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Tax Facts!

Posted by Doug on Sunday, October 19, 2008 7:30:43 PM
 Sure, Barack Obama's associations are troubling and raise questions of his values, world view, judgment, character and honesty... and Bill Ayers isn't the half of it. 

But for so many of us today, these issues are just so much "talking heads" noise. The American public is much more focused, in this day of financial turmoil, on "meat and potatoes" issues of the economy. And the health of Wall Street isn't as significant as the "Main Street" viewpoint of "what about my job, my healthcare, my TAXES?"

The discussion of taxes occupied a prominent portion of the final debate and "Joe the Plumber" has become a phenomenon!

Unfortunately, neither candidate clearly articulated their own or their opponent's tax policies clearly or concisely enough that the casual viewer could possibly extract a lucid understanding of how their policies would or could affect U.S. It then falls to analysts and commentators to distill it all down for public consumption.

So, here are some Tax Facts to bear in mind as you evaluate the candidates and their statements on taxes.

* Remember that there are scores of taxes imposed on the American people... not just the income tax. Your net buying power is affected by the sum total of them, and not just the income tax. So if you have your income tax reduced, but taxes on the goods and services you buy increase, you may see a net reduction in your purchasing power though you have more dollars in your pocket. Moreover, if tax policies result in higher prices, this is effectively a hidden tax as your purchasing power erodes.

* 30% of Americans have no income tax liability! They pay no income tax. When Obama offers "tax relief" to 95% of the people, 1/3 of those people will get "relief" in the form of a check when they paid nothing into the system! This is classic socialistic redistribution of wealth. Obama unwittingly revealed this intent in his "Joe the Plumber" conversation.

* Even if it were so that 95% could or would receive a tax cut, the top 1% of taxpayers (AGI over $364,657) earned approximately 21.2% of the nation's income (as defined by AGI), yet paid 39.4% of all federal income taxes. Yes, almost 40% of all income taxes are already paid by the top 1%. Based on these numbers, is further soaking the "rich" sustainable?

* Tax cuts for the rich? You are in the top 25% of income earners if you bring in more than $62,068 a year. (Bet you didn't know that means you're rich…) The top-earning 25 percent of taxpayers (AGI over $62,068) earned 67.5% of nation's income, but they paid more than four out of every five dollars collected by the federal income tax (86%). (source) This means that the bottom 75% of earners already bear only 14% of the burden despite earning almost 1/3 of all the income. Who needs tax relief? If you're in the top 25% at $62K, how low must your income be to be considered by some to be "middle class"? Low enough to be one of those not paying income taxes at all?

* Tax cuts don't reduce federal revenues; they stimulate economic growth which results in increased revenues to the federal government! It happens every time it's tried.  Kennedy's tax cuts raised revenues. Reagan's tax cuts doubled revenues. Bush's tax cuts also increased revenues. (Spending is another issue entirely.)

* Tax breaks for corporations that send jobs overseas: The implication, of course, is that there is some policy, implemented or proposed, to reward companies for sending jobs abroad. There is not. A generalized policy toward tax relief on business in general (which would positively impact the economy as a whole) would be a tide that lifts all boats – including those who might outsource – but there is no concerted effort to inventivize shipping jobs offshore.

* On the other hand, there are dis-incentives in the tax code to bring overseas jobs back home. Removing these barriers has been painted as a "tax break" for companies who have overseas operations, even though doing so would bring these operations back home. Currently, the U.S. has the second highest tax rates on businesses in the world, something mentioned by John McCain during Wednesday’s debate. When a company has overseas operations, they pay the prevailing tax rate in the country of the operations. Here is the conundrum: Whatever the difference is between that overseas tax burden and our U.S. rates is required to be paid to the US, but is deferred as long as the operations remain overseas. Upon repatriating these operations back to the U.S., the cumulative difference is immediately due. Therefore, companies can avoid paying this accrued tax by remaining overseas. (These policies have been in place since long before George W. Bush, by the way.) If this barrier to returning home could be mitigated, many operations would be repatriated, creating domestic jobs and stimulating our economy. This could be accomplished by a moratorium on collecting the accrued difference, by allowing the accrued difference to be amortized over a number of years, or by removing the requirement to pay the difference at all. Furthermore, the current high corporate tax burden in the U.S. drives business overseas to pay the lower rates and defer the difference, so cutting the rate to a rate more competitive with the global market would keep more business at home in the first place.

* Corporations don't pay taxes? The fact is that corporations consider taxes part of their cost of doing business, and so they respond to increased taxes in one of two ways: they either increase the cost of the goods and services they provide (impacting their customer's buying power) or they reduce other costs by cutting jobs. When we say we will reduce taxes for the "middle class" and increase taxes on those earning over $250,000 (which are primarily small businesses who employ people), we will see higher prices – which reduces buying power and therefore hurts the "middle class."

Sadly, most Americans do not understand these facts, and are therefore easily swayed by eloquent "we're going to take care of you" speeches. Whenever a politician promises you a free goodie, please: ask “how?”
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Joe the Plumber: Destroy Him!!

Posted by Doug on Friday, October 17, 2008 11:28:05 AM

Isn't it interesting how predictable the American Left is? When someone scores an indisputable point against "the One", they ignore the message and attack the messenger! "Joe the Plumber" has revealed and highlighted Obama's socialistic agenda – and it's had an impact on Obama's support! So he must be destroyed.

First, we heard the immediate "I don't know any plumbers making $250,000" argument. I'm still not sure what the purpose of such a statement could possibly be, but the dismissive tone accompanying the statement is obviously intended to attempt to ridicule Joe away! But the statement is completely disingenuous, as Joe didn't even say he was a plumber, nor that he makes $250K.  He said he's considering buying a PLUMBING COMPANY, which EMPLOYS plumbers, and which GROSSES around a quarter mil. He didn't say he makes $250K. He didn't say he'd EARN 250K after buying the business. The business grosses $250K. The business pays it's employees. The business maintains its vehicles. The business buys its materials. The business pays for its office, phones and utilities. The business pays its taxes. The business pays to advertise. After all that, the business owner can take a salary.

Next the LeftMedia lights up with the accusation that Joe isn't even a registered voter. Aside from the fact that this is blatantly false… Joe is registered and voted in the OH primaries… what possible relevance would this have? I thought ACORN has, as its purpose, to get unregistered people interested, active and REGISTERED now! So here's a guy who's now very interested and engaged in the political process. We should rejoice!

So then the thugocracy dispatches their investigators to dig dirt on Joe. They claim he's not licensed… But he doesn't need one presently, and the company he works for has one! From the Toledo Blade, "According to Lucas County Building Inspection records, A. W. Newell Corp. does maintain a state plumbing license, and one with the City of Toledo, but would not be allowed to work in Lucas County outside of Toledo without a county license." Does he even need one to OWN a plumbing company that EMPLOYS plumbers?   And again, how is this relevant to Obama's Socialism?

Finally, the thugs discover that Joe has a tax lien on about $1100 he owes in back taxes. Does this mean he's not credible to ask Obama a question on the impact of his tax policies? Does this have bearing on the fact that Obama's answers reveal him to be a Robin Hood Socialist bent on redistribution of wealth? It would seem that someone struggling to meet his CURRENT tax liability would be uniquely appropriate to question how Obama's policies might make matters worse!

You may have heard the phrase, "Don't kill the messenger."  This phrase is usually attributed to the ancient Greek and then later Roman custom of employing messengers to carry news throughout the empire. The law PROTECTED these messengers, and decreed that they should be allowed to pass unharmed as they carried out their duty, even if the recipients found the message distasteful.

Sadly, Obama and his minions DO try to destroy anyone who can bring a message critical or damaging to the campaign. Live long and prosper, Joe!

Copyright © 2008 by Doug Edelman
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Ayers Isn't The HALF Of It!

Posted by Doug on Monday, October 13, 2008 8:46:35 AM
The Obama defenders are complaining that William Ayers’ radical bombings in the late 1960s and early 1970s are dismissible as "old news." They declare Obama's associations to be "irrelevant." (Somehow I'm prompted to wonder what they'd say if McCain were a friend of a 1940s Nazi prison camp guard.) Yet Obama's associations are relevant, as they are in fact current news, and they speak to his judgment, character and to his political proclivities and inclinations.  And we can never forget that a man is known by the company he keeps.
 
Here is a brief accounting of over a dozen of Obama’s long-time colleagues, associates and friends.
 
Khalid al-Mansour: the anti-Semite Black Nationalist racist who changed his name from Don Marshall and converted to Islam, was a patron of Obama’s and helped advance Obama’s candidacy to law school. He was instrumental in starting the violent Black Panthers group, reportedly became Kind Saud’s attorney and represents OPEC. No wonder Obama doesn't want to drill anywhere, although he changed that tune in last Tuesday's debate in an apparent attempt to drill for votes. 
 
As an article in FrontPageMag.com reported, “And why is it that black racists such as al-Mansour constitute a significant proportion of these hate mongers? In large part, it is because blacks have been specifically and aggressively targeted for recruitment by leaders of the worldwide jihad, just as they were targeted for recruitment by the Communist Party USA in the 1920s. Black grievance, combined with the evangelism of the Nation of Islam over the last seventy years, has established an audience for the ideology of hate.”
 
