The Minnesota House of Representatives finally revealed their expected prodigal Tax Bill. Having previously set there budget up to include $1.5 Billion in "New Revenues" (a.k.a. new taxes) the House Tax Chair is taking the opening shot at what will prove to be a very difficult legislative end game. Less than one month to go, the House plans to balance the state budget by creating a new 4th Tier Income Tax rate at 9% (read = class warfare), increasing the cigarette tax by 54 cents (admittedly the most regressive tax), increasing liquor tax by 5 cents per drink (read = weak), and last but certainly not least by eliminating the State Mortgage Interest Deduction and creating a credit instead. The Mortgage Interest Deduction is aggregious because it would disportionately fall on the newest buyers first and apply to their taxes for a period of approximately 10-15 years based on most mortgages being front end loaded.
Really House DFL? This is the plan we have been waiting for 4 months? Don't strain yourself. Don't put something into your strategy. Just serve up exactly the worst piece of garbage you can come up with and wait for the veto!
Monday, April 20, 2009
Wednesday, April 1, 2009
Six Step's to Handling Madoff's Assets?
Bernard Madoff's assets:
$7 million Manhattan Penthouse
$1 million Home in Cap d' Antibes, France
$3 million Luxury Home in Long Island
$10 million Furnishings
$62 million Securities
$2.4 million 55' Yacht & 24ft boat
How to handle his assets:
1) Step one certify everyone who has a legitimate claim.
2) Sell all REAL Estate at High End Auction, make sure to pay a REALTORS(R) commission
3) Sell all remaining securities
4) EBAY every piece of personal property
5) Create a trust to pay ALL claims
6) Deposit any proceeds into U.S. Treasury
$7 million Manhattan Penthouse
$1 million Home in Cap d' Antibes, France
$3 million Luxury Home in Long Island
$10 million Furnishings
$62 million Securities
$2.4 million 55' Yacht & 24ft boat
How to handle his assets:
1) Step one certify everyone who has a legitimate claim.
2) Sell all REAL Estate at High End Auction, make sure to pay a REALTORS(R) commission
3) Sell all remaining securities
4) EBAY every piece of personal property
5) Create a trust to pay ALL claims
6) Deposit any proceeds into U.S. Treasury
Monday, March 30, 2009
U.S. Gov't to Guarantee your new car warranty??
Okay, now this is just the most 'whacked out' plan ever. The U.S. Government, the same entity that brought you: Auto Bailouts, Bank Bailouts, Stimulus, zero percent fed funds rate, rising unemployment, and a penchant for printing money faster than a nuclear particle accelerator. Now came up with the brillant idea of gauranteeing your new car warranty, if the auto industry goes out of business.
Yeah right, like anyone is buying a new car. I was at the dealer today and it was a fricking ghost town!
What does a gaurantee mean when the dollar falls below the peso?
Yeah right, like anyone is buying a new car. I was at the dealer today and it was a fricking ghost town!
What does a gaurantee mean when the dollar falls below the peso?
Tuesday, March 3, 2009
Minnesota's February Forecast Released
If the last election has you more interested in politics than ever before.
If you read the newspaper and think, there has to be more information.
If you are concerned about Minnesota's economic future.
Than you really owe it to yourself to read or at least skim the Minnesota Management and Budget Office's February Forecast. It is a complete economic picture of Minnesota right now and a short prospectus for future quarters of economic activity.
Give it a look see!
http://www.mmb.state.mn.us/doc/fu/09/complete-feb09.pdf
If you read the newspaper and think, there has to be more information.
If you are concerned about Minnesota's economic future.
Than you really owe it to yourself to read or at least skim the Minnesota Management and Budget Office's February Forecast. It is a complete economic picture of Minnesota right now and a short prospectus for future quarters of economic activity.
Give it a look see!
http://www.mmb.state.mn.us/doc/fu/09/complete-feb09.pdf
Monday, March 2, 2009
AIG gets 4th Billion Dollar Government Handout!!
Well the U.S. Government must be reading "The Little Engine that Could" because it sure doesn't know when to give up.
The New York Times is reporting the U.S. Government is about to bailout AIG for the fourth, count them, one, two, three, four, fourth time.
Apparently, all the help offered thus far has not been nearly quite enough. Let's briefly review.
First time around, the U.S. Government gave AIG a $60 billion loan. That should do it right? I mean $60,000,000,000 'it ain't peanuts' am I right? Well no, not quite.
Second time around, the U.S. Government purchased $40 billion worth of preferred stock. Making the Government one of the largest share holders. Now that outta do it right? I mean $100 billion total, now we are talking real money. Nope not going to happen.
