They Did WHAT?

Artificial Sweeteners: The Senate, in its infinite wisdom (Yuk Yuk), applied lipstick to the financial markets bailout (ah, pardon the profanity) rescue package that includes a series of tax credit incentives to businesses, nine of which manufacture toy bows and arrows. The bill which carried 75-29 was designed to add sweeteners to swing 12 votes in the House whose members voted down the $700 billion package by that margin Monday. Other beneficiaries in line for tax breaks include the film and television industry, motor speedways, horse thoroughbred owners, wool producers, charities, children, teachers and more. None of these sweeteners -- all shifted from Congress' tax provision bills -- would have an immediate impact on stabilizing the immediate crises in the financial, credit and housing markets. More important tax and credit extensions involved the R&D credit for states without income taxes to deduct various forms of state and local sales taxes, a deduction for higher education costs, charitable giving incentives and an expansion of child credits. Western states with large amounts of non-producing revenue of government lands would receive an extension of an additional $3.3 billion over 10 years paid directly to rural towns and counties. Still other provisions are targeted to help Alaskan fishermen who suffered losses as a result of the Exxon Valdez oil spill more than 20 years ago, American Samoa economic development and American Indian employment. The Senate approved most other features contained in the original House bill including raising FDIC insurance from $100,000 to $250,000 for individual accounts. Senate Republicans made it clear they would vote against any House bill that increased taxes. While Congress fiddles, the stock market remained volatile with continuing sour news. The financial sector lost 111,200 jobs in September and businesses laid off 95,000 workers. Factory orders dropped 4% between July and August, the highest two-month down scale in two years. Home mortgage applications continued to decrease, dropping 23% this past week from the previous one. Not only is the administration and Congress leaderless, they continue to march to a different drummer than the rest of us.

Gaffe Central: One can't help but chuckle over all the hype leading up to tonight's vice presidential debate. The Republicans have set such a low expectations standard for Gov. Sarah Palin that she wins just by showing up. They are even attacking Gwyn Iffel, the PBS debate moderator, for having a vested interest in an Obama victory because she has written a book scheduled for publication in November on the rising importance of blacks in American politics. Dennis Miller cracked Palin should pull out the book's galley sheet at the beginning of the debate and ask for Iffel's autograph. Democrats equally are squirmishing over the prospects of Sen. Joe Biden continuing his cavalcade of gaffes which have shadowed him his entire political career. How does he handle a woman, they ask. If he's too condescending, he's male chauvinistic toast, they fear. Viewers will watch with interest much like racecar fans hoping for a spectacular accident on the NASCAR tracks.
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