It is notable that Khalid al-Mansour is an advisor and friend to Prince al-Walid bin Talal, the Saudi sheik to whom Mayor Rudy Giuliani returned a $10 million checkright after 9/11 because bin Talal stated that America brought the bloodthirsty attack on itself due to our foreign policy.
 
Rashid Khalidi: an enthusiastic supporter of the Palestinians, fervent critic of Israel (which he calls a destructive “racist” state), an admirer of suicide bombers and a driving force behind the Arab American Action Network (AAAN). This so-called pro-Palestinian “community organization” in Chicago is another beneficiary of the Obama-Ayers team at the Woods Fund. It promotes an agenda that would horrify Obama’s Jewish supporters and any normal person. In fact, both Sen. Obama and Mr. Ayers actually spoke at a testimonial dinner for Rashid Khalidi.
 
According to Jack Kelly in the Pittsburgh Post-Gazette, “ ‘Khalidi and Obama lived in nearby faculty residential zones and the two families dined together a number of times," a source on the University of Chicago faculty told WorldNet Daily. "The Obamas even babysat the Khalidi children.”
 
Ingrid Mattson: President of the troubling Islamic Society of North America, a group named as an unindicted co-conspirator in the Holy Land Foundation terrorist trial, and a woman whom Obama invited to lead prayer at the Democrat Convention, which she did.
 
Frank Marshall Davis: another of Obama's mentors mentioned in his book, a well-known Stalinist Communist whose devotion to the Soviet Union and hatred for an America which he described as racist and imperialistic put him under FBI surveillance for at least 19 years. It is quite possible that Davis did more to shape Obama’s world view than many in his entourage.

Tony Rezko: convicted felon of fraud and shady dealings, he and Obama were very close. Rezko helped get Obama a sweetheart mortgage, and he bundled tons of money for Obama’s campaign. Rezko bought property (under another sweetheart deal) to be Obama's neighbor. As of today, it appears Rezko is willing to talk to reduce his sentence.
 
William Ayers: Ayers is still today (this is not an “old news” story) an unrepentant terrorist.  He was quoted (coincidentally on September 11, 2001, in the New York Times) as being proud and unapologetic for the bombings of the Pentagon, the Capitol and the New York City Police where several police officers were murdered as a result. In fact, he stated that his only regret was that they hadn't done more.  For a smug thug like this, Sen. Obama – unbelievably – did the favor of writing a dust-jacket blurb forMr. Ayers' 2001 book, "Fugitive Days". 
 
Ayers and Obama served on the board of the Annenberg Foundation together, overseeing the expenditure of tens of millions of dollars. Currently, or rather, inexplicably, all the related records remain "unavailable."
 
Interestingly, the Annenberg Foundation runs the "Factcheck.org" site that Obama uses as his only source of "facts" on his "fight the smears" website. Why or how factcheck.org is given any mainstream media credibility as a fact source is laughable. The mainstream press should be ashamed of itself for using them.
 
Saved from jail, unfortunately, by legal technicalities, Ayers is married to Bernardine Dohrn, another Weathermen terrorist once on the FBI’s Ten Most Wanted List, who did serve time for refusing to testify about the death of other Weathermen when a bomb they were building blew up prematurely.  J. Edgar Hoover called her ''the most dangerous woman in America'' and ''la Pasionara of the Lunatic Left.''
 
Bernardine Dohrn, who in the 80’s worked at the same time with Michelle Obama for the Chicago law firm Sidley Austin,was also a fan of Charles Manson:
 
At a 1969 "War Council" in Flint, Michigan, Dohrn gave her most memorable and notorious speech to her followers. Holding her fingers in what became the Weatherman "fork salute," she said of the bloody murders recently committed by the Manson Family in which the pregnant actress Sharon Tate and a Folgers Coffee heiress and several other inhabitants of a Benedict Canyon mansion were brutally stabbed to death: "Dig it! First they killed those pigs, then they ate dinner in the same room with them. They even shoved a fork into the victim's stomach! Wild!" The "War Council" ended with a formal declaration of war against "AmeriKKKa," always spelled with three K's to signify the United States' allegedly ineradicable white racism.
 
ACORN: An organization so fraught with voter fraud they should be closed down and indicted under RICO. Where you're never too dead to vote twice. Ever wonder what a "community organizer" is?  Think ACORN.  For whom was Obama a "constitutional lawyer"? ACORN.  Currently, numerous ACORN offices are being raided by the FBI and investigated for ongoing and major voter fraud.
 
Fannie/Freddie: Obama was the number two campaign contribution recipient from Freddie and Fannie execs, behind Banking Committee Chairman Chris Dodd. And bear in mind, those are numbers compiled over nine years. Obama has been a senator only for four of those years and raked in almost as much dough as Dodd did in all nine years.
 
Franklin Raines/Jim Johnson: Former heads of Fannie Mae, both men were removed for impropriety. Both made tens of millions of dollars from their time at the helm, helping to pilot the economy onto the rocks. Are there two people more responsible for the current economic mess? Besides Barney Frank and Chris Dodd, they may have had more to do with creating the problem than anyone else... and they're in Obama's inner circle giving economic advice; Jim Johnson was actually chosen to vet Obama's VP Pick.
 
Rev. Wright and  Father Pfleger: radical, fervently anti-American, and anti-Semitic. The Rev. Louis Farrakhan, also an anti-Semite and black racist, was recently honored by Rev. Wright for “Lifetime Achievement”. And Obama called them mentors, friends and/or spiritual advisors. What did he learn from them over the decades of their association? And why did he not reject their views until it was politically expedient for him to do so?
 
Michelle Obama:  Mrs. Obama seems to hold radical separatist views consistent with a 20-year attendance and tutelage under Rev. Wright. Her college thesis was on assimilation vs. "the black culture,” and she was openly dismayed that so many blacks were choosing to assimilate into the American melting-pot culture. She also stated on the campaign trail that for the first time in her adult life she was proud of her country.  This, from a possible First Lady of the land.
 
From anti-American at best, to virulently anti-American and criminal anti-American at worst, this is the rag-tag crowd with whom Obama has chosen to build his career and personal relationships for the past few decades. That such a person – and crowd - could end up holding the fate and deepest secrets of our most precious jewel, America, in their hands – as well as all our futures - is deeply troubling, to say the least, and it would be an unspeakable tragedy if it were to transpire. 
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Can You Hear Us Now? (We Said NO!)

Posted by Doug on Friday, October 03, 2008 2:05:43 PM

The Paulson Bailout, proposed at $700 Billion, has now grown in the Senate to $850 Billion with the addition of absolutely ridiculous “sweeteners” like free bicycles and tax breaks to wooden arrow makers!  The Senate has completely lost its way.

But before the House considers, or worse, ACCEPTS any permutation of the Paulson Bailout Plan, they must remember that you can’t make a silk purse from a sow’s ear… and no amount of lipstick will sell this stinker of a porker to the American people!

Even without the additional $150 in pork, think about this:
 
How much is $700 Billion?
 
More than the government spent COMBINED in Fiscal 2006 for:
 
Medicaid    $180.6 in Billions
 
Education     $118.6
 
Health     $ 63.9
 
Transportation   $ 70.2
 
Veterans Benefits   $ 70.0
 
Community Development   $ 54.5
 
Food & Nutrition Assistance  $ 53.9
 
Justice System    $ 41.0
 
Housing Assistance   $ 38.3
 
TOTAL:     $691.0
 
Source: Budget of the United States Government, Fiscal Year 2006
 
According to CNN August 14, there were 750,000 homes currently in foreclosure. In addition to hurting the homeowners, these troubled assets set the value of the lenders' capitol plummeting due to the “Mark to Market” Accounting rules.
 
$700 Billion divided by 750,000 homes = 933,333 PER HOME!
 
As ridiculous as this might be, and I'm not actually proposing it (just using it to illustrate JUST HOW bad the Paulson plan is!), why don’t we just give each troubled homeowner $100,000 toward their mortgage to keep them in their home and reduce or eliminate their balance? We can then refinance any remaining balances for 15 years at 7% fixed.

This would cost taxpayers only $75 Billion, the homeowners get to keep their homes and reduce or eliminate their house payments. The banks get instant liquidity. Balances under $100,000 are paid off and come off the lenders’ books! The lenders get to convert bad loans over $100,000 balance to smaller, better risk loans at a nice fat 7% and suddenly have VALUE again.
 
The only loser... the guy who bought a home he can afford, and who continues making his payments, on time.
 
Of course, this would be an unconscionable giveaway bailout, giving taxpayer money to people who bought houses they couldn't afford... and yet it's more measured, more reasonable and more likely to WORK than the Paulson plan... which does nothing to address the cause of the problem: the CRA, Mark to Market, and corruption at Fannie & Freddie, which MUST be dismantled or at least downsized!  And it doesn’t help the people who took loans they couldn’t afford either!  It bails out the lenders for making bad loans and taking unacceptable risks.

