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THE DEBATE

OK ... here I was ready to write some things about the debate last night and add them to the notes I've already prepared ... and I get a call from Belinda. A tree has fallen at her house, crushed her husband's car, and trapped her. So I have to go pick her up. We'll deal with the debate when I get on the air.

THE HOUSE VOTES TODAY

I heard something very surprising last night. I was having dinner with some folks with strong business connections in the Southeast. Naturally we discussed the bailout and our general dislike for the idea. One person, who shall remain among the unnamed, told us of a conversation he had this week with a top financial officer of a major – and I mean major – corporation that would not be able to meet payroll next week if something wasn't done to ease credit. You hear stories like that and you understand first how bad the situation is, and then how bad things could still get if something isn't done.

There's a real disgusting side of this bailout though. First ... it is very upsetting that most Americans don't really understand how we got into this mess in the first place. Secondly ... well ... read on.

Yesterday on the air, I brought you a laundry list of tax breaks that have been included in the bill. You want to see the list for yourself? Fine, have at it. Here is a list of just some of the ever-growing tax breaks that are essential enough to be included in this bailout bill. Who knows how big it will be by the time it passes:

Sec. 101. Extension of alternative minimum tax relief for nonrefundable personal credits.
Sec. 102. Extension of increased alternative minimum tax exemption amount.
Sec. 103. Increase of AMT refundable credit amount for individuals with longterm unused credits for prior year minimum tax liability, etc.
Sec. 201. Deduction for State and local sales taxes.
Sec. 202. Deduction of qualified tuition and related expenses.
Sec. 203. Deduction for certain expenses of elementary and secondary school teachers.
Sec. 204. Additional standard deduction for real property taxes for nonitemizers.
Sec. 205. Tax-free distributions from individual retirement plans for charitable purposes.
Sec. 206. Treatment of certain dividends of regulated investment companies.
Sec. 207. Stock in RIC for purposes of determining estates of nonresidents not citizens.
Sec. 208. Qualified investment entities.
Sec. 301. Extension and modification of research credit.
Sec. 302. New markets tax credit.
Sec. 303. Subpart F exception for active financing income.
Sec. 304. Extension of look-thru rule for related controlled foreign corporations.
Sec. 305. Extension of 15-year straight-line cost recovery for qualified leasehold improvements and qualified restaurant improvements; 15-year straight-line cost recovery for certain improvements to retail space.
Sec. 306. Modification of tax treatment of certain payments to controlling exempt organizations.
Sec. 307. Basis adjustment to stock of S corporations making charitable contributions of property.
Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and the Virgin Islands.
Sec. 309. Extension of economic development credit for American Samoa.
Sec. 310. Extension of mine rescue team training credit.
Sec. 311. Extension of election to expense advanced mine safety equipment.
Sec. 312. Deduction allowable with respect to income attributable to domestic production activities in Puerto Rico.
Sec. 313. Qualified zone academy bonds.
Sec. 314. Indian employment credit.
Sec. 315. Accelerated depreciation for business property on Indian reservations.
Sec. 316. Railroad track maintenance.
Sec. 317. Seven-year cost recovery period for motorsports racing track facility.
Sec. 318. Expensing of environmental remediation costs.
Sec. 319. Extension of work opportunity tax credit for Hurricane Katrina employees.
Sec. 320. Extension of increased rehabilitation credit for structures in the Gulf Opportunity Zone.
Sec. 321. Enhanced deduction for qualified computer contributions.
Sec. 322. Tax incentives for investment in the District of Columbia.
Sec. 323. Enhanced charitable deductions for contributions of food inventory.
Sec. 324. Extension of enhanced charitable deduction for contributions of book inventory.
Sec. 325. Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds.
Sec. 401. Permanent authority for undercover operations.
Sec. 402. Permanent authority for disclosure of information relating to terrorist activities.
Sec. 501. $8,500 income threshold used to calculate refundable portion of child tax credit.
Sec. 502. Provisions related to film and television productions.
Sec. 503. Exemption from excise tax for certain wooden arrows designed for use by children.
Sec. 504. Income averaging for amounts received in connection with the Exxon Valdez litigation.
Sec. 505. Certain farming business machinery and equipment treated as 5-year property.
Sec. 506. Modification of penalty on understatement of taxpayer's liability by tax return preparer.
Sec. 512. Mental health parity.
Sec. 601. Secure rural schools and community self-determination program.
Sec. 602. Transfer to abandoned mine reclamation fund.
Sec. 702. Temporary tax relief for areas damaged by 2008 Midwestern severe storms, tornados, and flooding.
Sec. 703. Reporting requirements relating to disaster relief contributions.
Sec. 704. Temporary tax-exempt bond financing and low-income housing tax relief for areas damaged by Hurricane Ike.
Sec. 706. Losses attributable to federally declared disasters.
Sec. 707. Expensing of Qualified Disaster Expenses.
Sec. 708. Net operating losses attributable to federally declared disasters.
Sec. 709. Waiver of certain mortgage revenue bond requirements following federally declared disasters.
Sec. 710. Special depreciation allowance for qualified disaster property.
Sec. 711. Increased expensing for qualified disaster assistance property.
Sec. 712. Coordination with Heartland disaster relief.
Sec. 801. Nonqualified deferred compensation from certain tax indifferent parties.

