Posts
Obama Shrugs Off Concerns | Nat Hentoff | Cato Institute: Commentary: "a solemn pledge by Barack Obama that almost made me vote for him (but I'm pro-life, and he's a pro-choice extremist) was that his administration would be the most open and transparent in our history, in contrast to the deeply, darkly secret George W. Bush-Dick Cheney administration. But, as with some of his other broken promises to restore the Constitution, I increasingly have less hope for a reason to believe in the Obama presidency.
For a glaring example, with regard to the pervasive secrecy of his predecessors, President Obama has stunningly not only continued to invoke state secrets to order judges to close down lawsuits, but has gone further than Mr. Bush by claiming total government immunity from litigation by citizens protesting illegal spying on our communications by the National Security Agency."
Tuesday, June 16, 2009
Study: Bank Bailout Exposes Government to Massive Losses, Fraud - First 100 Days of Presidency - Politics FOXNews.com
Study: Bank Bailout Exposes Government to Massive Losses, Fraud - First 100 Days of Presidency - Politics FOXNews.com: "In a 250-page quarterly report to Congress, the rescue program's special inspector general concludes that a private-public partnership designed to rid financial institutions of their 'toxic assets' is tilted in favor of private investors and creates 'potential unfairness to the taxpayer.'"
Record Serves as Reminder of Hugo Chavez's Human Rights Transgressions - Political News - FOXNews.com
Record Serves as Reminder of Hugo Chavez's Human Rights Transgressions - Political News - FOXNews.com: "A 2006 State Department report on human rights documented a slew of abuses, including data implicating Chavez's security forces in about 6,000 killings over five years.�
The department's annual Country Report on Human Rights practices released in March 2008 cited The Venezuelan Program of Action and Education in Human Rights statistic of 165 unlawful killings by Chavez security forces from October 2006 through September 2007.
The group reported that it received 11 complaints of torture and 692 complaints of cruel or degrading treatment during the same period, which was actually a decline from the year before."
The department's annual Country Report on Human Rights practices released in March 2008 cited The Venezuelan Program of Action and Education in Human Rights statistic of 165 unlawful killings by Chavez security forces from October 2006 through September 2007.
The group reported that it received 11 complaints of torture and 692 complaints of cruel or degrading treatment during the same period, which was actually a decline from the year before."
America's Explosion: Operations & Tactics at Officer.com
America's Explosion: Operations & Tactics at Officer.com: "A candid interview with a confidential source of information employed by the Israeli military highlighted several characteristics portrayed by suicide bombers as they become deployed to achieve their target and detonate themselves. In speaking with this individual, it became apparent that traits exhibited by the suicide bombers are not vastly different from those of the traditional American criminals. Therefore, it is fair to conclude that regardless of cultural differences, human behavior has a commonality. A synopsis of these characteristics is listed below with a brief explanation of the actions portrayed by the suicide bomber.
Characteristics:
Explanations
Constant touching the area of the bomb, body part or bag.
The bomber is under tremendous psychological guilt. This guilt stems from the understanding of what he/she is about to do, therefore wants to re-assure him/herself that the explosives are still intact and not visible to the public.
Package or bag does not match the person.
Suicide bombers often dress inappropriately for their surroundings, overdressed by either wearing a jacket in a warm climate or the wearing of business attire. Bombers will often wear a suit and carry a large bag instead of a brief case that would be the typical compliment of an individual dressed in business attire.
Quickly change travel direction when engaged by law enforcement personnel.
Like most criminals, there desire is not to confront law enforcement, but to avoid contact. Suicide bombers overtly change direction at the presence of law enforcement.
Sweating profusely.
An increased respiratory response due to nervousness creates warmth of the body; consequently, it is the body’s natural reaction to reduce the core temperature, thus causing the individual to perspire.
Constricted pupils of the eye.
Involuntary natural constriction of the pupil due stress.
Increased blinking of the eye.
Natural reaction that is stress induced.
Lack of stability / Smaller strides in walk.
Due to the nervousness of the individual, the muscular structure is tightening thus reduced flexibility in normal activities.
Unusual air is pushed through the lips.
Involuntary relief of pressure. Often observed as an animated breathing.
Use of book or newspaper to appear occupied.
Disguising guilt. Many individuals believe that the "eyes are the windows to the soul." This is evident as many bombers avoid eye contact at all costs."
Characteristics:
Explanations
Constant touching the area of the bomb, body part or bag.
The bomber is under tremendous psychological guilt. This guilt stems from the understanding of what he/she is about to do, therefore wants to re-assure him/herself that the explosives are still intact and not visible to the public.
Package or bag does not match the person.
Suicide bombers often dress inappropriately for their surroundings, overdressed by either wearing a jacket in a warm climate or the wearing of business attire. Bombers will often wear a suit and carry a large bag instead of a brief case that would be the typical compliment of an individual dressed in business attire.
Quickly change travel direction when engaged by law enforcement personnel.
Like most criminals, there desire is not to confront law enforcement, but to avoid contact. Suicide bombers overtly change direction at the presence of law enforcement.
Sweating profusely.
An increased respiratory response due to nervousness creates warmth of the body; consequently, it is the body’s natural reaction to reduce the core temperature, thus causing the individual to perspire.
Constricted pupils of the eye.
Involuntary natural constriction of the pupil due stress.