But… we have to do SOMETHING!!  Or do we?

We’re told that inaction will melt the economy.  But it won’t!  And WHAT does the Government do WELL anyway?  Do you trust them to fix the problem?  Most often (and in this case), Government IS the problem; see http://www.youtube.com/watch?v=NU6fuFrdCJY&feature=bz301 and www.youtube.com/watch?v=fa0agm711PQ. 

No bailout has passed yet.   The day the House failed to pass it, the market dropped 777 points.  The doomsday crowd went berserk!  Yet when you realize that the market was down over 300 points BEFORE the vote, the failure of the bill only accounts for a 400 odd point drop.  Interestingly, the very next day, the market bounced back with the 3rd largest point daily gain in history… and essentially nullified that post-vote loss!  Then the Senate passed their pork-laden version of the bailout, and the market dropped precipitously again!  I guess you could say the market reacted NEGATIVELY to the bailout!!

So how does it affect “Main Street”? You can still go down to the bank and get a home loan or a car loan… IF YOU QUALIFY.  Folks are still driving to work at jobs they still have, in cars they still own, burning gas that they still pay too much for.

Remember EF Hutton?  When they spoke, people listened… till they stopped listening.  Where are they now?  Do you care?

Remember Smith Barney?  They made money the old fashioned way… they earned it!  They’re not earning much now, are they?  Did their evaporation off the face of the earth hurt you?

The fact is that brokerages and even banks have failed before and will again.  YOUR deposits are insured and you retain access to your funds.  YOUR stock assets in your portfolio are YOURS and not your brokers.  If your broker goes under, you still own your stocks.  Find another broker to handle your trades!

I recently proposed a workable plan that would bolster confidence in the markets and ease the capitalization/credit/valuation problems without socializing the markets or giving corporate welfare to Wall Street or handing over inordinate power to Paulson.  Read it at http://starboard.blogtownhall.com/2008/09/30/fixing_the_financial_crisis_without_socializing_the_market.thtml.  If our lawmakers would consider implementing such a plan our economy would improve without mortgaging our future generations to throw $700 Billion or more at it.

For too long Fannie/Freddie and Wall Street have played fast and loose, always with the understanding that if things turned sour, the Government would come to the rescue.  They’ve behaved (even if we exclude corruption and cooking books) like spoiled children who act irresponsibly and get in trouble frequently, only to look to their parents to bail them out – and their expectations keep getting met!  The best thing such a parent can do is put a stop to it – and institute some “tough love”.  When they begin to stand firm, saying “NO, you made your bed, now bear your consequences”, that is the beginning of the maturing of the child.  It’s time that the Wall Street institutions begin to grow up.

Will some firms fail?  Yes.  And they’ll be scooped up at bargain prices by firms who HAVE investable capital!  Will people lose jobs?  Yes.  Will they get other jobs?  If they have marketable skills, they will!  Will the “Market” handle their absence… sure.  The services they provided will be offered by other, more innovative, more competitive and more successful enterprises.  THAT is our capitalistic market-driven system… and when ALLOWED to work, it DOES.

Copyright © 2008 by Doug Edelman
 
Doug Edelman is a conservative political commentator and has been a contributing editor for The Conservative Voice.  His work is also seen on News By Us, The American Daily, The Post Chronicle, New Media Journal, Capitol Hill Coffee House etc. For the support of his family, however, he is also an IT Consultant/Contractor and owner of a Computer Services Business.  He has taught PC Maintenance & Repair and Networking at his local Community College, and maintains a blog at http://edeldoug.blogs.com/.

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Fixing the Financial Crisis Without Socializing the Market

Posted by Doug on Tuesday, September 30, 2008 12:07:21 PM

A giveaway of hundreds of billions of dollars is not only bad policy, it is not necessary! Unfortunately, the Democrats have successfully brainwashed the public into believing that the problem was caused by deregulation, when in fact it was caused by Democrat inspired rules and regulations which set up a house of cards in our economy.

When it became apparent that this house of cards was getting large, and wobbly, those who raised the warning flag (Republicans) were shot down by defenders of the system (Democrats). See: http://www.youtube.com/watch?v=fa0agm7lIPQ There you’ll see video of the 2004 Fannie/Freddie hearings. You’ll see who tried to forestall the collapse, and who denied there was a problem. Who questioned the management of Fannie & Freddie, and who declared the raising of the question to be a “lynching” of Franklin Raines, and who praised Raines management at the helm.

Despite the minimal likelihood that the fix outlined below would stand a chance of being implemented, given our current political environment, I will outline a plan that WOULD work in the hopes that SOME of these proposals might be incorporated into any plan that makes its way thru congress.

  • NO taxpayer giveaway of hundred of billions of dollars and don’t put it in the hands of Paulson and Bernanke!
  • Provide assistance in the form of LOANS and INSURANCE. The government does not need to take OWNERSHIP of private institutions like AIG! Do NOT SOCIALIZE our markets.
  • Prohibit all naked market trading. If you want to trade it… OWN it!
  • ELIMINATE the “Mark to Market” rule – which artificially pulls capital off the books of financial institutions and is a contributing factor to the crisis. This rule requires securities to be recorded on the books at the lowest value it might be sold for in a panic firesale – even zero - rather than their ACTUAL value. This results in under-capitalization even when REAL assets are adequate!
  • REPEAL the Community Reinvestment Act, and dismantle or downsize Fannie Mae & Freddie Mac
    • Well intentioned, the act sought to end the practice of “redlining” where certain neighborhoods were deemed unsuitable risks for mortgage loans. While the purpose to put homeownership within the reach of more lower income people is laudable… the execution was poor.
    • As Fannie Mae and Freddie Mac grew under Clinton, and the “Affordable Housing” mandates forced the lowering of lending standards to allow more and more people to “qualify”, the “sub prime” market ballooned. Variable rate loans with low intro rates to get people INTO homes were the norm for these “sub prime” loans.   But adjustable rates WILL adjust, and if artificially low at inception, the direction of that inevitable  adjustment is most assuredly upward. Lenders and borrowers alike completely ignored the factor of affordability AFTER an upward adjustment in the interest rate!
    • Lending institutions were COMPELLED by federal regulators to write more and more of these sub-prime loans. They had target numbers of low-income homes they had to finance or face penalties and further regulation. So qualification requirements were further relaxed, and more “creative” financing options emerged. No money down; Interest Only financing; Negative Amortization loans. Anyone who was paying attention at the time was asking, “How the heck can that work??
    • Mortgage brokers ORIGINATED loans, with no intention of CARRYING the loan thru amortization! They wrote the paper to sell it to a larger entity – who was happy to buy them up, as they were securitized by the GSEs (Government Secured Entities) such as Fannie and Freddie. Fannie & Freddie grew and grew, securitizing ultimately 80% of all mortgages – meaning they held just about ALL the bad paper! A house of cards DOOMED to fall!
  • Institute a moratorium on Capital Gains taxes… allow businesses to put their OWN money to work to climb out of the crisis.
  • Make the Bush Tax Cuts permanent. More money in the hands of consumers will stimulate the economy. Raising taxes in a period of economic downturn is suicidal.
  • PULL DOWN the tax DISincentives to repatriating overseas operations back home in the USA.
    • There are no tax INCENTIVES (existing or proposed) to move job overseas, Obama ads notwithstanding. There are, however tax BARRIERS to bringing overseas operations BACK HOME.
    • A company with offshore operations pays the taxes in that country. If those taxes are lower than US taxes… the difference is owed to the USA. BUT as long as they REMAIN overseas, they defer that debt. An incentive to STAY overseas.
    • Upon repatriating those operations, a company would owe ALL the difference in tax. A company will not have to pay that for as long as they REMAIN overseas.
    • A moratorium on collecting the deferred tax difference for companies repatriating operations back home would stimulate the economy by creating domestic jobs and returning industry to our shores.
  • ENFORCE our borders and our immigration laws. Illegal immigration is a huge drain upon our nation’s resources.
  • Return to the gold standard. Set the dollar at 1/500 of an ounce of gold and back our dollar with more than a promise to pay. Stabilize the dollar's value abroad and eliminate short selling of our currency.
  • Eliminate the Federal Reserve. A PRIVATE CORPORATION which creates currency out of nothing, and LENDS it to the government at interest! The CONGRESS is constitutionally empowered to coin money… not the FED.
  • REPEAL Sarbanes-Oxley. Another well-intentioned but poorly executed regulation crafted in the wake of Enron/Worldcom. (Which are small potatoes scandals when laid next to Fannie/Freddie!!) SARBOX compliance has placed an undue burden upon “play by the rules” companies, but has done little to curtail the abuses by those who have purposed to “cook the books”.

Of course, too many have too much vested interest in NOT implementing the above for it all come about, though if it did our economy would BOOM!

On the other hand, if SOME or ANY of the above can be incorporated into any next attempt at a rescue bill… we may achieve a bill that will stop the bleeding and restore confidence in our markets.