Third time around, the U.S. Government spends $50 billion to clean up AIG's so called Toxic Assets. BTW, Toxic Assets to you and me are called 'poor investment choices' or huge credit bills at high interest rates with no way to pay. The government as it's role of 'lender of last resort' is diehard against letting AIG fail. It would rather keep it on the Government roll.
Ok that's it I've fricken had it. We've given you $150 billion and you still can't make it? Does AIG strike anyone else like that gambling addicted uncle you remember from your childhood? You know who I am talking about. The one who when he showed up you hid your piggy bank to make sure you didn't lose your allowance to gambling addicted alcholic bum. Remember when he showed up to your birthday party and your gift was pre-played pull tabs and a pine tree air freshner? Remember asking yourself why your mother kept handing him money and making him dinner without so much as a thank you. All you kept thinking to yourself was how all you got was a mere $2.50 a week and had to do all your chores meanwhile your uncle could show up unannouced wreaking of booze, fresh off that gambling loss without a cent to his name and he would still manage to get $100-$200 out of your parents. But oh yeah, that's right 'it's a disease,' yeah sure. You sick alright. Sick of working for a living and following the rules like the rest of us smucks! Seriously, does AIG remind anyone else of their deadbeat uncle or is it just me?
Wait what's that? You need $30 billion more? "No problem, step right into my office Mr. AIG? We have that $30 billion right over hear. What worried about paying back the $150 billion you already own us, nonsense. What will the American people think? I wouldn't worry your pretty little head about those things. We'll just slip it into the business section of the NY Times on a Saturday after people have completely given up reading the paper and watching the news.
What does the U.S. Government say to defend it's position? "AIG is intricately woven through the words banking system." Therefore we must give them billions and take massive stakes in the company. News flash! If you would have let them fail to begin with then they wouldn't have been so "woven" would they?
After this transaction the U.S. Government will own 80% of AIG's holding company. That's right 80%!
In fact, if the Government would own any more of AIG, greater than 80%, than the U.S. Government would have to consolidate AIG's and US finances onto one balance sheet leaving the U.S. Government responsible to nearly 76 million insurance policy holders from around the world!
Soon enough AIG and USA will be synonymous and interchangeable.
I think AIG stands for 'Already in Government's pocket' and USA stands for "U Screwed us All!"
The New York Times is reporting the U.S. Government is about to bailout AIG for the fourth, count them, one, two, three, four, fourth time.
Apparently, all the help offered thus far has not been nearly quite enough. Let's briefly review.
First time around, the U.S. Government gave AIG a $60 billion loan. That should do it right? I mean $60,000,000,000 'it ain't peanuts' am I right? Well no, not quite.
Second time around, the U.S. Government purchased $40 billion worth of preferred stock. Making the Government one of the largest share holders. Now that outta do it right? I mean $100 billion total, now we are talking real money. Nope not going to happen.
Third time around, the U.S. Government spends $50 billion to clean up AIG's so called Toxic Assets. BTW, Toxic Assets to you and me are called 'poor investment choices' or huge credit bills at high interest rates with no way to pay. The government as it's role of 'lender of last resort' is diehard against letting AIG fail. It would rather keep it on the Government roll.
Ok that's it I've fricken had it. We've given you $150 billion and you still can't make it? Does AIG strike anyone else like that gambling addicted uncle you remember from your childhood? You know who I am talking about. The one who when he showed up you hid your piggy bank to make sure you didn't lose your allowance to gambling addicted alcholic bum. Remember when he showed up to your birthday party and your gift was pre-played pull tabs and a pine tree air freshner? Remember asking yourself why your mother kept handing him money and making him dinner without so much as a thank you. All you kept thinking to yourself was how all you got was a mere $2.50 a week and had to do all your chores meanwhile your uncle could show up unannouced wreaking of booze, fresh off that gambling loss without a cent to his name and he would still manage to get $100-$200 out of your parents. But oh yeah, that's right 'it's a disease,' yeah sure. You sick alright. Sick of working for a living and following the rules like the rest of us smucks! Seriously, does AIG remind anyone else of their deadbeat uncle or is it just me?
Wait what's that? You need $30 billion more? "No problem, step right into my office Mr. AIG? We have that $30 billion right over hear. What worried about paying back the $150 billion you already own us, nonsense. What will the American people think? I wouldn't worry your pretty little head about those things. We'll just slip it into the business section of the NY Times on a Saturday after people have completely given up reading the paper and watching the news.
What does the U.S. Government say to defend it's position? "AIG is intricately woven through the words banking system." Therefore we must give them billions and take massive stakes in the company. News flash! If you would have let them fail to begin with then they wouldn't have been so "woven" would they?
After this transaction the U.S. Government will own 80% of AIG's holding company. That's right 80%!