Increased blinking of the eye.
Natural reaction that is stress induced.
Lack of stability / Smaller strides in walk.
Due to the nervousness of the individual, the muscular structure is tightening thus reduced flexibility in normal activities.
Unusual air is pushed through the lips.
Involuntary relief of pressure. Often observed as an animated breathing.
Use of book or newspaper to appear occupied.
Disguising guilt. Many individuals believe that the "eyes are the windows to the soul." This is evident as many bombers avoid eye contact at all costs."
WORLD Magazine | Sharing secrets | Cal Thomas | Apr 28, 09
WORLD Magazine | Sharing secrets | Cal Thomas | Apr 28, 09: "In any game, much less a war, when one player plays by a set of rules and the other plays by no rules at all, it does not take a genius to conclude who will win. America’s enemies know how to play us and how to use our Constitution, legal system, the media, and public opinion to advance their ends, while frustrating ours."
We don't have to abandon our rules to win! And if we do and win then it will be empty.
We don't have to abandon our rules to win! And if we do and win then it will be empty.
The Case against "Smart Taxes" on Carbon - D.W. MacKenzie - Mises Institute
The Case against "Smart Taxes" on Carbon - D.W. MacKenzie - Mises Institute: "corrective taxation requires knowledge of the magnitude of externalities. Externalities are by definition not priced through any social mechanism or institution."
"RSS and UAH data on global temperatures indicate that global warming peaked in 1998 and went flat during the past decade, while CO2 levels continued to rise."
"RSS and UAH data on global temperatures indicate that global warming peaked in 1998 and went flat during the past decade, while CO2 levels continued to rise."
FOXNews.com - Philanthropies Come to the Rescue When Government Comes Up Short - Local News | News Articles | National News | US News
FOXNews.com - Philanthropies Come to the Rescue When Government Comes Up Short - Local News | News Articles | National News | US News: "Lost in the tidal wave of government greenbacks is the private solution: the contributions of foundations, corporations and private volunteer organizations that are continuing to step up to help a nation in need.
Traditionally, these philanthropies and corporations have invested private or corporate wealth in the stock market and used the interest to support causes in their community and around the world.
Now, despite enormous stock market losses, they are continuing to do so -- even dipping into their endowments to make it happen."
“We can usually react to changing community needs more quickly than a government entity,” said Scott Tennant, spokesman for The Cleveland Foundation, which has given out more than $1 million in recent months in response to the economic crisis.
Traditionally, these philanthropies and corporations have invested private or corporate wealth in the stock market and used the interest to support causes in their community and around the world.
Now, despite enormous stock market losses, they are continuing to do so -- even dipping into their endowments to make it happen."
“We can usually react to changing community needs more quickly than a government entity,” said Scott Tennant, spokesman for The Cleveland Foundation, which has given out more than $1 million in recent months in response to the economic crisis.
United Auto Workers Chief: Union Will Sell Its Chrysler Stock - Political News - FOXNews.com
United Auto Workers Chief: Union Will Sell Its Chrysler Stock - Political News - FOXNews.com: "Gettelfinger said that critics who think the union is getting a better deal than Chrysler's secured debtholders are wrong because the UAW is taking a big risk with Chrysler stock funding the trust. The stock is worthless today, he noted."
Unfortunately the most likely way for the stock to have value is for the government to give it value.
Unfortunately the most likely way for the stock to have value is for the government to give it value.
Jack Kemp -- A Dissenting View | Jerry Taylor | Cato Institute: Commentary
Jack Kemp -- A Dissenting View | Jerry Taylor | Cato Institute: Commentary: "government spending was the true tax on the private sector. One way or another, all federal dollars come from the private (productive) sector. They might be taxed away, of course, but they might also be borrowed (meaning that taxpayers tomorrow will pay for spending today . . . with interest!) or confiscated indirectly via the printing press (that is, via inflation)."
Health Care Reform? Maybe Next Year | Michael F. Cannon | Cato Institute: Commentary
Health Care Reform? Maybe Next Year | Michael F. Cannon | Cato Institute: Commentary: "But now, the health care industry seems to be saying, 'Here, take our coin.' Did the industry really just volunteer to pay for health care reform?
A good rule in politics is that if something sounds too good to be true, it usually is. Lobbyists don't simply propose to reduce their members' incomes. If they did, they would be fired and replaced with different lobbyists.
Another possibility is that the industry — which would get more customers under universal coverage — wants to help the president and Congress ignore the math."
A good rule in politics is that if something sounds too good to be true, it usually is. Lobbyists don't simply propose to reduce their members' incomes. If they did, they would be fired and replaced with different lobbyists.
Another possibility is that the industry — which would get more customers under universal coverage — wants to help the president and Congress ignore the math."
Lawmakers Urge Obama to Fight Release of Photos of U.S. Detainee Abuse - Political News - FOXNews.com
Lawmakers Urge Obama to Fight Release of Photos of U.S. Detainee Abuse - Political News - FOXNews.com: "Some lawmakers are questioning the wisdom of releasing hundreds of photos potentially showing U.S. military personnel abusing prisoners in Iraq and Afghanistan in the aftermath of the Sept. 11 terrorist attacks on New York City and the Pentagon.
'If we release the pictures, the odds are that Al Qaeda and other terrorist groups will then use our pictures to recruit people to come into the war against us,' Sen. Joe Lieberman. I-Conn., told FOX News."
