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  1. #121
    Senior Membrane spirilis's Avatar
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    Tax Credits

    The tax package that's part of the legislation also includes $17 billion in tax credits for the development of solar, wind and other forms of renewable energy. It passed the Senate on a 93-2 vote last week and differs from a version the House also approved. The package would spare 24 million households from a $62 billion alternative-minimum tax that is due to take effect this year.

    Fiscally conservative House Democrats known as Blue Dogs opposed the Senate bill because it wasn't fully offset by new tax revenue. The House version of tax breaks was paid for. Senate leaders refused to consider the House bill, saying it would never pass in that chamber. The financial rescue measure won support from 24 of the Blue Dogs on Monday.



    ...well, alternative energy I can root for.
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  2. #122
    Order Now! pure_mercury's Avatar
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    Quote Originally Posted by spirilis View Post
    Tax Credits

    The tax package that's part of the legislation also includes $17 billion in tax credits for the development of solar, wind and other forms of renewable energy. It passed the Senate on a 93-2 vote last week and differs from a version the House also approved. The package would spare 24 million households from a $62 billion alternative-minimum tax that is due to take effect this year.

    Fiscally conservative House Democrats known as Blue Dogs opposed the Senate bill because it wasn't fully offset by new tax revenue. The House version of tax breaks was paid for. Senate leaders refused to consider the House bill, saying it would never pass in that chamber. The financial rescue measure won support from 24 of the Blue Dogs on Monday.



    ...well, alternative energy I can root for.

    And I'd rather they get tax credits than subsidies, although neither would be best. Also, getting rid of the Alternative Minimum for that many people while simultaneously passing a bailout bill with an almost $700 billion price tag is stupid.
    Who wants to try a bottle of merc's "Extroversion Olive Oil?"

  3. #123
    / booyalab's Avatar
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    Quote Originally Posted by Eileen View Post
    This is not to say that I sanction stupidity and irresponsibility on the parts of individuals, but predatory loaning is some shitty shit.
    It's pretty shitty for the banks too, who end up losing millions of dollars when they loan to people who don't pay them back. Hmm, maybe banks should show more reluctance to loan to people with bad credit history. Except black people are more likely to have bad credit history and denying loans to them is racist! Darn!
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  4. #124
    Minister of Propagandhi ajblaise's Avatar
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    Quote Originally Posted by booyalab View Post
    It's pretty shitty for the banks, too, who end up losing millions of dollars when they loan to people who don't pay them back. Hmm, maybe banks should show more reluctance to loan to people with bad credit history. Except black people are more likely to have bad credit history and denying loans to them is racist! Darn!
    The problem is people giving out loans will get paid on commission a lot of the time, so they simply want to pump out as many loans as they can. These fools should be switched to a regular salary.

  5. #125
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    Quote Originally Posted by ajblaise View Post
    The problem is people giving out loans will get paid on commission a lot of the time, so they simply want to pump out as many loans as they can. These fools should be switched to a regular salary.
    Banks are actually the most conservative lenders out there, when you don't have the government telling them who to loan to. I don't know what you're talking about.
    I don't wanna!

  6. #126
    Minister of Propagandhi ajblaise's Avatar
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    Quote Originally Posted by booyalab View Post
    Banks are actually the most conservative lenders out there, when you don't have the government telling them who to loan to. I don't know what you're talking about.
    It's been talked about a lot for the past couple weeks. Banks were giving out loans too easily, everyone agrees on that... people working on commission has been cited as a major reason for this. Though I did hear about some federal legislation that was done a while ago that pressured banks to give out loans to poor people also.

  7. #127
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    Quote Originally Posted by ajblaise View Post
    Though I did hear about some federal legislation that was done a while ago that pressured banks to give out loans to poor people also.
    Right, and don't you think it's likely that the people administering loans were being paid commission before the legislation, when banks were more scrupulous?
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  8. #128
    Minister of Propagandhi ajblaise's Avatar
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    Quote Originally Posted by booyalab View Post
    Right, and don't you think it's likely that the people administering loans were being paid commission before the legislation, when banks were more scrupulous?
    I haven't heard any economist or anyone put the blame squarely/mostly on the government, even though that seems to be the default libertarian/conservative position for all of societies ills. The legislation I referenced I heard on NPR a few days ago, I don't know what it's nature was, but I would doubt they forced banks to give bad loans, or how much it really effected things.

  9. #129
    Order Now! pure_mercury's Avatar
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    Quote Originally Posted by ajblaise View Post
    I haven't heard any economist or anyone put the blame squarely/mostly on the government, even though that seems to be the default libertarian/position for all of societies ills. The legislation I referenced I heard on NPR a few days ago, I don't know what it's nature was, but I would doubt they forced banks to give bad loans, or how much it really effected things.
    It was a policy of both the Clinton and Bush administrations to try to give to poorer people with low credit scores more loans to buy houses. This crisis was a combination of poor government policy and oversight, greed by stupid banks and stupid prospective homeowners, and the fact that risk has been spread so far throughout the markets that a ripple in one end can cause a wave on the other.
    Who wants to try a bottle of merc's "Extroversion Olive Oil?"

  10. #130
    Minister of Propagandhi ajblaise's Avatar
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    Quote Originally Posted by pure_mercury View Post
    It was a policy of both the Clinton and Bush administrations to try to give to poorer people with low credit scores more loans to buy houses.
    Expand on that? I've only heard this referenced, not explained further.

    Where banks forced/swayed/given incentive to give out these loans?

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