Papa Bear going wild once again. This thing’s not on Youtube yet but is definitely worth clicking.

And as awesome as the Barney Frank interview is, nothing beats the original (NSFW).

You’re welcome.

The Senate passed the economic assistance plan last night after some revisions, lots of additions, and a little mild-mannered stumping. Most of the bill is good for Americans- control on how money is spent on junk, oversight on the $700 billion, relief on mark to market, increase of the FDIC insurance limit, etc.

Unfortunately, at a critical time in the country’s history, the Senate felt compelled to load the bill up with all kinds of extras that have little or nothing to do with the intent of the bill. It’s all a trading game- bits and pieces added to persuade votes in the house to make the bill successful. If an ordinary citizen were to attempt to persuade a congressman or woman to vote for a bill by providing them with financial influence, they’d be thrown in jail for bribery. Yet, in Washington it’s perfectly legal, even encouraged to do so.

For your reading enjoyment, here are some excerpts from the 451 pages:

Section 110: Assistance to Homeowners, subsection b.1:
To the extent that the Federal property manager holds, owns, or controls mortgages, mortgage backed securities, and other assets secured by residential real estate, including multi-family housing, the Federal property manager shall implement a plan that seeks to maximize assistance for homeowners and use its authority to encourage the servicers of the underlying mortgages, and considering net present value to the taxpayer, to take advantage of the HOPE for Homeowners Program under section 257 of the National Housing Act or other available programs to minimize foreclosures. (subsection b.2)- Modifications - In the case of a residential mortgage loan, modifications made under paragraph (1) may include- (A) reduction in interest rates; (B) reduction of loan principal; and © other similar modifications.

Section 122: Increase in Statutory Limit on the Public Debt-
Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting “$11,315,000,000,000″. (That’s $11.315 trillion dollars in case you got lost in the zeros).

Page 113, Division B: Energy Improvement and Extension Act of 2008-
Includes extensions to things like existing renewable energy credits, clean renewable energy bonds, temporary increase in the coal excise tax, and about 20 other mind-numbingly boring and verbose sections. Most of it is very positive for America but has absolutely nothing to do with the terms of the bailout. Here’s an excerpt for your reading enjoyment, and evidence why nothing gets done in Washington:

In General, notwithstanding subsections (a)(1) and © of section 6416 and section 6511 of the Internal Revenue Code of 1986, if-
(i) a coal producer establishes that such coal producer, or a party related to such coal producer, exported coal produced by such coal producer to a foreign country or shipped coal produced by such coal producer to a possession of the United States, or caused such coal to be exported or shipped, the export or shipment of which was other than through an exporter who meets the requirements of paragraph (2),
(ii) such coal producer filed an excise tax return on or after October 1, 1990, and on or before the date of the enactment of this Act, and
(iii) such coal producer files a claim for refund with the Secretary not later than the close of the 30-day period beginning on the date of the enactment of this Act, then the secretary shall pay to such coal producer an amount equal to the tax paid under section 4121…….if you’re still reading this you are a fine and dedicated American.

And some of the more highly publicized sections:

On helping Puerto Rican rum distributors…

Section 308: Increase in limit on cover over of Rum Excise Tax to Puerto Rico and the Virgin Islands-
(a) In general- Paragraph (1) of section 7652(f) is amended by striking “January 1, 2008″ and inserting “January 1, 2010″. (b) Effective Date- the amendment made by this section shall apply to distilled spirits brought into the United States after December 31, 2007.

On extending tax credits for railroad track maintenance…

Section 316: Railroad track maintenance:
(a) In General- Subsection (f) of section 45G (relating to application of section) is amended by striking “January 1, 2008″ and inserting “January 1, 2010″.

On helping motor sports racing track facilities…

Section 317: Seven year cost recovery period for motor sports racing track facility-
(a) In General- Subparagraph (D) of section 168(i)(15) (relating to termination) is amended by striking “December 31, 2007″ and inserting “December 31, 2009″.

On extending the tax credit to companies that have hired people affected by Hurricane Katrina (for another two years)…

Extension of work opportunity tax credit for Hurricane Katrina employees-
(a) In General- Paragraph (1) of section 201(b) of the Katrina Emergency Tax Relief of 2005 is amended by striking “2-year” and inserting “4-year”.

On extending tax incentives for investment in the District of Columbia…

Section 332: Tax incentives for investment in the District of Columbia-
(a) Designation of Zone- (1) In General- Subsection (f) of section 1400 is amended by striking “2007″ both places it appears and inserting “2009″.