Copyright © 2008 by Doug Edelman

Doug Edelman is a conservative political commentator and has been a contributing editor for The Conservative Voice.  His work is also seen on News By Us, The American Daily, The Post Chronicle, New Media Journal, Capitol Hill Coffee House etc. For the support of his family, however, he is also an IT Consultant/Contractor and owner of a Computer Services Business.  He has taught PC Maintenance & Repair and Networking at his local Community College.
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Goodbye USA, Hello USSA!

Posted by Doug on Monday, September 22, 2008 12:07:02 PM

Welcome to the United Socialist States of Amerika!!

The Wall Street Bailout as currently proposed is going to cost taxpayers $700 Billion. A $700 BILLION Bailout??? Half the Federal Annual Budget??

Let's see... wasn't it just 4 years ago that $87 Billion could run a WAR for a YEAR? And Congress balked at that figure ("I voted FOR the $87 Billion before I voted against it..."). What have we spent IN TOTAL on Iraq? I don't think we've gotten close to $700 Billion yet, and now they want to spend that amount on bailing out a bunch of misbehaving children on Wall Street??

I thought investors understood that they're putting their money at RISK, and that RISK was part and parcel of the opportunity for high returns! Why is it now the responsibility of the average taxpayer to bail out those who managed their money with less responsibility than a drunken sailor? (With apologies to our sober and responsible men and women at sea!)

Understand this: It was not DEREGULATION that caused this meltdown of the markets. It was Democrat Do-Gooding REGULATIONS that caused it!

When congressional pressure was brought to bear on the Mortgage Industry to put more “disadvantaged” people into houses, it became necessary to reduce the creditworthiness standards required to qualify for the loans – as these people could not qualify under reasonable risk assessments for conventional lending at the time. So money became cheaper, and the “sub-prime” mortgage market was created with relaxed creditworthiness requirements. Teaser rates were offered to get people INTO houses they couldn’t afford. Adjustable rate mortgages were originated, making money for brokers – and then sold off to bigger players like Countrywide. With Fannie and Freddie saying “Go, Go, GO” while relying on government backing. This house of cards was BUILT by the Democrats trying to put unqualified people into houses. The Democrats could not abide the reality that SOME PEOPLE CANNOT AFFORD HOUSES! To them, the right to homeownership meant more than the right to purchase what you can AFFORD to buy. For these utopian dreamers, the right to home ownership was akin to the right to an attorney… “If you so desire and cannot afford, one will be provided for you…”

It is a fascinating exercise to lay Obama next to McCain on the issue of the collapse of Fannie/Freddie...

From Barack Obama:

We're told that the current financial crisis and the collapse/bailout of Fannie Mae and Freddie Mac are the result of "Bush/McCain Policies."

It seems like all he has to offer is to paint McCain as Bush 44... and exploit Bush Derangement Syndrome!

(Isn’t it interesting to note that behind Sen Dodd - the chairman of the powerful banking committee - Barack Obama received more money from Fannie/Freddie than any other lawmaker of the over 300 who received contributions between 1989 and 2008... and Obama was only in the Senate for 3 of those years!)

On the other hand; John McCain, who has never taken an earmark and has campaigned actively against them, sought to reign in the abuses of Fanny/Freddie in 2005 by co-sponsoring the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 1 90 http://www.govtrack.us/congress/bill.xpd?bill=s109-190 - which was shot down by Democrat resistance!

Note his statement from the Congressional Record, quoted below, in support of the Bill. Seems he had a crystal ball!! (This from a guy who stated self-effacingly that he doesn't understand the economy as well as he'd like! If only more people understood it as well as he does!)

Statement by John McCain (R-AZ) May 25, 2006

Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company's senior management, which resulted in a $10.6 billion accounting scandal.

 

The Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

 

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

 

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

 

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 1 90 <http://www.govtrack.us/congress/bill.xpd?bill=s109-190> , to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

 

I urge my colleagues to support swift action on this GSE reform legislation.

Think about this for a moment. Suppose you are a family earning $100,000 a year. You are $400,000 in debt including your mortgage. You live paycheck to paycheck, meeting current expenses and making payments on your debt – and putting money into savings or investments is a nice goal, but hardly a reality. You have a wild and irresponsible child who has run himself into $50,000 debt with drunken gambling. You then take a loan to hand him a $50,000 check to bail him out.

Is that SANE?? Yet that’s exactly what we, as taxpayers, are about to do if the proposed bailout goes through!

Our Manufacturing Industry has already been taxed and regulated into moving off-shore. Maxine Waters revealed that she wants to take over the Oil Industry. Hillary wants to take over the Health Care Industry. And now the Financial Industry is in the process of being taken over. Socialism IS conquering us!

Paulson and Bernake are about to END the USA as we knew it. Good bye, America... you've had a nice run.

Property values in New Zealand are now going to climb thru the roof!

Copyright © 2008 by Doug Edelman

Doug Edelman is a conservative political commentator and a contributing editor for The Conservative Voice.  His work is also seen on News By Us, The American Daily, The Post Chronicle, New Media Journal, Capitol Hill Coffee House etc. For the support of his family, however, he is also an IT Consultant/Contractor and owner of a Computer Services Business.  He has taught PC Maintenance & Repair and Networking at his local Community College, and maintains a blog at http://edeldoug.blogs.com/. 

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As Goes Misouri, So Goes The Election!

Posted by Doug on Monday, September 01, 2008 9:28:42 AM
For 104 years, the winner of Missouri’s electoral votes has gone on to win the presidency in every case except 1956, when Missouri voted (by a very slim margin) for Adlai Stevenson, a popular Governor of neighboring Illinois. Missouri’s status as a Bellwether is even cited on the University of Missouri’s website at http://rcp.missouri.edu/briefs/electionexperts08bellwether.html:
 
In every presidential election since 1904 with the exception of the 1956 election, Missouri has voted for the winner of the election and earned the nickname of a bellwether state. University of Missouri political experts are available to discuss the importance of Missouri as a bellwether state in this year’s presidential election.

"There is no other state like Missouri," said Marvin Overby, professor and Frederick A. Middlebush Chair in the Department of Political Science. "Missouri is the southernmost northern state, northernmost southern state, easternmost western state and westernmost eastern state. It is geographically and demographically in the middle. It's in a unique position that tends to reflect well where the rest of the country is politically."
 

Unlike Illinois, there is no single central urban location in Missouri, and the state is much more balanced between urban and rural, said Overby. Compared with other states, Missouri is average in income, education and age. For these reasons, Missouri has become a good indicator of the nation’s political attitudes and the presidential candidates will not ignore this, said Overby.

"Since the Civil War and the issue of slavery, Missouri has always been in the position as a bellwether state, and this year is no different," Overby said. "Presidential candidates are likely to make more stops in the state and test their messages in Missouri. Missouri is a pivotal state. If you win Missouri, you win the White House."
 
With that said, it is interesting to note that polling data over the last month or more has shown McCain leading in Missouri by as much as 10 points. Given Missouri’s “bellwether” status, one might think that the media would be paying attention, however those outlets which even pay attention to a state by state accounting of the vote tend to list Missouri as “Leaning” to McCain rather than solidly behind him!
 
If there was any doubt as to the enthusiasm of Missouri voters toward the McCain/Palin ticket, yesterday’s “Road to the Convention” rally at T R Hughes Ballpark in suburban O’Fallon, Missouri should cause analysts to sit up and take notice.
 
More than 25,000 people packed the stadium – in a suburban minor-league ball park in St Charles County, Missouri – about 40 miles outside of St Louis. These were not hand-picked campaign workers being rewarded with a ticket… these were “the folk” who cared enough to stand in 90 degree heat as they waited patiently in line to go thru the security checkpoint. Volunteers handed out water cups encouraging people to keep hydrated. Vendors did a brisk business selling buttons, hats and bumper stickers to those awaiting entrance.
 
Soon the seats were filled to capacity and the field was covered with a sea of humanity.  Most were wearing red… to make a statement that Missouri is a decidedly RED state.
 
While free tickets had been distributed in advance, the decision was made to open the venue to all comers for general admission as long as there was room; and there were a lot of unticketed “comers”! Some later arrivers were even turned away as there simply was no more room. 
 
In stark contrast to the contrived and staged “rock-star” event of Obama’s acceptance speech, McCain’s “Straight Talk Express” bus pulled into the ballpark and John McCain, flanked by Mike Huckabee, Mitt Romney, and his new VP pick, Sarah Palin, walked across the top of the dugout to a very modest podium.
 
Huckabee and Romney exchanged pleasantries, while making joking reference to their past differences, and highlighting their agreement on supporting McCain.
 
Then John McCain took the podium to enthusiastic cheers. He spoke only briefly, and modestly. No “I am HE” aura could be detected as McCain expressed appreciation and exuded humility.  He spoke of Hurricane Gustav and of concern for the residents of Gulf Coastal Communities. He announced a paring back of the convention schedule, and his and the Party’s preparedness to be responsive to the storm’s circumstances. He then yielded the floor to Sarah Palin, who spoke eloquently, and powerfully. Palin’s character, experience and charm all came through and the crowd was thoroughly energized by her.
 
