Sept. 19, 2010
COLUMBUS: Congress is back, so the comedy should be getting better. We had a long dry spell because most of them went home in August, locked their door, and didn’t come out till they were forced to return to the old Joke Factory. They would occasionally sneak a peek out the kitchen window, but when they saw what the Tea Party did to some of their friends, they jumped back in bed.
Before I get into the tax bill, did you see where Lady Gaga went to an awards show wearing a "dress" made entirely of meat? It was all beef, what there was of it. Not a speck of cereal. Just some cotton thread to hold it together. Ranchers and cattlemen appreciate her support, but if she ever offers you a slice of rump roast, refuse it.
Democrats and Republicans are arguing over the tax cuts that are expiring January 1. Republicans want to keep all income taxes where they are, but Democrats want to raise ‘em for anyone making over $250,000. Democrats figure that’s only 2 percent of the voters, but Republicans say, "Yes, but that 2 percent pays half the taxes, and their spending keeps the economy going." It all boils down to arithmetic, and who is doing the ciphering. To Democrats, votes is most important. To Republicans, it’s dollars.
I think the Democrats might go along with the Republicans if they adopt a controversial provision from the 1935 Townsend Plan. Dr. Townsend’s plan to give pensions to old folks was to pay them $200 a month, but (and here’s the requirement that killed it in the Senate) they have to spend it. No saving for a rainy day. Every month, spend every dollar.
Now, if these higher income folks, and maybe the rest of us, would agree that every month we’ll spend whatever the savings is between the Republican and Democrat plans, then it might get through Congress. That way, the money will be spent to stimulate the economy. The only difference is, the taxpayer decides where his money is spent instead of President Obama.
In Arkansas, Senator Lincoln didn’t wait for any tax savings plan; she reached into Treasury Secretary Geithner’s back pocket and plucked out some cash for her rice and cotton farmers. It’s a Disaster Aid package that zeros in on Arkansas. I figure if Sen. Lincoln hands out about $500,000,000, and she needs roughly 500,000 votes to win re-election, that comes to $1000 per vote.
That may seem absurd if you don’t live in Arkansas, but odds are your own Congressman or Senator has grabbed even more to spread among the voters.
Historic quotes from Will Rogers:
"The whole trouble with the Republicans is their fear of an increase in income tax, especially on higher incomes. They speak of it almost like a national calamity." DT #1435, Feb. 27, 1931
"The crime of taxation is not in the taking it, it's in the way that it's spent." DT #1764, March 20, 1932
"Our government is the only people that just loves to spend without being compelled to, at all. But the government is the only people that don't have to worry where it's coming from." Radio, April 21, 1935
Randall Reeder
Will Rogers Today http://willrogerstoday.com
614-477-0439 willrogers@aol.com
Need a Speaker? Hurry up and hire me before I die... again.
Showing posts with label Lady Gaga. Show all posts
Showing posts with label Lady Gaga. Show all posts
Sunday, September 26, 2010
Monday, June 28, 2010
Weekly Comments: Dodd-Frank, Smoot-Hawley, McChrystal and Lady Gaga #609
June 27, 2010
COLUMBUS: Congress passed a financial reform bill last Friday at 5 in the morning. That’s an odd time for a Congressman to be doing anything, except maybe staggering home.
When I read that the purpose of the bill is "to put a damper on wild and reckless spending of other people’s money by the people in charge," I figured, ‘That’s great.’ And now that we’ve got a damper on Congress, maybe we can also regulate Wall Street.
This new Wall Street and Bank regulation bill is named the Dodd-Frank bill because those two birds had more to do with the financial crisis than anyone else in Congress. Senator Dodd got himself a cheap mortgage to buy a second home he couldn’t afford, and Congressman Frank insisted that Fannie Mae and Freddie Mac give loans to families that couldn’t pay the interest, driving Fannie and Freddie to bankruptcy. So now we’ve got financial reform that covers every bank in the country. Except Fannie and Freddie.
Dodd and Frank are hoping this bill doesn’t do for them what the Smoot-Hawley tariff bill exactly 80 years ago did for the reputation of those two Republicans. The Smoot-Hawley Tariff Act practically shut down world trade and did more than any other single action to turn a 1929 Wall Street crash into the Great Depression.
The G-20 meeting is in Toronto, and you know what that means. Protesters. This year the protesters are mainly hoodlums who could not afford airfare to the World Cup. Half of them are protesting because they think G20 is a fruity sports drink that tastes sour. They couldn’t identify the 20 countries on a map if their life depended on it.
Canada is spending close to a billion dollars on police for G-20. At $50 million per country maybe this is one meeting that ought to be held over the internet. President Obama likes Twitter, so maybe they should have a #G20chat.
