Business

<< Previous   of   Next >>   ADVERTISEMENT   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Monday, October 6, 2008 Pork made bailout bill passable but not palatable By Mike Benbow It was 25 years ago that I first heard the old adage about never watching sausage or politics being made if I wanted to continue to stomach either of them. At the time, I was covering Washington's Legislature for The Herald and got big doses of politics every day. I did manage, however, to steer clear of watching what they put into sausage. It was a good move. These days, I still like sausage. I can't say that about politics and I especially can't say that about the bailout bill approved by Congress last week. I count myself among the masses who found a lot of things not to like about the bailout. I didn't like the idea that companies that made bad business decisions largely based on greed could get anything like a bailout. Some of the nation's financial problems were rooted in the fact that we let people buy homes without a down payment or the ability to pay back their loans. Some borrowers had what have been called liar loans because the lenders didn't require them to prove they had enough income, they just took their word. When the rates for these loans were boosted during a sputtering economy, many people couldn't pay. Do I think that the buyers of liar loans should be able to dump them on the government? No. Neither do most people. Rep. Rick Larsen, D-Wash., did a good job of describing public opinion when he talked about his e-mails from constituents. "They were running about 50-50," he said. "Fifty percent said no and 50 percent said hell no." Larsen was among the yes votes. Why did he and most of the other members of Congress not follow most voters' opinion? Clearly, they believe our shaky economy needed the bill to help it revive. I'm willing to support the decision if the members of Congress believe it's the right way to go. I generally think we should vote for people with intelligence and integrity and let them make the decision they think is right. I'm having trouble with this decision, however, because it's clear that not all the positive votes came from people who thought the decision was right. Undoubtedly, there were a lot of people who cast their votes looking at what was in the bill for them. How can I say that? All you have to do is to look at the size of the bill. A three-page proposal from President Bush became a 110-page bill that was defeated in the House a week ago. The bill the House approved on Friday was more than 400 pages. That included a number of financial provisions added to win approval. But there was also a lot of pork. "This is sausage-making, of course," Jade West, a lobbyist for the National Association of Wholesaler-Distributors, was quoted as saying by the Associated Press. The news agency did a good job of writing about that pork. One example of the items added to the bill to gather needed votes was a tax break for rum makers in Puerto Rico and the U.S. Virgin Islands. What does that have to do with our financial mess? Nothing really, but it had everything to do with politics. Like the old saw says, I'd like this bailout better if I knew less about how it was made. Mike Benbow: 425-339-3459; benbow@heraldnet.com. READER COMMENTS Be the first to comment. You must be a registered user and verify your e-mail address to post comments to blogs or articles on HeraldNet. To register, click here. To read other terms and conditions, click here. Log out

1. Man arrested in fatal shooting of brother 2. Highway 9 crash victims memorialized 3. Taxes needed to close state's growing deficit? 4. Confrontation led to elderly man's death, police say 5. Fire sends shoppers fleeing JC Penney at Alderwood 6. Snohomish salon owner has a venture with style 7. Pearl Harbor's voices of the past 8. Vikings’ Henderson breaks leg against Cardinals 9. Boeing shares soar as 787 first flight draws near 10. New law aims to deny some felons bail 2 - Top 10 Stories Most Talked about 3 - Top 10 Stories Most Emailed

• Wildcats fall to familar foe in semis • ‘Nutcracker' times three • Road warrior • Mavericks reloading • Holiday Lightings & Santa Sightings • Cities prepare for winter blast repeat • Wolfpack duo takes last shot at state tourney • This Weekend in Your Town • Tips for the stormy season • Boeing will build, flight test and deliver 787s in South Carolina to spe ... • Snohomish County EDC promoting job growth in key industry clusters • $4 million grant to advance brain tumor research has Everett links • Providence medical center construction tops off its 12-story steel frame ... • Tulalip affordable housing project to be financed by KeyBank, Raymond Ja ... • Arlington's Lak of Ink has a growing following for Luke Kooyman's creati ... • Bank of the Northwest formed • Cascade Bank earns $1.6 million