As goes Missouri, so goes the nation? Barack should be in a panic about now.
 
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ADVISORY; Political Storm Obama

Posted by Doug on Thursday, July 24, 2008 4:55:08 AM

ADVISORY: Political Storm Obama

 

Disclaimer: This piece is political humor and parody. (I don’t want any misunderstandings like the New Yorker recently experienced!)
 
Dateline: July 2008
 
The National Climate Agency has been tracking a new political storm which is rapidly becoming so powerful it threatens to change the landscape of the entire nation! Political Storm Obama is predicted by some to make landfall in November, triggering potential landslides. Some are calling this a history maker.
 
First, some background on this gathering storm:
 
Political Storm Obama first formed off Africa as a minor depression.  This is the first time such a storm originated from there. Then it loitered as it did some organizing before rapidly moving to the left of the Congressional Isle.
 
There, it spun aimlessly for a time – gaining strength and drifting ever further left.
 
Recently Obama’s track has become more difficult to predict, as it seems to zig and zag randomly left and right… even paying a visit to the Middle East.
 
Fortunately, not too much damage was done there. Some fear a return visit – but strangely, others would welcome one, saying Obama might help their efforts to scour the eastern Mediterranean coast of what they classify as pollutants.
 
But for now, Obama continues its leftward path toward Washington, and if predictions hold and Obama continues on its present track, 1600 Pennsylvania Avenue will take a direct hit on January 20. Damage is expected to be severe.
 
Despite coming ashore in the Nation’s Capitol – risk assessments are indicating widespread danger to refineries, offshore oil rigs in the Gulf, Nuclear Power Plants nationwide, and coal mines ranging from West Virginia to Wyoming! This storm threatens our very way of life and could return us to the days of beeswax candles and buggy whips if it unleashes its full fury! Healthcare providers are anticipating being taxed beyond their limits. Utilities are also nervous about their ability to continue to provide adequate service.
 
Citizens are urged to prepare by stocking up on non-perishable food, firewood, and antidepressants. They may need to hunker down for an extended period.
 
Some contrarian forecasters did try to offer an alternative, more optimistic scenario: that Obama would run out of steam before coming ashore. This scenario is generally ridiculed by the mainstream.
 
All agree, however, that while Obama’s track may waffle a bit, a real turn to the right is virtually impossible.
 
Copyright © 2008 by Doug Edelman
 

Doug Edelman is a conservative political commentator and a contributing editor for The Conservative Voice.  His work is also seen on News By Us, The American Daily, The Post Chronicle, New Media Journal, Capitol Hill Coffee House etc. For the support of his family, however, he is also an IT Consultant/Contractor and owner of a Computer Services Business.  He has taught PC Maintenance & Repair and Networking at his local Community College, and maintains a blog at http://edeldoug.blogs.com/. 


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Joe McCarthy Was RIGHT!

Posted by Doug on Thursday, June 19, 2008 1:17:06 PM

The so-called “McCarthy Era” is commonly pictured (and ridiculed) as a bunch of paranoid alarmists running around believing there was a Communist under every rock.

Sadly, they were right, and those Reds have crawled out from under their rocks and taken their seats in the halls of congress – under the auspices of the Democratic Party!

The cat was never more unceremoniously let out of the bag than with Maxine Waters’ recent pronouncement of her intention to SOCIALIZE… er.. ahh… TAKE OVER the oil industry!

Then, in response to the President’s call to open new areas to oil drilling, Reps Hinchey, Emanuel, Markey and others have all started making noises about government control of the industry. Hinchey stated, “We should own the refineries. Then we can control how much gets out into the market.”

Of course by “We” he meant Government. Not the American People. After all, the American People ALREADY own the refineries! The oil companies are PUBLICLY HELD companies. SHAREHOLDERS (the American People) DO own them. What Hinchey wants is an expansion of Government power by a TAKEOVER of the energy industry – just like Hillary wanted a Government takeover of the healthcare industry.

The Democrats are opposing “Drill Here, Drill Now”. Why?

Well, firstly they are beholden to the environmental lobby, which opposes any and all expansion of energy production even though it can be done in an environmentally responsible way. 

More insidiously, the Democrats DO NOT want solutions! They are empowered by crises and by dependency. DOING anything that actually moves us toward SOLVING a problem weakens government… which is against their genetic makeup. Doing so during a presidential election campaign season is completely out of the question! So instead, they play wet blanket for any proposal which might actually address the problem.

The latest mantra is to oppose opening new areas for exploration is to state that the oil companies have millions of acres leased already that are not being exploited.

Of course, much of the allotted property is not being exploited because it turned up dry. Also, some WOULD be producing if it were not for environmentalist challenges to drilling in areas already leased! They’ve been keeping the oil companies tied up in court battles instead of out drilling.

Interestingly, there ARE producing offshore drilling rigs in the Gulf of Mexico. Hurricane Katrina blew some off station and ONTO SHORE. (Note to environmentalists: How much oil was spilled? NONE! Where was the environmental disaster that offshore drilling is supposed to cause?) It has taken time to get those rigs back online. Do those count in the Dems estimation of leased areas not producing?

I would call upon the oil companies to assemble and release facts and figures on the leased areas to show exactly what is being done and where. The public needs factual information to cut thru the obfuscations.

There are proven reserves, more easily exploited, that have never been opened to drilling. WHY would we NOT go get them? NO OTHER NATION on the face of the earth restricts its own ability to exploit their own natural energy resources!

Yes, we should pursue alternative energy… but while those technologies are developing the fact remains that the engine that is the United States runs on gasoline and is lubricated with oil. Why would we continue our dependency on unfriendly foreign sources of oil when we can drill for our own. Why would we subject the planet to the environmental risks and impacts of SHIPPING billions of barrels of oil across the ocean on tanker ships, when we can PIPELINE it right to new refineries? Why won’t Democrats ALLOW us to reduce our dependency at a time when our economy is TANKING because of it?

Because it serves their political ends to allow us to suffer. 

Copyright © 2008 by Doug Edelman

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Free Association

Posted by Doug on Tuesday, June 10, 2008 6:27:36 AM

The farce that masquerades as the 2008 Presidential Campaign keeps astonishing me as to the depths to which some will sink, and the shallowness of character of some individuals!  This campaign has broken new ground in bar lowering!

So now “associations” are the big issue.  Barak Obama is so deeply involved with so many unsavory characters that his Teflon candidacy seems to have developed some scratches to which things are actually starting to stick.  Common folk on the street are actually starting to ASSOCIATE him with his associates!  I needn’t mention names – his associations are becoming common knowledge.

GASP!  He must respond!

The first line of defense is to deny that one’s associations don’t matter!  But if that’s true, then why has the Left spent 8 years seeking to damage Bush by attacking Rove, Chaney (and Halliburton), Libby, etc – and seeking to find any possible dirt on any of Bush’s “cronies”? 

So next they attack McCain for accepting the endorsement of a Pastor who has made controversial statements about the Catholic Faith.  Pastor Hagee has made statements based on his understanding of biblical doctrine and theology, and has highlighted differences between his faith and the teachings and doctrines of Roman Catholicism – in sometimes insensitive and politically incorrect ways.  The Obama camp seeks to draw some equivalence between Hagee’s endorsement of McCain, and Obama’s long term relationship with another controversial pastor!

But one must draw a distinction between an “acquaintance” and an “associate”!  McCain was not a member of Hagee’s church, did not have a long-term close personal relationship, did not receive “spiritual counsel”, or consider him like family.  Hagee didn’t unite McCain and his wife in matrimony.  Hagee didn’t baptize his kids.  McCain did not place his children under Hagee’s  tutelage.  He did not contribute to Hagee’s church.  And when Hagee made subsequent controversial statements, McCain denounced Hagee and renounced his endorsement.  He didn’t defend Hagee as his “crazy uncle”.   The attempt to soil McCain with Hagee failed.

So now, an advisor to McCain who, as an attorney doing his job working for a law firm, had represented lobbyists, and the Left now claims this makes him somehow tainted.  This is somehow supposed to befoul McCain.

Is that the best the Obama camp can come up with?  Seems to me, on the “Associations” issue, Obama is clearly the loser!  His close friends, mentors, and 20 year associates are dubious at best, and odious in the minds of many.  One naturally questions Obama’s character, or at least his judgment, when presented with the preponderance of unsavory characters in Obama’s inner circle of close personal relationships.  You ARE known by the company you keep!

Obama’s response by attacking second-order associations – an associate of an associate - is not only specious and disingenuous, but is laughably irrelevant!  McCain is somehow tainted by an associate of an associate?  If memory serves, the entire population of the planet is supposed to be associated within 6 degrees of separation!  Is ANYONE untainted by second and third orders of relationship?  Such attacks only serve to make Obama seem desperate to counter his own relationship problems!

If associates of associates (and THEIR associates) is to become a criterion by which we judge the participants in our political system… then I can hardly wait for Kevin Bacon to do something unsavory – as this will instantly disqualify the entire Hollywood population from involving themselves in political life!