In fact, if the Government would own any more of AIG, greater than 80%, than the U.S. Government would have to consolidate AIG's and US finances onto one balance sheet leaving the U.S. Government responsible to nearly 76 million insurance policy holders from around the world!
Soon enough AIG and USA will be synonymous and interchangeable.
I think AIG stands for 'Already in Government's pocket' and USA stands for "U Screwed us All!"
Monday, February 16, 2009
Minnesota Legislature Rule and Policy Changes
Recently, the Minnesota legislature made some rule or policy changes effecting the way it operates. Here are those changes. I placed them into three categories reflecting my opinions on each one and have commented in italics but all of these have been implemented.
I agree this is a good change
•The names and jurisdiction of House and Senate committees should be more closely aligned, including the accounts assigned to budget divisions.
•House and Senate committees should cooperate more, by establishing more joint House/Senate committees, or by having more joint committee meetings. The Pension Commission is a good example. Having joint committees or joint hearings would be particularly useful for finance committees.
•Each House member should serve on fewer committees, which should be accomplished by reducing the number of committees and by reducing the number of members serving on each committee. Too many members are too busy with committees and there is little time for constituent work or time to study the issues.
•The jurisdiction of each House committee and division should be described in detail (including the chapters of Minnesota Statutes within the jurisdiction of each group) and this information should be available on the House website. This is already done!
•Committees should give better notice of their agendas, including notice of major amendments to be considered.
•Committee chairs should attempt to give notice of the next week’s agenda by Thursday of the preceding week.
•Committee meetings should begin at the scheduled time. Gone should be the days of jokes about “legislative time.”
•Committees should be expected to do most of the work on bills. The House should use standing committees and subcommittees to hear testimony, build expertise, and take action on bills, and not rely on working groups, or leave detailed work for the House Floor. Committees should take the time necessary to do this work, even if it means holding bills over for multiple hearings, or having bills sent back from the floor to committee. Committee schedules, member schedules, and committee deadlines should be designed to facilitate this role.
•The House and the Senate should make it easier for the public to track bills, especially when bills from one chamber are substituted for companion bills from the other chamber, and when individual bills are rolled into omnibus bills.
•In establishing House rules and procedures, a primary consideration should be making the legislative process easier for the public to participate in and to follow. To the extent possible, the process should be made more transparent to the public, including specifically allowing the public to track movement of language between bills. Transparency is an important part of decision-making in a representative democracy.
•In establishing meeting schedules, the House should take into account the time demands on members who have other jobs. The Minnesota Legislative schedule was designed to be part-time. Specifically, it met during the winter post and pre-harvest. The legislature was never meant to be a full-time undertaking. There needs to be a balance between an individual’s legislative, employment, and home life. Too many good legislators are lost to this imbalance.
I disagree with this change
•The minority caucus should have proportional representation on all committees and divisions. There should be a premium on issue expertise.
•House and Senate committees with similar jurisdictions should facilitate joint hearings. These committees could be scheduled to meet at the same time, to facilitate joint hearings. However, if this is done, committee chairs and staff would need to coordinate to make sure members of the public can participate in the meetings of committees in both the House and Senate when they don’t meet jointly. I believe the Minnesota House and Senate were specifically devised to be separate. We should not compromise our legislative system solely for expediency.
•The House should establish a process under which aggregate time limits can be established for debate on all amendments to a bill. I am whole heartedly against time limits for floor debate. Limits are likely to increase hasty decision-making and could deprive people of public discussion of important issues. Debate and is a necessary and component of American Democracy.
•Legislative leadership and committee chairs should be more willing to say “no” at various points in the process, in part as a means of reducing time spent on matters that are not likely to advance. This seems to run counter to the goal of providing for the public good. Not every piece of legislation will be advanced but it’s an important part of the democratic process to allow various issues to be heard in the committee process. Allowing a select few from leadership to shutdown an issue for a hearing is not very inclusive and could stifle the development of new policy ideas.
I am ambivalent about this change
•The house should hold more hearings away from the Capitol, including possibly mini-sessions in Greater Minnesota during the interim
•The House should consider the scheduled time of floor sessions in relation to scheduled committee meeting times, in particular with regard to potential inconvenience to the public and to House members if meetings/sessions run longer than expected.
•The legislature should attempt to create reasonable expectations for the media and for the public about what the legislature can accomplish and what process is necessary for the legislature to conduct its business.
•The House should make legislative service more family friendly for House members by limiting evening meeting and limiting meetings on Friday afternoons and Monday mornings.
I agree this is a good change
•The names and jurisdiction of House and Senate committees should be more closely aligned, including the accounts assigned to budget divisions.