What horrible reasoning. People aren't upset by the photos but the actions. Keeping them secret destroys our integrity.
'If we release the pictures, the odds are that Al Qaeda and other terrorist groups will then use our pictures to recruit people to come into the war against us,' Sen. Joe Lieberman. I-Conn., told FOX News."
What horrible reasoning. People aren't upset by the photos but the actions. Keeping them secret destroys our integrity.
Financial Health of Social Security, Medicare Worsens in Past Year - Political News - FOXNews.com
Financial Health of Social Security, Medicare Worsens in Past Year - Political News - FOXNews.com: "Trustees of the programs said Tuesday that Social Security will start paying out more in benefits than it collects in taxes in 2016, one year sooner than projected last year, and the giant trust fund will be depleted by 2037, four years sooner.
Medicare is in even worse shape. The trustees said the program for hospital expenses will pay out more in benefits than it collects this year and will be insolvent by 2017, two years earlier than the date projected in last year's report."
Ignore the trust funds -- the money has been spent and will have to be raised just as if it had never existed.
So S.S. has 7 years and Medicare has less than 1!
Medicare is in even worse shape. The trustees said the program for hospital expenses will pay out more in benefits than it collects this year and will be insolvent by 2017, two years earlier than the date projected in last year's report."
Ignore the trust funds -- the money has been spent and will have to be raised just as if it had never existed.
So S.S. has 7 years and Medicare has less than 1!
The Myths of Capitalism's History - Art Carden - Mises Institute
The Myths of Capitalism's History - Art Carden - Mises Institute: "Incorrect social science, incorrect theory, and incorrect historiography have enslaved us to a narrative about processes of economic change that simply isn't true.
The rich did not get richer by exploiting the increasingly immiserized poor during the early parts of industrialization.
People weren't forced out of an idyllic rural life and into the dark satanic mills of industrial England.
Pristine childhood wasn't transformed into a grotesque caricature of itself in which children were robbed of their innocence by wicked industrial masters.
Man's labor did not confront him as something alien."
"Hayek pointed out that the historical discontinuity that appeared during the era that we loosely call "industrialization" was that people came to expect economic progress rather than stagnation as the natural course of things. Regular people up through the 18th century could expect to see no economic progress during their lifetimes. Today, we are disappointed when economic growth is slower than we expect."
The rich did not get richer by exploiting the increasingly immiserized poor during the early parts of industrialization.
People weren't forced out of an idyllic rural life and into the dark satanic mills of industrial England.
Pristine childhood wasn't transformed into a grotesque caricature of itself in which children were robbed of their innocence by wicked industrial masters.
Man's labor did not confront him as something alien."
"Hayek pointed out that the historical discontinuity that appeared during the era that we loosely call "industrialization" was that people came to expect economic progress rather than stagnation as the natural course of things. Regular people up through the 18th century could expect to see no economic progress during their lifetimes. Today, we are disappointed when economic growth is slower than we expect."
Darth Greenspan - Dan O'Connor - Mises Institute
Darth Greenspan - Dan O'Connor - Mises Institute: "In fact, in 1966, Greenspan wrote a famous article advocating the need for a gold standard in America in which he stated,
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves."
Obama's Stock Market Mini-Bubble - Frank Shostak - Mises Institute
Obama's Stock Market Mini-Bubble - Frank Shostak - Mises Institute: "Obviously, no individual wants to hold more money than is required. An individual can get rid of surplus cash by exchanging the money for goods.
All the individuals as a group, however, cannot get rid of the surplus of money just like that. They can only shift money from one individual to another individual.
The mechanism that generates the elimination of the surplus of cash is the increase in the prices of goods. Once individuals start to employ the surplus cash in acquiring goods, this pushes prices higher."
All the individuals as a group, however, cannot get rid of the surplus of money just like that. They can only shift money from one individual to another individual.
The mechanism that generates the elimination of the surplus of cash is the increase in the prices of goods. Once individuals start to employ the surplus cash in acquiring goods, this pushes prices higher."
Never-Ending Government Lies About Markets - Thomas J. DiLorenzo - Mises Institute
Never-Ending Government Lies About Markets - Thomas J. DiLorenzo - Mises Institute: "When the Pilgrims came to America, they nearly starved to death because they adopted communal agriculture. When William Bradford, leader of the Mayflower expedition, figured this out he reorganized the Massachusetts pilgrims in a regime of private property in land. The incentives created by private property promptly created a dramatic economic turnaround and the rest is history."
"After the American Revolution, it was imperative to build roads and canals so that commerce could expand and the economy thrive. George Washington's Treasury secretary, Alexander Hamilton, declared in his famous Report on Manufactures that private road and canal building would never succeed without government subsidies. President Thomas Jefferson's Treasury secretary, Albert Gallatin, concurred. Meanwhile, private capital markets and the private "turnpike" industry were busy financing thousands of miles of private roads without any governmental assistance. When government did intervene in early-American road building, it was a financial catastrophe almost everywhere, so much so that by 1860 only Missouri and Massachusetts had not amended their state constitutions to prohibit the use of tax dollars for "internal improvements."