Copyright © 2008 by Doug Edelman
 
Doug Edelman is a conservative political commentator and a contributing editor for The Conservative Voice.  His work is also seen on News By Us, The American Daily, The Post Chronicle, New Media Journal, Capitol Hill Coffee House etc. For the support of his family, however, he is also an IT Consultant/Contractor and owner of a Computer Services Business.  He has taught PC Maintenance & Repair and Networking at his local Community College, and maintains a blog at http://edeldoug.blogs.com/.

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Congressional Attack Dogs Bark Up Wrong Tree!

Posted by Doug on Friday, May 23, 2008 12:01:12 PM

Once again, in response to constituent outcry over gasoline prices, Oil Company executives have been hauled before Congress to get their posteriors ripped into by self-serving grandstanding Senators.

 

Senator Leahy went so far as to question the salary of the execs – as if this was in some way relevant.

But these self-appointed watchdogs are barking up the wrong tree. The Oil Companies are not to blame for our pain at the pump!

Oil companies profit margins are around 10%. They actually make only around 8 cents profit on a gallon of gas! The station owner only makes around 2-3 cents per gallon. Where does the rest go? Part goes to the well owner – in most cases an OPEC nation. A good portion is represented by the costs to transport the crude across the world, to refine it into gasoline, and to distribute it to the local gas station. Some goes back into exploration, and R&D. The rest is taxes!

Last year Exxon Mobile may have profited $40 Billion – but they paid $105 Billion in taxes! Just WHO is the oil profiteer? Our friendly watchdogs in Congress!

In truth, our high gas prices are due to a great number of influences, and MOST of them can be blamed directly on the environmentalists! We can’t drill, we can’t build refineries, and we must produce boutique fuels.

ANWR: Nope, can’t drill there – we might disturb the porcupine caribou. But this species migrates over 1500 miles annually, and the enviro-wonks think our drilling in an area the size of Kennedy Airport (YES that’s all it would take!!) will threaten their existence!

Offshore: OMG! What if there’s a spill? (Environmentalists will cry.)   But we have seen real-life demonstrations of the safety of offshore oil rigs. Hurricane Katrina tore some existing rigs in the Gulf loose and tossed them onshore. How much oil was spilled? NONE! After the storms, the rigs were repaired, towed back into place, and production began again!

On the other hand, our current oil needs are met by floating billions of barrels across the oceans on ships! VERY environmentally friendly! Hundreds of diesel burning ships traverse the planet continuously, each carrying an eco-disaster load of oil in its hold.   While shipping spills of the magnitude of the Exxon Valdez are rare – ships DO get into trouble on the high seas… and what is the first course of action for a ship in trouble? Lighten the load by dumping cargo! Now THERE’S a nightmare scenario for you! (Remember, Exxon Valdez only spilled a PORTION of its cargo!)

Refineries: We haven’t built a refinery since the Carter Administration due to environmentalist objection. In the interim, a number of refineries have come off-line for a variety of reasons.  Even if our crude supply increases, our refining capacity is already running at or near 100% now. And they have a further obstacle in their way…

Boutique Fuels: Environmental regulations require region-specific formulations of fuel. It’s illegal to sell fuel blended for one region in another region. Refineries must predict demand for a particular blend – produce that blend, then RETOOL to produce another blend. If they inaccurately predict demand – there may be a shortage in one region and a glut in another. The surplus of one region can’t be tapped to meet the shortage in the other. A price disparity occurs, with the price rising in the shortage area – and the next thing you know – they notice they’re paying more than their neighboring region, and they cry “GOUGING”!

But let’s get back to those “obscene” profits of the Oil Companies.

WHO gets those profits? No doubt the execs make a good salary – and they deserve it! There are only a handful of companies who manage to provide the needs of the oil hungry planet! Individuals who can manage such enterprises, which operate on such a massive planetary scale efficiently and profitably, are worthy of a premium salary. But all the exec salaries combined represent a very small percentage of the companies’ earnings – so where does it go? Well, apart from reinvestment into exploration, research & development etc… it goes to the SHAREHOLDERS. Virtually every mutual fund has some of its money in oil… so if you have an IRA or a 401K, you yourself probably reap some oil profits.

So what else is driving our gas prices up?

TAXES: Federal, state and local taxes on a gallon of gas exceed 75 cents in some locales!

Speculation: Commodity futures are traded based on EXPECTED prices – and uncertainties drive prices UP. Given our mid-east oil dependency… middle east turmoil or instability increases uncertainty.

Weak Dollar: Global economic conditions have weakened the dollar making it less valuable abroad. Since we are dependent on FOREIGN sources of oil – it takes more dollars to pay the same value in foreign currency – so even if THEY were charging the same price in their own currency as before… it would cost more in dollars than it did!

Supply and Demand: Yes, real economic fundamentals are in play! As emerging nations are entering the 21st century – their demand for oil products is growing exponentially! The US is not the only HUGE consumer of oil. Africa, India, China and other nations are growing their economies, and their energy requirements have exploded. And while we’re no longer the only game in town, we can’t just waltz into Saudi Arabia and tell the Prince “what’s what” and demand increased production or lower prices. They can tell us to pound sand, because there are other markets happy to pay the price and buy the oil! Until we begin to dramatically increase domestic production and reduce our dependency on foreign sources to meet our demand – we will remain at the mercy of less than friendly nations who can now afford to cut us off entirely if they desire, as they have adequate alternative markets to sell to!

The time has come to tell the enviro-wackos to just shut up, and to drill in ANWR, drill offshore off Alaska, California, in the Gulf, and off Florida. (We’d BETTER get to it in the Gulf and Caribbean before our environmentally responsible friend and neighbor CUBA lays claim to all the oil in that region!) We must build refineries. We must pursue technologies to extract oil from oil shale. We must build nuclear plants to provide electricity without burning fossil fuels. If an initiative was announced to accomplish these items within 5 years – we’d see oil prices drop OVERNIGHT, as those very futures traders would forsee reduced prices down the road.

Copyright © 2008 by Doug Edelman

Doug Edelman is a conservative political commentator and a contributing editor for The Conservative Voice.  His work is also seen on News By Us, The American Daily, The Post Chronicle, New Media Journal, Capitol Hill Coffee House etc. For the support of his family, however, he is also an IT Consultant/Contractor and owner of a Computer Services Business.  He has taught PC Maintenance & Repair and Networking at his local Community College, and maintains a blog at http://edeldoug.blogs.com/
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Universal Healthcare CAN'T Work!

Posted by Doug on Tuesday, April 29, 2008 1:32:49 PM
There is no denying that healthcare today is a mess.  With all the regulations, mandates and litigation CYA going on, there’s little wonder why costs are skyrocketing.  But is “Universal Healthcare” the answer?  Is it even AN answer? 
 
Today’s health insurance industry bears little resemblance to the “Major Medical” that I grew up with!  Once upon a time, health insurance covered “MAJOR MEDICAL” expenses… Surgery.  Hospitalization.  And it was affordable.  Today we have come to expect first dollar coverage for a doc visit for our kid’s sniffles!
 
To understand the problem, we must examine WHAT IS INSURANCE?
 
Insurance is a system whereby the risks and costs are spread across the pool of the insured.  Premiums are underwritten, according to representative risk, such that the sum total of premiums collected will exceed the sum total of benefits paid out against the risk claims.
 
This works well in such environments as automobile or homeowners insurance, as the risk of a loss is low enough that the majority of policyholders do not make substantial claims – so the pool of premium moneys collected is well able to cover the costs of the claims made – and still provide a profit to the underwriter.  The policyholder pays the premium for the security in knowing that, should a loss occur, there is coverage.  But he hopes never to need it… and the underwriter hopes so too!
 
Health insurance also once worked under this model.  The risk of MAJOR medical expense was considered remote enough to offer an underwriting opportunity for profit.  Insurance companies rated an individual’s risk based on his health conditions and assessed a premium based on the underwriter’s assessment of risk.  And some who were deemed too risky and were not offered coverage.  This kept premiums reasonable as the risks were minimized.
 
Over the years, however, the government got involved in health insurance – mandating coverage for more high-risk people; mandating coverage for previously excluded conditions etc.  Also employers began offering health insurance as an employment benefit.  Costs were initially contained because “group” policies enlarged the pool of the insured.  But soon there was demand for more services to be covered.  Office visits.  Prescriptions.  Claim benefit costs began to rise, and so did premiums.
 
Thanks to greater and greater pressures from Government, the “Health Management Organization” or HMO was born.  Suddenly “managed care” came on the scene – as an attempt to keep claims costs down and keep premiums in line.  But, predictably, beneficiaries balked at having their healthcare choices limited by the evil HMO.  They wanted to see WHO they wanted, WHEN they wanted.  They wanted the CARE they wanted in the WAY they wanted.  But they wanted the insurance companies to pay for it.
 
This is where the insurance model for healthcare began to break down.  If EVERYONE is claiming benefits, then the cost of services to EVERYONE must be paid by EVERYONE… which means that there are no premium payers who are not claiming benefits.  There is no pool of premiums being collected from which to pay out the larger claims!  The very premise of insurance – the spreading of risk across the pool of insured is violated if there is a certainty of claim for all the insured!
 