•House and Senate committees should cooperate more, by establishing more joint House/Senate committees, or by having more joint committee meetings. The Pension Commission is a good example. Having joint committees or joint hearings would be particularly useful for finance committees.
•Each House member should serve on fewer committees, which should be accomplished by reducing the number of committees and by reducing the number of members serving on each committee. Too many members are too busy with committees and there is little time for constituent work or time to study the issues.
•The jurisdiction of each House committee and division should be described in detail (including the chapters of Minnesota Statutes within the jurisdiction of each group) and this information should be available on the House website. This is already done!
•Committees should give better notice of their agendas, including notice of major amendments to be considered.
•Committee chairs should attempt to give notice of the next week’s agenda by Thursday of the preceding week.
•Committee meetings should begin at the scheduled time. Gone should be the days of jokes about “legislative time.”
•Committees should be expected to do most of the work on bills. The House should use standing committees and subcommittees to hear testimony, build expertise, and take action on bills, and not rely on working groups, or leave detailed work for the House Floor. Committees should take the time necessary to do this work, even if it means holding bills over for multiple hearings, or having bills sent back from the floor to committee. Committee schedules, member schedules, and committee deadlines should be designed to facilitate this role.
•The House and the Senate should make it easier for the public to track bills, especially when bills from one chamber are substituted for companion bills from the other chamber, and when individual bills are rolled into omnibus bills.
•In establishing House rules and procedures, a primary consideration should be making the legislative process easier for the public to participate in and to follow. To the extent possible, the process should be made more transparent to the public, including specifically allowing the public to track movement of language between bills. Transparency is an important part of decision-making in a representative democracy.
•In establishing meeting schedules, the House should take into account the time demands on members who have other jobs. The Minnesota Legislative schedule was designed to be part-time. Specifically, it met during the winter post and pre-harvest. The legislature was never meant to be a full-time undertaking. There needs to be a balance between an individual’s legislative, employment, and home life. Too many good legislators are lost to this imbalance.
I disagree with this change
•The minority caucus should have proportional representation on all committees and divisions. There should be a premium on issue expertise.
•House and Senate committees with similar jurisdictions should facilitate joint hearings. These committees could be scheduled to meet at the same time, to facilitate joint hearings. However, if this is done, committee chairs and staff would need to coordinate to make sure members of the public can participate in the meetings of committees in both the House and Senate when they don’t meet jointly. I believe the Minnesota House and Senate were specifically devised to be separate. We should not compromise our legislative system solely for expediency.
•The House should establish a process under which aggregate time limits can be established for debate on all amendments to a bill. I am whole heartedly against time limits for floor debate. Limits are likely to increase hasty decision-making and could deprive people of public discussion of important issues. Debate and is a necessary and component of American Democracy.
•Legislative leadership and committee chairs should be more willing to say “no” at various points in the process, in part as a means of reducing time spent on matters that are not likely to advance. This seems to run counter to the goal of providing for the public good. Not every piece of legislation will be advanced but it’s an important part of the democratic process to allow various issues to be heard in the committee process. Allowing a select few from leadership to shutdown an issue for a hearing is not very inclusive and could stifle the development of new policy ideas.
I am ambivalent about this change
•The house should hold more hearings away from the Capitol, including possibly mini-sessions in Greater Minnesota during the interim
•The House should consider the scheduled time of floor sessions in relation to scheduled committee meeting times, in particular with regard to potential inconvenience to the public and to House members if meetings/sessions run longer than expected.
•The legislature should attempt to create reasonable expectations for the media and for the public about what the legislature can accomplish and what process is necessary for the legislature to conduct its business.
•The House should make legislative service more family friendly for House members by limiting evening meeting and limiting meetings on Friday afternoons and Monday mornings.
Thursday, February 5, 2009
Pawlenty Should Appoint an Interim U.S. Senator
No candidate for Minnesota's contested U.S. Senate seat currently has an election certificate.
Governor Tim Pawlenty has the power and authority to appoint an interim U.S. Senator.
I urge Governor Tim Pawlenty to appoint someone on an interim basis to fill the current U.S. Senate vacancy. The people of Minnesota deserve due representation in U.S. Senate during these difficult economic times. Important decisions about our collective economic challenges are being considered right now at the highest reaches of government and Minnesota is playing with a handicap!
Governor Tim Pawlenty has the power and authority to appoint an interim U.S. Senator.
I urge Governor Tim Pawlenty to appoint someone on an interim basis to fill the current U.S. Senate vacancy. The people of Minnesota deserve due representation in U.S. Senate during these difficult economic times. Important decisions about our collective economic challenges are being considered right now at the highest reaches of government and Minnesota is playing with a handicap!
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