Americans have been taught by their government-run schools that the post-1865 Industrial Revolution was bad for the working class, which made government regulation of work and wages, and the creation and prospering of labor unions necessary. In reality, people left the farms for factories because the latter offered far better wages and working conditions. Between 1860 and 1890, real wages increased by 50 percent in America, as myriad new products were invented, and made available to the common working person thanks to low-cost, mass production. It was capital investment that dramatically increased the productivity of labor, allowing hours worked to decline from an average of 61 hours per week in 1870 to 48 hours by 1929.
Higher worker productivity, fueled mostly by capital investment by entrepreneurs and private investors, also made it less necessary for families to force their children to work. Child labor was on the wane for decades before government got around to regulating or outlawing it. And when it did so it was to protect unionized labor from competition, not to protect children from harsh working conditions.
The "robber barons" of the late 19th century robbed no one. Most of them made their money by providing valuable — if not revolutionary — goods and services to the masses at lower and lower prices for decades at a time. John D. Rockefeller, for example, caused the price of refined petroleum to drop from 30 cents per gallon in 1869 to 8 cents in 1885, and continued to drop his prices for many years thereafter. James J. Hill built the most efficient and profitable transcontinental railroad without a dime's worth of government subsidy."
"As I show in How Capitalism Saved America, all of the industries accused of being monopolies by Congress in 1889–1890 had been dropping their prices for at least a decade thanks to vigorous competition. And it was not a result of the idiotic theory of "predatory pricing." No sane businessperson would intentionally lose money for decades by pricing below cost with the hope that he would somehow frighten away all competition forevermore."
"Every time the price of gasoline goes up significantly, Congress convenes a Nuremburg Trial–style inquisition of oil-company executives. This practice began in the 1970s when the government's own foolish price controls on petroleum products caused massive shortages, and it needed someone to blame. Oil company executives are never praised when gasoline prices fall, as they have in the past year from over $4/gallon to under $2/gallon in many parts of the United States.
Most recently, the current economic crisis is said to be caused by the "excesses" of economic freedom and "too little regulation" of the economy, especially financial markets. This is said by the president and numerous other politicians, with straight faces, despite the facts that there are a dozen executive-branch cabinet departments, over 100 federal agencies, more than 85,000 pages in the Federal Register, and dozens of state and local government agencies that regulate, regiment, tax, and control every aspect of every business in America, and have been doing so for decades.
Laissez-faire run amok in financial markets is said to be a cause of the current crisis. But the Fed alone — a secret government organization that is accountable to no one and which has never been audited — performs hundreds of regulatory functions, in addition to recklessly manipulating the money supply. And it is just one of numerous financial regulatory agencies (the SEC, Comptroller of the Currency, Office of Thrift Supervision, FDIC, and numerous state regulators also exist). In a Fed publication entitled "The Federal Reserve System: Purposes and Functions," it is explained that "The Federal Reserve has supervisory and regulatory authority over a wide range of financial institutions and activities." That's the understatement of the century. Among the Fed's functions are the regulation of
Bank holding companies
State-chartered banks
Foreign branches of member banks
Edge and agreement corporations
US state-licensed branches, agencies, and representative offices of foreign banks
Nonbanking activities of foreign banks
National banks (with the Comptroller of the Currency)
Savings banks (with the Office of Thrift Supervision)
Nonbank subsidiaries of bank holding companies
Thrift holding companies
Financial reporting
Accounting policies of banks
Business "continuity" in case of an economic emergency
Consumer-protection laws
Securities dealings of banks
Information technology used by banks
Foreign investments of banks
Foreign lending by banks
Branch banking
Bank mergers and acquisitions
Who may own a bank
Capital "adequacy standards"
Extensions of credit for the purchase of securities
Equal-opportunity lending
Mortgage disclosure information
Reserve requirements
Electronic-funds transfers
Interbank liabilities
Community Reinvestment Act subprime lending requirements
All international banking operations
Consumer leasing
Privacy of consumer financial information
Payments on demand deposits
"Fair credit" reporting
Transactions between member banks and their affiliates
Truth in lending
Truth in savings
That's a pretty comprehensive list, the result of 96 years of bureaucratic empire building by Fed bureaucrats. It gives the lie to the notion that there has been "too little regulation" of financial markets. Anyone who makes such an argument is either ignorant of the truth or is lying."
"After the American Revolution, it was imperative to build roads and canals so that commerce could expand and the economy thrive. George Washington's Treasury secretary, Alexander Hamilton, declared in his famous Report on Manufactures that private road and canal building would never succeed without government subsidies. President Thomas Jefferson's Treasury secretary, Albert Gallatin, concurred. Meanwhile, private capital markets and the private "turnpike" industry were busy financing thousands of miles of private roads without any governmental assistance. When government did intervene in early-American road building, it was a financial catastrophe almost everywhere, so much so that by 1860 only Missouri and Massachusetts had not amended their state constitutions to prohibit the use of tax dollars for "internal improvements."
Americans have been taught by their government-run schools that the post-1865 Industrial Revolution was bad for the working class, which made government regulation of work and wages, and the creation and prospering of labor unions necessary. In reality, people left the farms for factories because the latter offered far better wages and working conditions. Between 1860 and 1890, real wages increased by 50 percent in America, as myriad new products were invented, and made available to the common working person thanks to low-cost, mass production. It was capital investment that dramatically increased the productivity of labor, allowing hours worked to decline from an average of 61 hours per week in 1870 to 48 hours by 1929.
