Biotechs want a bailout

[Hannah Bell]

http://www.pharmalot.com/

// December 10th, 2008 // 7:23 am

Biotechs execs plan to visit Congress today to ask for a temporary change in the tax law that would let money-losing companies get cash from the government now, in exchange for tax credits they would pledge not to take if they eventually become profitable, The New York Times writes.

The change, if approved, could enable biotechs to receive potentially hundreds of millions or even billions of dollars, on the condition that the money would be used for R&D. The moves comes as many smaller biotechs face a severe cash shortage that is forcing them to dismiss workers, curtail research and even file for bankruptcy protection or liquidation. But prospects for the proposal are unclear.

Allyson Schwartz, a Democratic member of the House Ways and Means Committee, which handles tax matters, will push to include the proposal in the forthcoming economic stimulus package and expected many of her colleagues to view it favorably. “Innovation and technology are growth areas for American businesses and American workers and should be part of this package,” Schwartz, whose district in the Philadelphia area is home to some drugmakers and biotechs, tells the Times.

[LeftyMom]

1. Bailouts for everybody!

This reminds me of the South Park episode with the homeless change zombies.

[Hannah Bell]

2. Biotechs want bailouts from the UK, too.

http://www.ft.com/cms/s/0/f0aa183a-c23e-11dd-a350-000077b07658.html?nclick_check=1

[Connonym]

3. It's not going to end

I think we need to either reboot the whole economy and start from scratch (like that will ever happen) or maybe give a bailout to the American population. I imagine that would stop foreclosures, encourage people to buy cars and just generally stimulate the economy from the bottom up.

[BR_Parkway]

5. At least once a day I find myself wondering - what if we just pulled that

plug? Declared all debts voided, you own the property you have now free and clear - what the banks have already taken, we start fixing homelessness. Then my brain fires off a message about it can't be that simple and I start wondering why we decided that things had to be that complicated in the first place.

[SammyWinstonJack]

4. Hell go for it and lets not let the tax cuts for the very rich expire!

Bring it all down! :silly: