Tuesday, September 20, 2011

Solyndra Scandal Has Legs; Congressional Black Caucus Actually Proclaims The Truth (for once); Is Buffett Lying? President's Plan Hits Veterans Too; Jagger's New Group" SuperHeavy

"New Study Finds Women Should Only Be Making 20 Cents Less On the Dollar Than Men."---Onion's Economy Headline

  • "The Obama administration restructured a half-billion loan to a troubled solar energy company in such a way that private investors---including a fundraiser for President Barack Obama---moved ahead of taxpayers for repayment in case of default, government records show."---AP (when I reported on this earlier than most, I questioned whether this scandal had legs. It looks like it does. I actually heard NPR reporting on it as well as other mainstream news outlets).
  • "Unhappy members of the Congressional Black Caucus 'probably would be marching on the White House' if Obama were not president, according to CBC Chairman Rep. Emanuel Clever (D-Mo.)---The Hill. Holy Sh!t!!! The CBC actually proclaimed the truth for once.
  • As the administration wants everyone to pay their fair share and sacrifice, know this---the government's not getting the message. In 2008 and 2009, the Dept. of Justice spent over $121 million on conferences alone. And the data shows---they loved to eat (paying $16 for muffins--- for one muffin, and $8 bucks for a cup of java. They must have eaten at Starbucks). And that's just one government department.
  • The administration's newest plan is to raise $1.58 trillion in tax hikes. It breaks down like this: $866 billion in higher taxes for those making over $200 grand. $410 billion in cutting some deductions for people earning more than $250k (memo to charities, many of whom are progressive, that means you will be hit hard). $41 billion from revoking tax credits and deductions for oil and gas companies (so much for more drilling). $260 billion for tax breaks for corporate jets (that means pilots, air crews, mechanics, vendors, safety personnel, and many more will be losing their jobs. When we did this in the early 1990's to the yacht industry, blue collar workers were largely affected). All of this penalizes investments and hits small businesses.
  • Bottom line is this: "Soaking the only people left with disposable income to spend and keep working-class Americans working is one of the dumber things you can do at a time when you need the rich to spend more, not less." (Charles Gasparino, Fox Business Network).
  • Remember, it took this administration almost 3 years to finally target jobs creation. In fact, even when Pres. Obama said it was urgent to pass the bill, he then went on vacation. And the Democrats won't even take up the bill for another month, following a congressional "recess."
  • Even more disturbing, the president's plan will change military medical and drug benefits for military retirees. They will have to spend more on medical coverage and drugs.  The American Legion's CEO said, "We do not want to see the federal budget balanced on the backs of American veterans who have earned these benefits through service to our country." The president said we all contribute to getting this economy moving again. With all due respect to the Commander in Chief: many of our veterans contributed their blood and guts, an many their lives. LEAVE VETERAN BENEFITS ALONE!!!
  • As Buffett tried to make a case his secretary was paying more in taxes than he does, it appears his math is a tad off.  He said he paid about 17.4% in taxes on his income while his secretary paid 36%. But when one combines his corporate taxes and capital gains, he actually paid over 45% of his earnings in taxes (NY Post).
  • And one more reminder: as Buffett talks about the rich paying more in taxes, his firm owes more than $1 billion in BACK TAXES. When he touts this, he has lawyers right now in court trying to persuade the IRS that his firm should not pay all those back taxes. Do you know how to spell: fake, phony and fraud?
  • If these Buffett fat cats want to pay more in taxes, nothing and no one is stopping them from opening up their checkbooks and writing a check to the IRS.
  • So when the president talks about a "balanced approach," he means more taxes.
  • And as the president hammered the rich yesterday, he had enough time to attend another $35,000 per person fundraiser for fat-cats.
  • As of today, according to the new Gallup Poll, Obama would beat Rick Perry but not Mitt Romney. Obama vs. Perry: 50-45%. Obama vs. Romney: 47-49% (actually about even when you factor in the margin of error). Support for Bachmann is falling---fast. Romney does better among swing voters while Perry does better among Republicans and Independents who lean Republican.
  • Kudos go to USA Today's editors. This week they wrote a piece on this vaccine controversy and Bachmann's dumbass statement about the HPV virus causing mental retardation (there is no evidence of this. I've been in the field for almost 40 years, never heard of any credible evidence even after 36 million doses) entitled, "Fear-Mongering On Vaccines Endangers Public Health." I've been saying this for years---going back to the fake, phony and fraud studies that reported vaccines were responsible for autism.
  • From The Entertainment Desk: If you are a Mick Jagger fan, his new group, SuperHeavy, just released an album. It's getting 3 to 4 star ratings. SuperHeavy includes Jagger, Joss Stone, Dave Stewat, A.R. Rahman and Damien Marley. Enjoy!

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