Higher worker productivity, fueled mostly by capital investment by entrepreneurs and private investors, also made it less necessary for families to force their children to work. Child labor was on the wane for decades before government got around to regulating or outlawing it. And when it did so it was to protect unionized labor from competition, not to protect children from harsh working conditions.
The "robber barons" of the late 19th century robbed no one. Most of them made their money by providing valuable — if not revolutionary — goods and services to the masses at lower and lower prices for decades at a time. John D. Rockefeller, for example, caused the price of refined petroleum to drop from 30 cents per gallon in 1869 to 8 cents in 1885, and continued to drop his prices for many years thereafter. James J. Hill built the most efficient and profitable transcontinental railroad without a dime's worth of government subsidy."
"As I show in How Capitalism Saved America, all of the industries accused of being monopolies by Congress in 1889–1890 had been dropping their prices for at least a decade thanks to vigorous competition. And it was not a result of the idiotic theory of "predatory pricing." No sane businessperson would intentionally lose money for decades by pricing below cost with the hope that he would somehow frighten away all competition forevermore."
"Every time the price of gasoline goes up significantly, Congress convenes a Nuremburg Trial–style inquisition of oil-company executives. This practice began in the 1970s when the government's own foolish price controls on petroleum products caused massive shortages, and it needed someone to blame. Oil company executives are never praised when gasoline prices fall, as they have in the past year from over $4/gallon to under $2/gallon in many parts of the United States.
Most recently, the current economic crisis is said to be caused by the "excesses" of economic freedom and "too little regulation" of the economy, especially financial markets. This is said by the president and numerous other politicians, with straight faces, despite the facts that there are a dozen executive-branch cabinet departments, over 100 federal agencies, more than 85,000 pages in the Federal Register, and dozens of state and local government agencies that regulate, regiment, tax, and control every aspect of every business in America, and have been doing so for decades.
Laissez-faire run amok in financial markets is said to be a cause of the current crisis. But the Fed alone — a secret government organization that is accountable to no one and which has never been audited — performs hundreds of regulatory functions, in addition to recklessly manipulating the money supply. And it is just one of numerous financial regulatory agencies (the SEC, Comptroller of the Currency, Office of Thrift Supervision, FDIC, and numerous state regulators also exist). In a Fed publication entitled "The Federal Reserve System: Purposes and Functions," it is explained that "The Federal Reserve has supervisory and regulatory authority over a wide range of financial institutions and activities." That's the understatement of the century. Among the Fed's functions are the regulation of
Bank holding companies
State-chartered banks
Foreign branches of member banks
Edge and agreement corporations
US state-licensed branches, agencies, and representative offices of foreign banks
Nonbanking activities of foreign banks
National banks (with the Comptroller of the Currency)
Savings banks (with the Office of Thrift Supervision)
Nonbank subsidiaries of bank holding companies
Thrift holding companies
Financial reporting
Accounting policies of banks
Business "continuity" in case of an economic emergency
Consumer-protection laws
Securities dealings of banks
Information technology used by banks
Foreign investments of banks
Foreign lending by banks
Branch banking
Bank mergers and acquisitions
Who may own a bank
Capital "adequacy standards"
Extensions of credit for the purchase of securities
Equal-opportunity lending
Mortgage disclosure information
Reserve requirements
Electronic-funds transfers
Interbank liabilities
Community Reinvestment Act subprime lending requirements
All international banking operations
Consumer leasing
Privacy of consumer financial information
Payments on demand deposits
"Fair credit" reporting
Transactions between member banks and their affiliates
Truth in lending
Truth in savings
That's a pretty comprehensive list, the result of 96 years of bureaucratic empire building by Fed bureaucrats. It gives the lie to the notion that there has been "too little regulation" of financial markets. Anyone who makes such an argument is either ignorant of the truth or is lying."
Nobody Likes Paying Too Much | Richard W. Rahn | Cato Institute: Commentary
Nobody Likes Paying Too Much | Richard W. Rahn | Cato Institute: Commentary: "Other things being equal, would you start a new business in a higher- or lower-tax jurisdiction, and would you prefer to live and invest in a higher- or lower-tax locale? This is not a tough question for most people, but the powers in Washington (the administration and the congressional Democratic leaders) are incensed that the American people are answering the question in a most politically incorrect way by opting out of high-tax place"
"If a U.S. business operating globally has to pay a 35 percent (U.S.) corporate tax rate (the second-highest in the world) plus state corporate taxes while its international competitors pay much lower rates, the U.S. company will be at a competitive disadvantage. Rather than provide necessary tax relief, the new Treasury proposals, if enacted, will give American multinational companies two basic choices for the long run — move the company outside the United States to a more tax-friendly jurisdiction, or go out of business and fire the workers."
"You may not be aware that foreign citizens who invest in stocks and bonds in the United States do not have to pay U.S. income tax on the interest, dividends and capital gains from those investments. This is good economic policy for the United States because it attracts necessary foreign investment. Without foreign investment, the United States would have far less capital to invest in research and development, new plants and equipment, and job creation; also, the government would have a much more difficult time financing the federal deficit.
Some U.S. citizens have been trying to get in on the good deal the United States offers foreigners by investing in the U.S. through foreign institutions. In order to close this loophole, the Treasury and Congress are proposing regulations of mind-boggling complexity that are likely to drive many foreign investors out of the U.S. market, thus causing Treasury to lose, rather than gain, revenue.
