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November 10, 2008 archive
Nov 10 2008
Muse in the Morning
Nov 10 2008
Paulson repeals tax law to give banks $140 billion windfall
The Washington Post reports that while most of the United States was distracted by the bank bailout legislation in late-September as the markets melted, U.S. Treasury Secretary Henry Paulson quietly and illegally deregulated the tax law for the U.S. banking industry.
Paulson gave away a Quiet windfall by issuing a five-sentence notice.
The change to Section 382 of the tax code — a provision that limited a kind of tax shelter arising in corporate mergers — came after a two-decade effort by conservative economists and Republican administration officials to eliminate or overhaul the law, which is so little-known that even influential tax experts sometimes draw a blank at its mention. Until the financial meltdown, its opponents thought it would be nearly impossible to revamp the section because this would look like a corporate giveaway, according to lobbyists.
The reason it would look like a corporate giveaway is because it is a corporate giveaway — as much as $140 billion. Most tax lawyers think Paulson acted illegally, but Congress seems unwilling to call foul so not to risk being blamed for worsening the financial mess.
Nov 10 2008
If they want it, let’s help them do it right!
The GOP seems bent on moving forward with 4 base issues: Limited Government, Sanctity of Life, Sanctity of Marriage, and Smaller Government.
So, I say we help them now that we have the majority needed to push these issues out to the forefront of the political realm for all the world to see.
Nov 10 2008
When A Six Year-Old Gets It.
INT. KITCHEN, CHICAGO – NIGHT
…where a father sits with his daughter, who is finishing her chicken and French fries.
Daughter: Why can’t a girl marry another girl?
Father: What do you mean?
Daughter: It’s illegal, right?
Father: Where did you get that?
Daughter: You were talking about it this afternoon. With your friends. About something that happened in California. You said ‘illegal’.
Father: Its– Its complicated, but if you decided you wanted to be with another girl… you could. Right now, where we live… it just wouldn’t be called marriage.
Daughter: What would it be called?
Father: A civil union.
Daughter: A civil “what”?
Father: Union.
Long pause, the daughter pushing chicken around her plate.
Daughter: I don’t get it.
Father: Its– Its like a marriage, but it can’t be called marriage…
Daughter: …because that’s illegal and illegal is bad.
Nov 10 2008
Agevb
Warming/Greening. Start with the bailout of the auto industry
Econ stimulus, HOLC
Restore the Constitution/Investigate
Close Gitmo
Iraq/rebuild the National Guard
Health Care
Educcation particularly in science and training in green
Redesign the safety net. Make it a floor.
Infrastucture/jobs
Nov 10 2008
Is Obama Screwing His Base with Rahm Emanuel Selection?
Original article, by Stephen Zunes and subtitled Obama has asked conservative Clinton vet Rahm Emanuel to be his chief of staff — it’s not a good sign for progressives, vial Alternet:
I had really wanted to celebrate Barack Obama’s remarkable victory for a day or so before becoming cynical again. I really did.
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