our country? I am stunned. It's time for a change. For once we have to stand up for ourselves and make our politicians responsible for their actions.

October 2, 2008 at 11:42 am

Tim

Thank you for posting this! I saw some of the info on Fox and Friends this morning and have been looking for it in print. They (liberals) complain about the "rich keep getting richer" - is there anything we can do to keep the "dumb from getting dumber"?

October 2, 2008 at 11:40 am

Surprenant

Why are you so surprised that this bailout has turned into a piece of pork? That is the way of all things done by Congress. Anything proposed by Congress is a nonstarter by virtue of this universal truth.

October 2, 2008 at 11:38 am

Burnsie

It is shameful, truly, shameful. How/why would they do that? They aren't serious about this "credit crisis", only about saving their own butts. You are right I don't think they can help themselves, it is an illness, I think. I can only hope time wounds all heels...

October 2, 2008 at 11:33 am

Blake

Typical. I respectfully and consistently disagree with any type of financial rescue at all. Let's sit back and watch it crumble for once. At the end of the day we will all be better off. This is a hard pill to swallow but it is the only light at the end of the tunnel.

October 2, 2008 at 11:31 am

Ordinary Guy

Meanwhile, like a spoiled teenager, Wall Street holds its breath until it has turned bright red trying to get its way. Mommy and Daddy, who are on public assistance, are arguing and conniving to get the best positions at the feeding trough. My God, what have we become?

October 2, 2008 at 11:26 am

Randy

You forgot the biggest piece of Pork. 700 Billion dollars for a Bailout! The Bailout makes as much sense as Wooden Arrows.... None. Randy

October 2, 2008 at 11:13 am

T. Edward Langan

Congress has one objective with every bill -- to load it up with earmarks for themselves. Never are the people of this great country given a consideration. Our tax dollar is the fruit of there purpose. We need to storm Washington and throw these bums out. . . I have heard many politicians speak about this bill, yet, I have not heard a serious explanation how this bill will work. Why? because they don't know and they don't care. Our government is so corrupt and out of touch with the populous there's no hope. I call for the Tea Party of 2008 -- something has to give. . .

October 2, 2008 at 11:10 am

about this blog

  • Cheryl Casone joined FOX Business Network (FBN) in September 2007 as an anchor. Prior to FBN, Casone served as a correspondent for FOX News Channel’s (FNC) business unit and was a regular guest on FNC’s Your World with Neil Cavuto. Casone brings years of experience covering finance, business, and consumer news to FBN.

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