Perhaps if we treated U.S. citizens as well as we treat foreign investors by removing the double tax from interest, dividends and capital gains, the markets would boom, businesses would expand, millions of new jobs would be created and, consequently, more taxable income likely would be created, rather than less."
"If a U.S. business operating globally has to pay a 35 percent (U.S.) corporate tax rate (the second-highest in the world) plus state corporate taxes while its international competitors pay much lower rates, the U.S. company will be at a competitive disadvantage. Rather than provide necessary tax relief, the new Treasury proposals, if enacted, will give American multinational companies two basic choices for the long run — move the company outside the United States to a more tax-friendly jurisdiction, or go out of business and fire the workers."
"You may not be aware that foreign citizens who invest in stocks and bonds in the United States do not have to pay U.S. income tax on the interest, dividends and capital gains from those investments. This is good economic policy for the United States because it attracts necessary foreign investment. Without foreign investment, the United States would have far less capital to invest in research and development, new plants and equipment, and job creation; also, the government would have a much more difficult time financing the federal deficit.
Some U.S. citizens have been trying to get in on the good deal the United States offers foreigners by investing in the U.S. through foreign institutions. In order to close this loophole, the Treasury and Congress are proposing regulations of mind-boggling complexity that are likely to drive many foreign investors out of the U.S. market, thus causing Treasury to lose, rather than gain, revenue.
Perhaps if we treated U.S. citizens as well as we treat foreign investors by removing the double tax from interest, dividends and capital gains, the markets would boom, businesses would expand, millions of new jobs would be created and, consequently, more taxable income likely would be created, rather than less."
Unions As Safe in Colombia As in D.C. | Daniel Griswold | Cato Institute: Commentary
Unions As Safe in Colombia As in D.C. | Daniel Griswold | Cato Institute: Commentary: "The U.S. International Trade Commission estimates the FTA would boost U.S. exports, of manufactured and farm goods, by $1 billion a year.
Most of Colombia's exports to the U.S. already enter duty-free because of the Andean Trade Preferences Act. The FTA would make Colombia's access to the U.S. market permanent, boosting investment and growth in that country.
And by reducing and eliminating Colombia's tariffs, the agreement would deliver the 'level paying field' that critics of trade are always demanding."
"Labor complaints ignore the dramatic progress that has been made under Uribe against violence of all kinds. Since he took office in 2002, the government has disarmed 30,000 paramilitary fighters and largely defeated the left-wing guerrilla movement known as FARC.
As a result, the murder rate in Colombia has been cut by 40%, and murders of union members by 80%. One study showed that union members in Colombia are actually at less risk of murder than nonunion members."
Most of Colombia's exports to the U.S. already enter duty-free because of the Andean Trade Preferences Act. The FTA would make Colombia's access to the U.S. market permanent, boosting investment and growth in that country.
And by reducing and eliminating Colombia's tariffs, the agreement would deliver the 'level paying field' that critics of trade are always demanding."
"Labor complaints ignore the dramatic progress that has been made under Uribe against violence of all kinds. Since he took office in 2002, the government has disarmed 30,000 paramilitary fighters and largely defeated the left-wing guerrilla movement known as FARC.
As a result, the murder rate in Colombia has been cut by 40%, and murders of union members by 80%. One study showed that union members in Colombia are actually at less risk of murder than nonunion members."
Nuclear Realities | Ted Galen Carpenter | Cato Institute: Commentary
Nuclear Realities | Ted Galen Carpenter | Cato Institute: Commentary: "Although the Obama administration's offer of carrots is more generous to Tehran than to Pyongyang, the stick remains essentially the same: painful isolation of both countries if they refuse to cooperate. But U.S. policy makers need to ask whether that threat is either feasible or wise. Evidence suggests that it is neither.
Washington is unlikely to achieve the degree of isolation that might compel either North Korea or Iran to change its policies."
Washington is unlikely to achieve the degree of isolation that might compel either North Korea or Iran to change its policies."
Key House Democrat Wants More Government Say in Executive Pay - Political News - FOXNews.com
Key House Democrat Wants More Government Say in Executive Pay - Political News - FOXNews.com: "Frank wants to develop guidelines for compensation practices, and not just for companies receiving government bailout dollars. Frank argues the problems is much wider."
Executive pay was insignificant compared to the government intervention.
Executive pay was insignificant compared to the government intervention.
When you are really behind on laundry...
When you are really behind on laundry...
You can Gain a foothold by beating Downy the Tide for a new Era of Ultra cleanliness to bring Cheer to All.
You can Gain a foothold by beating Downy the Tide for a new Era of Ultra cleanliness to bring Cheer to All.
The Fed Might Have Painted Itself into a Corner - Frank Shostak - Mises Institute
The Fed Might Have Painted Itself into a Corner - Frank Shostak - Mises Institute: "A major concern for Fed policy makers is a visible weakening in the US dollar against major currencies. If the Fed were to allow the dollar to fall further, the US central bank runs the risk that major holders of US-dollar assets will divest to nondollar assets. This could push long-term rates and mortgage rates higher, thereby igniting another crisis. If, in order to defend the dollar, the Fed were to start taking some of the newly pumped money from the economy, i.e., to curb the money supply rate of growth, this will hurt various old and new bubble activities and set in motion an economic bust. Even if the Fed were to decide to tighten its stance just slightly, given the current strengthening in the growth momentum of economic activity, this could visibly weaken the growth momentum of monetary liquidity, thus posing a threat to the stock market. It seems that the Fed might have painted itself into a corner."
