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Bailout One Step Closer - Economists Don't Endorse
October 03, 2008



Expanded Bailout Plane Passes Senate, Economists Rage

The $700,000,000,000 bailout plan passed through the Senate today with lot's of bits and pieces added on, expanding it from an original 3 page plan to over 450 pages. The present plan has so many added sweeteners that I have yet to hear about them all, but the highlights include mandated mental heathcare coverage, an elimination of insurance companies avoidance of coverage through pre-existing condition clauses and a boost to FDIC bank account coverage from $100,000 to $250,000 per customer per bank. Also in the new plan is a heafty helping of greasy pork that will cost taxpayers loads of dough, including $478,000,000 in tax write-offs to the film industry, basically allowing production companies to write off their production costs on their taxes. I may have to start producing films.

An ever growing number of professional economists are massing in oppossition to the Big Buck Bailout. Their numbers have grown from about 160 last week to about 250 today. Reasons for their concern are varied, but most see this as a gigantic waste of taxpayers money. Most offer much simpler solutions to ease our credit crunch and get the economies wheels turning again. In short, none of them think throwing heaping helpings of good money at financial firms with bad business practices is a wise idea. You think? And all of them think the added pork will strain the average tax paying citizen.

On the market fronts the Dow again dipped today, while the dollar soared and commodities such as gold, silver, platinum, palladium and crude oil all dropped.



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About the Author
Tom Michael has been Krause Publications primary market analyst on more than 80 world and United States coin catalogs produced over the last 20 years. He came to KP in 1987 with a bachelor of arts degree in history, a master of arts degree in economics and a history of coin collecting stretching back to the 1960s. He began collecting world coins as a child by asking friends and relatives to bring coins back from overseas trips, visiting flea markets and having his mother watch for foreign coins in her register at the local grocery store. Today he works with a dedicated base of over 200 contributors to provide accurate market values for the five-volume Standard Catalog of World Coins series, as well as many specialty catalogs, including Coins & Currency of the Middle East and the fifth edition of Unusual World Coins.

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