by Bill O'Connell on December 8, 2011
Jon Corzine, one of those very smart Wall Street guys, the former head of Goldman Sachs, testified before Congress today to answer questions as to what happened to his firm MF Global, which is now one of the largest bankruptcies in US history. There is over $1 billion unaccounted for. He simply doesn’t know where it went. This is the guy that Obama and Biden praised when they took office as the first guy they would turn to in the midst of the economic crisis. It explains a lot about where we are today.
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by Bill O'Connell on November 22, 2011
Drawing by DonkeyHotey
Rather than do their job, Congress and the President designated a super committee to do it for them. The committee failed miserably. But what exactly were they shooting for?
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by Bill O'Connell on November 10, 2011
photo by cliff1066
Just because Democrats are statically stuck on stupid, why do they think everyone else is? What I am referring to is static analysis of changes to the tax code. Democrats always want to have any potential changes statically scored. In other words if Democrats raise rates 10%, naturally, the government will get 10% more revenue. If on the other hand you cut tax rates 10%, a very bad thing, tax revenues will fall 10%. The problem is that they have been proved wrong every time. In other words, Democrats believe that if they raise tax rates you will be too stupid to change your behavior in response.
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by Bill O'Connell on November 4, 2011
Photo futureatlas.com
With several proposals to overhaul the tax code on the table, it will be interesting to hear how the Obama team will respond. In the plans put forth by Cain, Perry, and Gingrich, people grasp the flat tax part pretty easily. With Herman Cain’s 9-9-9 plan, a common sticking point is the last nine, the national sales tax. Whether intentional or not, it seems to me that they don’t understand it.
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by Bill O'Connell on November 1, 2011
photo by chasingfun
It is no surprise to anyone that we have a government that is out of control with spending. We have the Tea Party and OWS agreeing that crony capitalism is out of control. So what does this have to do with the tax code?
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by Bill O'Connell on September 23, 2011
President Obama Speaking at Solyndra
Congressman Tim Bishop has not been able to keep from spending, no matter what. The Postal Service has an $8.5 billion deficit, and Tim Bishop is out there fighting to keep an unneeded post office open. We are trillions of dollars in debt and he comes out blasting the Tea Party, because they want Congress to not waste anymore money on green boondoggles like Solyndra.
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by Bill O'Connell on September 22, 2011
Photo by No Nein
President Obama has a plan to pivot toward jobs, after nearly three years on office. After spending boatloads of our money on a stimulus program that failed, according to his own standard of capping unemployment at 8%, he wants to spend more. He claims that he is also cutting spending, but when you drill down into the details, it is a myth.
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by Bill O'Connell on September 19, 2011
President Obama laid out his jobs plan and its more of the same. Tax more. Spend more. Calling more taxes, savings and more spending, investment. Is this president incapable of learning from his mistakes or is he going “all in” for a class warfare strategy to get reelected?
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by Bill O'Connell on September 14, 2011
Photo by boss tweed
Ah, 1922, the Yankees won their second American League pennant and finished up their final season at the Polo Grounds before moving across the river to their new stadium in the Bronx. In the summer, hyperinflation in Germany meant it took 493 marks to equal one dollar. Feature length film Nanook of the North is released. In the fall the conversion rate in Germany is 1,000 marks to the dollar. Stalin comes to power in Russia, and Mussolini in Italy. By November it takes 3,000 marks to equal one U.S. dollar in Germany. Alexander Graham Bell dies. By year-end it takes 7,000 German marks to equal one U.S. dollar. It was also the last time the 9th Congressional District in New York was held by a Republican.
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by Bill O'Connell on September 7, 2011
Photo by Pargon
We need a vibrant and growing economy, but we are being led by someone who believes in all things that make America mediocre.
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