On extending much needed to help wool producers and researchers…

Section 325: Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds-
(a) Extension of temporary Duty restrictions- Each of the following headings of the Harmonized Tariff Schedule of the United States is amended by striking the date in the effective period column and inserting “12/31/2014″: (1) Heading 9902.51.11 (relating to fabrics of worsted wool)., (2) Heading 9902.51.13 (relating to yarn of combined wool), (3) Heading 9902.51.14 (relating to wool fiber, waste, garnetted stock, combed wool, or wool top), (4) Heading 9902.51.15 (relating to fabrics of combed wool), (5) Heading 9902.51.16 (relating to fabrics of combed wool). (b) Extension of Duty Refunds and Wool Research Trust Fund- (1) In General- Section 4002© of the Wool Suit and Textile Trade Extension Act of 2004 (Public Law 108-429; 118 Statute 2603) is amended- (A) in paragraph (3)©, by striking “2010″ and inserting “2015″; and (B) in paragraph (6)(A), by striking “through 2009″ and inserting through “2014″.

On extending assistance to the challenged film and TV producers with budgets less than 15 million dollars (poor chaps)…

Section 502: Provisions related to Film and Television productions-
(a) Extension of expensing rules for qualified film and television productions.- Section 181(f) (relating to termination) is amended by striking “December 31, 2008″ and inserting “December 31, 2009″. (b) Modification of Limitation on Expensing- Subparagraph (A) of section 181(a)(2) is amended to read as follows: “(A) In General- Paragraph (1) shall not apply to so much of the aggregate cost of any qualified film or television production as exceeds $15,000,000.”.

And finally, the legendary wooden arrows assistance clause…

Section 503: Exemption from excise tax for certain Wooden Arrows designed for use by children-
(a) In General- Paragraph (2) of section 4161(b) is amended by redesignating subparagraph (B) as subparagraph © and by inserting after subparagraph (A) the following new subparagraph: “(B) Exemption for certain wooden arrow shafts.- Subparagraph (A) shall not apply to any shaft consisting of all natural wood with no laminations or artificial means of enhancing the spine of such shaft (whether sold separately or incorporated as part of a finished or unfinished product) of a type used in the manufacture of any arrow which after its assembly- ‘(i) measures 5/16 of an inch or less in diameter, and (ii) is not suitable for use with a bow described in paragraph (1)(A).’”.

In case you think I’m making any of this up, here’s the link to the actual 451 page document (double-spaced, gigantic margins).

You’re welcome.

The Big XII switched spots with the SEC this week taking the “4 teams in the top 10″ banner. Specifically in the Coaches Poll- Oklahoma at 1, Missouri at 3, Texas at 5, and Texas Tech at 8. The biggest fraud of these so far is Texas Tech, but I’ll get to them in a second. First, it’s worthwhile analyzing the Sagarin strength of schedule of the Big XII teams.

As a reference point, consider that # 2 Alabama has a strength of schedule at 39th; The # 9 team USC is SOS’d at 7th; the # 10 team Georgia is ranked at 29th; and LSU has a strength of schedule at 114th.

The leader of the Big XII pack, Oklahoma, has a pretty limp ranking at 78th, barely evidence of a challenge to them, but superior to the rest of their Big XII peers. Oklahoma has been very dominant early on and statistically very strong. Put it in the context of who they’ve beaten though (nobody).

Texas is next with the 117th ranked strength of schedule. Texas’ quality win is a 52-10 win over a 2-2 Arkansas team. Texas is getting lit up through the air on defense, but that’s partially because they’re getting ahead of opponents and then they’re forced to throw. Still, 100th in pass offense against inferior competition isn’t going to get it done.

Texas Tech is next “toughest” with the 129th ranked strength of schedule. The Red Raiders’ “quality win” is a 35-19 victory on the road against a 2-2 Nevada team. Texas Tech is 97th in pass defense, 61st in overall defense, and 66th in rushing offense, all against a wet paper bag schedule. TT also has the distinction of playing not one but two I-AA teams this season- 2-2 Umass and 2-2 Eastern Washington. If that doesn’t point to the ridiculous nature of early season polls, and the agendas that several national writers have, I don’t know what does.

Finally, Missouri trails with the 142nd ranked strength of schedule. That means 21 Division I-AA teams have a tougher schedule thus far than the Missouri Tigers. Missouri’s “quality win” remains their season opening 52-42 win over Illinois. Missouri also struggles against the pass (must be a Big XII virus) at 111th and have the 79th ranked defense overall. Considering who they’ve played, that’s a serious problem and should make voters pause before putting that at # 3 on their ballots (myself included).

What does all this mean at this point in the season? Not much. It means some or all of these teams aren’t necessarily as good as their ranking right now. It’s likely the Big XII will sort itself out with Missouri @ Texas, Texas @ Oklahoma, Texas @ Texas Tech, Texas Tech @ Oklahoma, plus the Big XII championship game still on the schedule.

You’re welcome.

Lots of movement in the Ocho this week what with all the high profile teams blowing it last week. A new entrant also in Utah. I’m not sold on them but really had a hard time finding 8 quality teams this week.

You’re welcome.