Why Technologists Want Fewer Patents - WSJ.com
Why Technologists Want Fewer Patents - WSJ.com: "One measure of how badly the patent system needs reform: IBM, for years the company that's been assigned the greatest number of patents now says too many patents are being granted. IBM is also the leader in 'business method' patents that the court could now invalidate. Several justices have doubted that software can be protected by patents. Industries from high-tech to biotech and financial services are watching the case of Bilski v. Doll with intense interest."
"The makers of almost every new product have to jump through hoops to make sure they haven't violated a patent, which is one reason that patent king IBM is willing to toss in its crown. "In the Industrial Age, innovation primarily was the result of work by individuals or small groups within an enterprise," explains IBM lawyer David Kappos. "The nature of innovation has changed. Today, we benefit from inventions made possible through highly collaborative and interconnected technologies. Many of the products that consumers demand are complex and include contributions from multiple innovators that incorporate hundreds if not thousands of patented inventions."
Mr. Kappos notes that this "increases the need for predictability and clarity in determining the valid scope of patent rights." As things now stand, the vagueness of patent law means the "precious time of skilled scientists and engineers is too often spent defending against costly and time-consuming litigation, instead of creating innovations that drive economic growth." Incentives still need to be available for individual inventors and start-up companies, giving venture capital a key role in funding businesses based on new ideas."
"The makers of almost every new product have to jump through hoops to make sure they haven't violated a patent, which is one reason that patent king IBM is willing to toss in its crown. "In the Industrial Age, innovation primarily was the result of work by individuals or small groups within an enterprise," explains IBM lawyer David Kappos. "The nature of innovation has changed. Today, we benefit from inventions made possible through highly collaborative and interconnected technologies. Many of the products that consumers demand are complex and include contributions from multiple innovators that incorporate hundreds if not thousands of patented inventions."
Mr. Kappos notes that this "increases the need for predictability and clarity in determining the valid scope of patent rights." As things now stand, the vagueness of patent law means the "precious time of skilled scientists and engineers is too often spent defending against costly and time-consuming litigation, instead of creating innovations that drive economic growth." Incentives still need to be available for individual inventors and start-up companies, giving venture capital a key role in funding businesses based on new ideas."
Why the Meltdown Should Have Surprised No One - Peter Schiff - Mises Institute
Why the Meltdown Should Have Surprised No One - Peter Schiff - Mises Institute: "And I remember one country I was active in was New Zealand, and I remember trying to convince people who owned shares of stocks, like Yahoo, why they should sell their Yahoo and buy a stock in New Zealand.
I would point out that Yahoo was worth twice the entire country of New Zealand; every stock they had, all the real estate.
I'd say, 'What would you rather own, this entire country?' The dividend yield on the New Zealand stock market was over a billion dollars a year. That was the dividend yield. Yet Yahoo was trading for more than twice the value of that whole stock market.
I said, "What would you rather own, this company that just got started a couple years ago, or this whole country? And you could take all the dividends." No. No one cared; they wanted Yahoo. But it was just all nonsense, but nobody saw it.
Of course, after the Internet bubble burst, everybody was talking about how crazy it was."
"President Bush, in one of his speeches, said that Wall Street got drunk. And he was right, they were drunk. So was Main Street. The whole country was drunk. But what he doesn't point out is, where'd they get the alcohol? Why were they drunk?
Obviously, Greenspan poured the alcohol, the Fed got everybody drunk, and the government helped out with their moral hazards, and the tax codes, and all the incentives and disincentives they put in — all the various ways that they interfered with the free market and removed the necessary balances that would have existed, that would have kept all this from happening.
We've always had greedy people. Everybody's been greedy, not just Wall Street. But all of a sudden everybody was greedy all at the same time? Can't they understand there's a trigger for this, there's a reason that everybody acted this way?
Normally, when people are greedy, they're also fearful of loss, and people's fear of loss overcomes their greed and checks their behavior. But what the government did, repeatedly, was try to remove the fear — they tried to make speculating as riskless as possible."
"People do a lot of research before they buy a plasma TV, but nobody does any research before they put their money in the bank. No one cares. Who could care? Because the government has created a moral hazard by guaranteeing the accounts.
If the government didn't guarantee bank accounts, then banks would not be doing foolish things with our deposits. Because people would care, because people could know, gee, if you make loans and they don't get paid back, I'm going to lose my money.
So banks would not just compete on how much interest they'd pay, but they would compete on how safe their balance sheets are."
"If somehow we can all have like a little machine that we could just push little buttons and whatever we wanted would magically appear, right, nobody would have to work. And the government, of course, would try to outlaw those gadgets, because it would create a lot of unemployment. But who would care? We wouldn't need employment, we would have everything we want.
So, we work because we want stuff, not because we want to work. So just to preserve jobs doesn't make any sense if they're not productive, if they're not efficient."
"And when I talk about letting General Motors go bankrupt — and I, of course, I was predicting that they would go bankrupt five or six years ago. I knew they couldn't survive.