So now, those dangerous words… “I’m from the government and I’m here to help”.
 
The proposal of Single-Payer Universal Healthcare from the government is seen by some utopian pie-in-the-sky Liberals as the panacea for all healthcare ills.  But it is doomed from the start!
 
The only way to pay for universal care is to collect the entire cost of all healthcare from the pool of the covered… ie every one of us!
 
Now, we all know that the government is highly inefficient… it takes them $3 to effectively spend $1.
 
Given that currently healthcare represents between 15 and 20% of our entire economy – that means that the government will have to receive in taxes about 50% of our entire gross domestic product in order to meet current levels of healthcare spending.
 
And what of the quality of care?  I pose one question:  Given a choice, would you prefer a private hospital or a VA hospital?
 
Do you trust the Government to administer your healthcare?  The same government which has bankrupted Social Security and Medicare?  What evidence do you have that they can keep such a program afloat, let alone run it efficiently and equitably?
 
No, for all its faults and foibles, I’ll continue to rely on the free-enterprise system for my health needs – even with its excessive costs.  I will make my own choices about when to see whom and for what.  I will make my own cost-containment choices.  And I will pray for the defeat of any politician who would try to take my choices from me.
 
Copyright © 2008 by Doug Edelman
 
Doug Edelman is a conservative political commentator and a contributing editor for The Conservative Voice.  His work is also seen on News By Us, The American Daily, The Post Chronicle, New Media Journal, Capitol Hill Coffee House etc. For the support of his family, however, he is also an IT Consultant/Contractor and owner of a Computer Services Business.  He has taught PC Maintenance & Repair and Networking at his local Community College, and maintains a blog at http://edeldoug.blogs.com/. 
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Thank You, Hillary!

Posted by Doug on Thursday, April 17, 2008 1:13:44 PM

I never thought I’d ever utter or write these words, but “Bravo, Hillary Clinton!” 

Senator Clinton’s debate performance in Philadelphia was her best piece of work of the campaign. She nicely sliced and diced Obama and served him up with a side of rice! So many clips can be culled from the debate for use as a McCain campaign ad against Senator Obama, that the RNC owes Hillary a consulting fee!

(For that matter, she also let a few lines pass her lips which could be used by McCain if, by some turn of events, Senator Clinton winds up with the Democratic nomination! A double gift. Her reference to her own “baggage” and her “embarrassment” over the sniper snafu are gems that also can pepper McCain campaign ads. But I digress!)

Hillary’s greatest contribution from this debate, to my mind, was her correctly redirecting the emphasis of the Wright controversy AWAY from the inflammatory statements of Wright, and onto Obama’s underlying core beliefs and philosophies! This has long been my frustration with the discussion in the conservative press concerning Pastor Wright. By focusing on the outrageous statements themselves, the forest is lost for the incessant examination of the trees!

As we should have learned from the Clinton presidency, character DOES matter!

While there are those who defend Obama, stating that Obama should not be tainted with “guilt by association”, when you are running for the highest office in the most powerful nation in the free world, you must be prepared to endure and survive scrutiny under the heading, “You are known by the company you keep.” And the theme song for Senator Obama could well be “Bad Company”!

Regardless of the actual statements made by Rev Wright – one need only understand that the church is founded upon the Black Liberation Theology of James Cone, and holds as foundational tenets the divisive, racist, and Marxist doctrines of that movement!

In any church, one may occasionally find statements made by the pastor with which they may not agree. It would not raise an eyebrow to choose to overlook these statement and maintain membership in that church, if they find the preponderance of the teaching from the pulpit to be otherwise consistent with their core beliefs and the church’s statement of faith.

If, however, the statement of faith and core beliefs of the church are inconsistent with an individual’s core beliefs and world view… one would rightly expect that individual to seek another church! And conversely, it would not be unreasonable for one to question the credibility of one who remains in a church for 20 years, cites the pastor as “mentor” and “advisor” and who makes the bulk of his “charitable contributions” to that church, if he claims that his core beliefs are at odds with the stated and published core philosophy and foundational tenets of that church!  If his core beliefs conflict with the foundation on which the church stands, why would he allow his kids to be baptized into it? Why would he refuse to “disown” the pastor in the face of outrageous statements which are CONSISTENT with the church’s foundational teachings?  It is simply irrational! 

In defense of Pastor Wright, the argument is made; “But we must consider the ‘good work’ the church has done.” Poppycock!! The same argument is used to defend Farrakhan, Hamas in Gaza, etc. Farrakhan’s support of black families and encouragement to succeed are used to defend his racist and antisemetic statements. Hamas’s “humanitarian” aid to the Palestinians of Gaza are used to defend their launching rockets into Israel. Even Hitler was praised for his improvement of the infrastructure in Germany! He made the trains run on time! (Never mind that they were making regularly scheduled stops at death camps!)

Barack Obama entered the race for the nomination having flown under the radar for most of his career in politics. He cast many “PRESENT” votes on issues of significance rather than taking a stand one way or another, which he might later have to explain or be held to account for. His campaign touted the bumper sticker slogan of “change”, appealing to the dissatisfaction with the status-quo… but offering little in the way of a clear outline of the “change” he expected to usher in. Obama was a charismatic character, a man of color, and he was a gifted orator. Most importantly, he presented as a blank page – with no “baggage” or “history” to DISlike. Like a movie screen, he simply allowed others to project their hopes, desires, frustrations and fears upon – and he simply reflected them. He wanted to run as “plain vanilla”! (Forgive the obvious but unintentional mixed metaphor!) But, as Kerry and Gore before him, there was no real depth. He was a better speaker than his predecessors, but still offered little more than a cardboard cut-out standing up as the “I’m not HIM” (or the “I’m not HER”) candidate!

But, thanks to the diligent investigating by some on the Right, the “real Obama” has begun to be unearthed and revealed. And thanks to Hillary’s tenacious clinging to her candidacy, and exploiting these unearthed associations, Obama’s true character is being revealed. The “reflectivity” of the Obama blank screen is being degraded as the screen begins to take on Barack’s own true colors.

Obama’s character and judgement are being scrutinized. His associations, statements and actions are disconcerting, as they are surprisingly coherent and thematic! His “mentor” is a Black Liberation Theologist who Damns America. He is “close” with a former Weather Underground Terrorist who declared war on the US and regrets that his bombings didn’t go far enough. He refused to salute the flag, or to wear one. He has ties with other “pastors” of questionable character. He has unsavory relationships like Rezko. He makes “elitist” statements about “bitter” folk in the heartland.

A recent caller to Crane Durham, who was guest hosting the Randy Tobler radio talk show, made a very astute observation:

“Hillary Clinton’s troubles come when she lies. But Obama’s troubles start when he tells the truth!” He elaborated by pointing out that when Obama speaks off the cuff and reveals what he REALLY thinks – we get a glimpse into who he really is… and maybe he’s not someone we like very much.

 

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The Blame For Rising Gas Prices

Posted by Doug on Wednesday, April 02, 2008 10:15:29 AM

I first published an article on this subject in April 2006 – two years ago… but with some minor updates it is still as true today as it was then – and to my mind, it bears repeating! So here goes:

There is no denying the pain felt at the pump as gas break thru the $3.00 per Gallon mark. The life blood of this nation IS oil, whether we like or acknowledge it or not. So when gas prices rise there is a predictable rush to blame someone. Democrats are quick to blame the oil companies for "gouging" or for “obscene profiteering”. Are they right?  Sensing blood in the water, the Dems are ready to levy new punitive and confiscatory taxes on the oil companies. Have they considered the "Law of Unintended Consequences'?  A "Windfall Profit Tax" to punish the oil companies for making a profit?  Let's look a bit closer.

Yes, the oil companies operate in a world of big numbers. Their profits are in the billions. But is this obscene? Think of the trillions of gallons of oil our nation consumes (not to mention the burgeoning demand of other nations). They are meeting an incredible demand, and doing so with a profit to costs ratio in the 9 to 10% range. Few businesses can operate at all on that small a margin. It's hardly an obscene rate of return.

And who gets those profits? The shareholders do. How many shares are in circulation?? I wouldn't dare speculate… but can you name a single mutual fund out there that doesn't have SOME of it's assets in oil? Do you have a 401K or IRA? YOU are probably an oil profiteer!

What would happen to the economy if suddenly the value of every mutual fund in America were to have to absorb the impact of confiscatory taxes on the oil companies?? The Law of Unintended Consequences!

The oil companies bear the costs of purchasing all that oil – much of if from less than friendly sources abroad, transporting it halfway around the world, refining it, meeting governmental regulations for upwards of 25 different custom blended formulations of gasoline – not to mention motor oil, home heating oil, kerosene and other petrochemicals, and the demands of the plastics industry. They must then transport and distribute these products around the country. Getting crude oil out of the ground in Saudi Arabia – turning it into a legal-to-sell-in-Podunk blend of gasoline – and then getting to the Podunk Gas-n-Wash on Main Street is not exactly an inexpensive proposition.