Canada has arrested 500 protesters. Back in 1917 I had a suggestion on what to do with young folks who were marching in protest to the War. "Put them in the Army. This marching is just the training our soldiers get before being sent to fight in Europe." (Paraphrased)
Obama told the other 19 countries he wants them to buy more American products because that’s the only way he can cut the deficit in half. These other countries aren’t quite sure they want the job of balancing Obama’s budget, although Russia did agree to eat more chicken.
General McChrystal got fired. He probably deserved it. Not for disagreeing with the President, but for treating a Rolling Stone writer like a journalist. The magazine cover has a picture of a mostly naked woman who calls herself Lady Gaga. (Some folks think she should leave off the last a.) In a shopping mall today I saw a sign advertising "Bikinis half off". I wanted to go in the store and ask, "Which half is off?" Well, last week Lady Gaga showed up at Yankee Stadium dressed like she had come directly from that store.
Historic quotes from Will Rogers:
"We sure had a great July Fourth, especially after we picked up our morning papers and found that Congress had adjourned the night of the third... This country has come to feel the same when Congress is in session as we do when the baby gets hold of a hammer. It's just a question of how much damage he can do with it before you can take it away from him. Well, in eighteen months these babies have left a record of devastation." DT # 1230, July 4, 1930 (shortly after passing Smoot-Hawley)
Randall Reeder
Will Rogers Today http://willrogerstoday.com
614-477-0439 willrogers@aol.com
Need a Speaker? Hurry up and hire me before I die... again.
COLUMBUS: Congress passed a financial reform bill last Friday at 5 in the morning. That’s an odd time for a Congressman to be doing anything, except maybe staggering home.
When I read that the purpose of the bill is "to put a damper on wild and reckless spending of other people’s money by the people in charge," I figured, ‘That’s great.’ And now that we’ve got a damper on Congress, maybe we can also regulate Wall Street.
This new Wall Street and Bank regulation bill is named the Dodd-Frank bill because those two birds had more to do with the financial crisis than anyone else in Congress. Senator Dodd got himself a cheap mortgage to buy a second home he couldn’t afford, and Congressman Frank insisted that Fannie Mae and Freddie Mac give loans to families that couldn’t pay the interest, driving Fannie and Freddie to bankruptcy. So now we’ve got financial reform that covers every bank in the country. Except Fannie and Freddie.
Dodd and Frank are hoping this bill doesn’t do for them what the Smoot-Hawley tariff bill exactly 80 years ago did for the reputation of those two Republicans. The Smoot-Hawley Tariff Act practically shut down world trade and did more than any other single action to turn a 1929 Wall Street crash into the Great Depression.
The G-20 meeting is in Toronto, and you know what that means. Protesters. This year the protesters are mainly hoodlums who could not afford airfare to the World Cup. Half of them are protesting because they think G20 is a fruity sports drink that tastes sour. They couldn’t identify the 20 countries on a map if their life depended on it.
Canada is spending close to a billion dollars on police for G-20. At $50 million per country maybe this is one meeting that ought to be held over the internet. President Obama likes Twitter, so maybe they should have a #G20chat.
Canada has arrested 500 protesters. Back in 1917 I had a suggestion on what to do with young folks who were marching in protest to the War. "Put them in the Army. This marching is just the training our soldiers get before being sent to fight in Europe." (Paraphrased)
Obama told the other 19 countries he wants them to buy more American products because that’s the only way he can cut the deficit in half. These other countries aren’t quite sure they want the job of balancing Obama’s budget, although Russia did agree to eat more chicken.
General McChrystal got fired. He probably deserved it. Not for disagreeing with the President, but for treating a Rolling Stone writer like a journalist. The magazine cover has a picture of a mostly naked woman who calls herself Lady Gaga. (Some folks think she should leave off the last a.) In a shopping mall today I saw a sign advertising "Bikinis half off". I wanted to go in the store and ask, "Which half is off?" Well, last week Lady Gaga showed up at Yankee Stadium dressed like she had come directly from that store.
Historic quotes from Will Rogers:
"We sure had a great July Fourth, especially after we picked up our morning papers and found that Congress had adjourned the night of the third... This country has come to feel the same when Congress is in session as we do when the baby gets hold of a hammer. It's just a question of how much damage he can do with it before you can take it away from him. Well, in eighteen months these babies have left a record of devastation." DT # 1230, July 4, 1930 (shortly after passing Smoot-Hawley)
Randall Reeder
Will Rogers Today http://willrogerstoday.com
614-477-0439 willrogers@aol.com
Need a Speaker? Hurry up and hire me before I die... again.
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