But, if we let them go bankrupt, does that mean it's an end to the automobile industry? Does that mean that all those plants in Detroit or in the Detroit area are just going to sit idle? That all those skilled workers are just going to sit there and nobody is going to try to hire them? Of course not.
What would happen if we let General Motors go bankrupt is that some entrepreneurs would step up and buy up the assets at a bankruptcy, and they would no longer be encumbered with big labor union contracts or health care obligations or interest on debt. They would be able to buy the assets without the liabilities and organize them in such a way to make cars profitably.
Now, in order to do that, they would probably have to pay their workers a lot less than the workers are being paid now, but at least they'd be working for companies that made cars profitably. And we'd probably end up with a lot more people working in the automobile industry than we have today.
And, the fact of the matter is, rather than making cars for Americans, we should be making cars to export, because Americans, we don't really need any cars. We have too many cars. We have, what, two or three cars per household at this point."
"So what do we need? We need the government to eliminate the deficit and go to a surplus. We need the government to stop spending money and depleting our savings. We need consumers to stop spending money and rebuild their savings. We need a recession. We need it. We need one badly.
And what the government has to do is fess up and let us know, yes, this is the price we pay for years of indulgence and reckless spending; now comes the sacrifice, now comes the penance, we're going to have to take this recession. And there's nothing the government can do about it.
The only thing the government can do about it is to acknowledge to the American public that the government is a burden on the economy. And in good times, maybe we can tolerate that burden, but in bad times, there's no way."
I would point out that Yahoo was worth twice the entire country of New Zealand; every stock they had, all the real estate.
I'd say, 'What would you rather own, this entire country?' The dividend yield on the New Zealand stock market was over a billion dollars a year. That was the dividend yield. Yet Yahoo was trading for more than twice the value of that whole stock market.
I said, "What would you rather own, this company that just got started a couple years ago, or this whole country? And you could take all the dividends." No. No one cared; they wanted Yahoo. But it was just all nonsense, but nobody saw it.
Of course, after the Internet bubble burst, everybody was talking about how crazy it was."
"President Bush, in one of his speeches, said that Wall Street got drunk. And he was right, they were drunk. So was Main Street. The whole country was drunk. But what he doesn't point out is, where'd they get the alcohol? Why were they drunk?
Obviously, Greenspan poured the alcohol, the Fed got everybody drunk, and the government helped out with their moral hazards, and the tax codes, and all the incentives and disincentives they put in — all the various ways that they interfered with the free market and removed the necessary balances that would have existed, that would have kept all this from happening.
We've always had greedy people. Everybody's been greedy, not just Wall Street. But all of a sudden everybody was greedy all at the same time? Can't they understand there's a trigger for this, there's a reason that everybody acted this way?
Normally, when people are greedy, they're also fearful of loss, and people's fear of loss overcomes their greed and checks their behavior. But what the government did, repeatedly, was try to remove the fear — they tried to make speculating as riskless as possible."
"People do a lot of research before they buy a plasma TV, but nobody does any research before they put their money in the bank. No one cares. Who could care? Because the government has created a moral hazard by guaranteeing the accounts.
If the government didn't guarantee bank accounts, then banks would not be doing foolish things with our deposits. Because people would care, because people could know, gee, if you make loans and they don't get paid back, I'm going to lose my money.
So banks would not just compete on how much interest they'd pay, but they would compete on how safe their balance sheets are."
"If somehow we can all have like a little machine that we could just push little buttons and whatever we wanted would magically appear, right, nobody would have to work. And the government, of course, would try to outlaw those gadgets, because it would create a lot of unemployment. But who would care? We wouldn't need employment, we would have everything we want.
So, we work because we want stuff, not because we want to work. So just to preserve jobs doesn't make any sense if they're not productive, if they're not efficient."
"And when I talk about letting General Motors go bankrupt — and I, of course, I was predicting that they would go bankrupt five or six years ago. I knew they couldn't survive.
But, if we let them go bankrupt, does that mean it's an end to the automobile industry? Does that mean that all those plants in Detroit or in the Detroit area are just going to sit idle? That all those skilled workers are just going to sit there and nobody is going to try to hire them? Of course not.
What would happen if we let General Motors go bankrupt is that some entrepreneurs would step up and buy up the assets at a bankruptcy, and they would no longer be encumbered with big labor union contracts or health care obligations or interest on debt. They would be able to buy the assets without the liabilities and organize them in such a way to make cars profitably.
Now, in order to do that, they would probably have to pay their workers a lot less than the workers are being paid now, but at least they'd be working for companies that made cars profitably. And we'd probably end up with a lot more people working in the automobile industry than we have today.
And, the fact of the matter is, rather than making cars for Americans, we should be making cars to export, because Americans, we don't really need any cars. We have too many cars. We have, what, two or three cars per household at this point."
"So what do we need? We need the government to eliminate the deficit and go to a surplus. We need the government to stop spending money and depleting our savings. We need consumers to stop spending money and rebuild their savings. We need a recession. We need it. We need one badly.
And what the government has to do is fess up and let us know, yes, this is the price we pay for years of indulgence and reckless spending; now comes the sacrifice, now comes the penance, we're going to have to take this recession. And there's nothing the government can do about it.
The only thing the government can do about it is to acknowledge to the American public that the government is a burden on the economy. And in good times, maybe we can tolerate that burden, but in bad times, there's no way."
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