Some Democrats have even proposed a NEW ADDITIONAL $.50 per gallon gas tax! Can you imagine the economic impact of that “giant sucking sound” of our dollars? 

It seems to me that the oil companies ARE INDEED holding the line on gas prices in some measure. Think about this: When oil was $20 a barrel, we were quite accustomed to gasoline around $1 a gallon. Why then wouldn't gasoline break thru the $3 a gallon mark by the time the cost of crude went over $65? But oil is now over $100 a barrel, and the average pump price nationwide is just breaking the $3 mark.  Am I the only one who recognizes there is some level of restraint built in there?   Do the math! The cost of crude has gone up 5 times since we saw dollar-a-gallon gas, yet we're just now surpassing $3 at the pump. And while sudden oil price rises make news, several times in the last year there were precipitous drops in the price – which, while temporary (all pricing in this market is temporary!) these drops received little press.

So who CAN we blame for our pump-pain? There is plenty of blame to go around.

Did you realize that for every gallon sold, more money goes to the Federal, State and Local Tax coffers than to the bottom line of the oil companies? Who is the big bad oil profiteer?  Who’s “gouging” and reaping a “windfall”? While the government profits MORE than the oil companies, they don't have to find, buy, transport, refine, or distribute anything. And they don’t just place direct taxes on the gas. They also tax the company's profits. Blame government taxes.

India, China, Korea and other nations have finally moved into the 21st century. As their infrastructure grows and their economies expand, their demand for oil increases. OPEC no longer feels any pressure to keep prices in line, as we are hardly their only or even their biggest market anymore! If WE drop our consumption – they'll just sell more to other nations who are happy to pay the price. Europe has been paying over $4.00/gallon for years. We have enjoyed prices artificially lower than the market price in the rest of the world for a long time. As the world's economies become increasingly global, what makes us think we can continue to get discount prices when other markets pay full price? Blame the emerging nations!

Did you know that government regulations on gasoline formulations require the oil companies to create numerous custom blends that can only be sold in specific regions? The companies must predict the demand in each of these markets so their refineries can produce one blend for just so long, and then retool to produce another. If they miscalculate, there will be a glut in one area and a shortage in another. A glut for one regional blend cannot be tapped to meet a shortage in another, because the formulations may not be sold across regions. So instead the price drops in the region with the glut, and rises in the region of the shortage. Then the people in the shortage area will note their price is higher than perhaps their neighboring state… and they begin to cry "Gouging!" Blame the environmentalists who pushed for the boutique blends regulations.

We have not built a new refinery since the Carter Administration, yet for a variety of reasons several have come off line in that time. With reduced refining capacity, the burdens of boutique formulations, and environmental regulations – even if we have adequate crude supplies, heavy demand outstrips the capacity to turn that crude into marketable products. Blame the environmentalists who won't let us build refineries!

Our dependence on foreign sources of crude makes us beholden to the pricing whims of nations not always friendly to our interests. Where is the oil we import coming from?  We import our oil from the Islamic nations of the Middle East, along with Venezuela, & Mexico primarily. Not exactly our blood-brother allies. On the other hand, environmental groups quash every attempt to develop our domestic reserves. Alaska? Off Florida? California? There's plenty of oil to extract, but the environmentalists won't let us drill. Once we pay the price at the foreign well-head we still have to transport all this crude halfway around the world on Diesel Burning ships! Very eco-friendly!

The environmentalists complain that drilling in ANWR might disturb some native caribou, yet one square mile of tundra looks like another… they can walk a mile away, and not even see a drilling rig! These Eco-Nuts worry about the possibility of pipeline spills – yet existing pipelines have excellent records in that regard. If a spill should occur, it is always of limited scope as turning a valve upstream from a rupture cuts the flow. On the other hand, floating billions of barrels of crude across the oceans in tankers isn't exactly without risk. The possibility of dropping the entire load of a tanker is absolutely frightening. Of course, a wreck of the magnitude of the Exxon Valdez is rare – but ships can and do get into trouble on the high seas.  And what is the first line of defense a ship's captain has against foundering in angry weather? Yes, lightening the ship by jettisoning cargo! Now THERE is an environmentally friendly thought! Blame the environmentalists who won't let us drill for our own resources!

As in ANY commodity trading, uncertainty and instability raise prices. The current fears regarding Iran's activities and other Mideast turmoil certainly casts doubts and uncertainties on the markets. This drives up prices. Blame the jihadists who can't coexist with anyone else in this world!
Oil is a worldwide commodity, with worldwide influences on its price. There is no single culprit in the rising price of oil. Blaming the oil companies themselves is myopic, and punishing them is counterproductive.

We MUST develop our own domestic sources – environmentalists notwithstanding. We must reduce our dependency on foreign sources of oil. We must build new refineries. We must reduce consumption. We must encourage alternative fuels. We must remove the disincentives to explore for new oil deposits.

The machine that is the United States runs on gas, and is lubricated with oil. The oil companies are very efficient at delivering those commodities to us despite numerous obstacles as listed above. But putting more obstacles in their way is not going to get more oil here, and won't make it any cheaper.
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MELTDOWN!

Posted by Doug on Tuesday, March 18, 2008 10:59:58 AM

The sky is falling! Our economy is collapsing! It’s fiscal Armageddon! 

Well, that’s the perception out there, anyway. And THAT’s scary – because when the public is in a panic, the Government feels it has to DO something. And we all know that the most dangerous words you can hear are, “I’m from the Government, and I’m here to help.”

Unfortunately, there is a fundamental disconnect with economic reality which is inherent in Government.

When the economy slows, the first response has been for the Fed to lower interest rates. Great. All that does is encourage the assumption of more debt!

Then, when things get bad enough, they put together an election year “stimulus package” to “rebate” some tax money. Teriffic. Then the federal government goes further into debt to mail out checks which people use up in a month or 2. It might gain a few incumbents some additional votes, but doesn’t really help the economy fundamentally.

What people don’t realize, and the Government knows but won’t say, is that the entire economic structure of the US is a house of cards built on IOUs. That dollar bill in your pocket isn’t even MONEY… it’s a promise to pay… and IOU… a Federal Reserve (promissory) NOTE. Since we left the gold-standard, our currency is backed by nothing except the credit rating of the Fed! The Fed isn’t even a Government agency… it’s a PRIVATE organization! The Federal Reserve creates currency out of nothing, and LENDS it to the government AT INTEREST! Talk about a bubble doomed to pop at some point!

Then the Fed loans money to banks, at interest. They loan money to the public, at interest. They’re all making a profit (as long as the money itself is perceived to have value!).

But the rest of the world is starting to shun the US dollar in favor of other currencies. On the worldwide market, the dollar’s value is declining.

Concurrently, our Helpful Government noticed a few years back, that many minority folk were not qualifying for mortgage loans. Of course this was a factor of their credit worthiness – and not of their ethnicities… but our Helpful Government was not satisfied with the fact that some people can’t AFFORD a mortgage. They insisted that the financial markets find ways to get more of these “less than qualified” individuals into home-ownership. And so was born the “sub-prime mortgage” market. We all know what happens when you squeeze someone with minimal credit worthiness into a house they can barely afford at introductory rates which will adjust upward!

So, what’s the fix? Sadly – the real fix will probably never happen. But I’ll propose it here anyway.

First, return to the gold standard and eliminate the Federal Reserve. Give our money REAL INTRINSIC value backed by gold and quit creating money out of nothing. Of course, some politicians who even considered making this proposal a reality have met sudden ends!

Second, make the tax cuts permanent, and reduce taxes further! As Bush, Reagan and Kennedy have proven, reducing tax RATES stimulates the economy, generating growth and expansion, and resulting in GAINS in tax REVENUES. Tax cuts don’t cost the treasury… they increase it!

Third, reduce or eliminate as many “social programs” as possible. The government is a horribly inefficient transfer agent… it takes it $3 to spend $1 on ANYTHING. That’s $2 it takes from you and me just to deliver a third dollar that they take from you to give to someone else! Government MUST begin to understand they cannot provide womb to the tomb “care” for people. Instead, people will be better able to provide for themselves if the economy is strong, and sound enough to produce gainful employment, and the tax burden is eased enough to allow the people to use their money to their own benefit.

Fourth, enforce our borders and immigration laws. Legal immigrants and citizens WILL do most any job for a reasonable wage… if you don’t believe it, tune in Mike Rowe’s “Dirty Jobs”! The massive influx of illegals is not only a security risk, it is an economic rocket barrage!

Fifth, implement term limits on our Federal Legislators. As long as one can make a lifelong career out of being a lawmaker, doling out goodies from the federal cookiejar for re-election votes will remain a problem. Until intrenched lawmakers are purged out and we have a new crop of Congressmen and Senators who understand they are in for a time, to serve the public good, and then they return to private life… the other 4 proposals are virtually impossible to implement!

No, even the implementation of all the above will not bring about a utopia without ups and downs… the economy is far more complicated than these simplistic proposals can address – however these are fundamental flaws built into the very fabric of our economic infrastructure. Without repairing these, there will always be the risk of economic shipwrecks.

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