Something else that has come to our attention. Section 117 of this monster bill in for a "carbon audit of the tax code." Hmmm sounds like the global warming scam is creeping into our laws.

A CRIMINAL INVESTIGATION INTO FINANCIAL INSTITUTIONS

Yesterday Senator Kent Conrad, a Democrat from North Dakota, sent a letter to Attorney General Mike Mukasey. The letter basically called for a criminal investigation into the failed economic institutions that caused this economic "crisis." He says, "We need to take a long hard look at how our financial system spiraled downward so far so fast."

Give me a big-time break here. Maybe Kent Conrad should listen to talk radio for a day. Maybe he will then realize the government's role – especially the MoveOn Democrat party, in this subprime mortgage crisis. Maybe he will realize that some have seen this coming for years, and it was his party that failed to do anything about it.

HOMER SIMPSON VOTES

An episode of "The Simpsons" has been leaked ... and it happens to be the episode which is supposed to air November 2nd, just days before the election. You can watch the clip. I'm sad to report that Homer apparently is an Obama supporter. And when he tries to vote for Obama, the voting machine refuses to recognize his vote, eventually sucking him into the machine and killing him.

AND NOW FOR THE MOST IMPORTANT QUESTION OF THE DAY

Is Sarah Palin's lipliner a tattoo? Seriously, folks. These are the types of issues that the left are concerned about.

WAIT, THERE'S ONE MORE

Larry Flynt, the founder of Hustler, has produced a porn video in order to express his views about Sarah Palin. He did this by hiring an adult-film actress who looks like Sarah Palin ... and you know where the story goes from there. Democrats, by the way, love Larry Flynt.

AND YOU THINK THIS JOB IS EASY

Oh yeah .. all I have to do is just sit there and run my mouth and bring in tens of thousands of dollars a year. A real snap. Remember, though, I have to deal with listeners. I know, that sounds rude ... but I just want you to read this email. While you're reading this email I want you to climb into this guy's head and see if you can come anywhere close to understanding the thought processes that would cause someone to write something like this.

Are you sitting down? They here you go:

No .. this is not an isolated incident. We get multiple emails every day very much like this one. I have had to instruct Web Guy and Cristina to just delete them and not forward them to me for me to read. I read something like this and it just fries my brain, rendering me incapable of rational thought for several minutes. They're toxic, and I think these emails actually cause herpes.

READING ASSIGNMENTS

Tree Crashes into Belinda's House!

Here's a look at the differences between Barack Obama's healthcare plan and John McCain's plan. Keep in mind, the MSM says Obama's plan with insure more people ... because the government will put a gun to your head and mandate it.

How do you feel about Hollywood getting a cut of this bailout bill? Then again, it really doesn't matter how you feel.

There's a group of House Republicans that are proposing to cut the size of the bailout ... we'll see if Jamie Dupree thinks this has any legs. Doubtful.

Which industries contribute the most to which parties and candidates? This is an interesting list.

Read into this what you will but John McCain has given up trying to win Michigan. I don't much like giving up.

Hillary Clinton is really worried about the government getting its hand on your children in order to educate 3- and 4-year-olds.

The head of the U.N. nuclear watchdog agency says that his agency doesn't have the ability to discover undeclared [nuclear] activities. Gee, ya think?

Sarah Palin apparently has a new strategy: drawing on Americans' dislike of elitists.

Perhaps the dumbest poll of this election so far ... would you want Sarah Palin as your mom? Mom? Errr... no.

The National Review has a parody piece, writing as if Sarah Palin had said the many gaffes of Joe Biden.

Are these people actually serious? There are people out there who are questioning whether or not Sarah Palin is really a woman. Well .. liberals always have had a rough time recognizing a real woman. They think Hillary Clinton is a woman.

Marketing firms are confirming that the bailout bill probably would have passed if it were not labeled a "bailout" but rather a "rescue."

A Detroit radio reporter was fired for wearing a Barack Obama t-shirt to cover an Obama rally.

CAIR sets up a voter registration table in front of a Mosque on a Muslim holy day. Did you know that 13% of Americans still think Barack Obama is a Muslim?

A man keeps his garbage in his basement for an entire year ... just so he can reduce his environmental footprint.

The US automakers are saying that they didn't receive a bailout ... just a loan to pay for the price of complying with government environmental regulations.

When Six Flags declares a Muslim Family Day, workers are required to wear full length pants so they don't offend any of the Muslim visitors.

When your town is struggling to pay the bills, this is just what it needs to spend its (or I should say the taxpayers') money on ... a giant domino.

A little Friday fun: Big Fat Boss Prank.

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