Remember in the classic movie “Casablanca” how Captain Louis Renault pretended to be amazed when he was informed that gambling took place at Rick’s Café Américain? That’s how I felt when I first heard the news that professional football players were paid a bonus if they hurt an opposing player so badly that he had to be taken out of the game.
Democrats for Santorum. Mitt Romney’s supporters are still smarting over appeals by Rick Santorum’s team to get Democrats to vote for their guy in the Republican primary in Michigan. Their efforts, which included robocalls to Democratic voters, were only partially successful. USA Today reported that 9 percent of Michigan voters identified themselves as Democrats. “More than half of those voters, or 53%, said they voted for Santorum,” the newspaper reported. But it wasn’t enough to give Santorum the win.
Riot police had to be called to an Orlando mall on Feb. 23. Why? Because an unruly crowd of would-be shoppers couldn’t wait to get their hands on the new Foamposite One Galaxy by Nike. But the “Age of Entitlement” isn’t limited to a bunch of spoiled teenagers threatening to riot if they can’t get the brand-new basketball shoes they want.
Even worse than I said. My Straight Talk column last week on Obama’s budget baloney actually understated his new tax and tax, spend and spend proposals. I said he wanted to raise the tax on dividends for “the rich” to 39.6 percent — more than double where it is now. But I forgot to include the investment tax surcharge included in Obamacare and the phase-out of deductions and exemptions. Add it all together and, if Obama gets his way, the dividend tax rate in 2013 will be 44.8 percent — nearly three times what it is today.
Another warning about the dollar’s decline. Warren Buffett writes: “Even in the U.S., where the wish for a stable currency is strong, the dollar has fallen a staggering 86% in value since 1965, when I took over management of Berkshire [Hathaway]. It takes no less than $7 today to buy what $1 did at that time.” This “invisible inflation tax” is devastating the value of bonds. In fact, he warns, “Right now bonds should come with a warning label.” I agree. Caveat emptor.
That wasn’t a budget Barack Obama delivered to Congress. It was a campaign document. It was full of promises of “fairness,” which to our President and his cronies means taking more money from those who earn it and giving it to those whom they think deserve it.
If you lost your home to foreclosure, Barack Obama is going to see that you get a check for some 2,000 bucks.If you still own your home but it’s worth a lot less than you owe on it, he’s got even better news for you. The President, in league with the Nation’s attorneys general, has gotten the banks to agree to reduce what you owe.
A fantastic payday for this artist. The much ballyhooed IPO for Facebook will add to founder Mark Zuckerberg’s fortune. A ton of other supporters and employees will become instant millionaires. But no story will top that of muralist David Choe. When he painted the first Facebook office in 2005, Choe was offered $60,000 in cash for the job — or stock in the company. He chose stock and went on to make an estimated $200,000 in the Facebook IPO. That’s quite a payday, isn’t it?
Bond guru expects much more inflation. Pimco founder and co-Chief Investment Officer Bill Gross warns that central banks are “printing money like gangbusters.” Our own Federal Reserve is leading the way. The Federal Reserve balance sheet, which stood at $869 billion in August 2008, passed $2.9 trillion at the end of 2011. The manager of the world’s largest bond fund points out that money printing increases the risk of reflation. “That’s why we’re seeing the pop in oil and gold etc.,” Gross said.
Warren Buffett has issued a dramatic challenge to Republicans in Congress to help pay down the national debt. Here’s the deal: Buffett said that for every dollar they will contribute to help reduce the national debt, he’ll match them.
One of Newt Gingrich’s “grandiose ideas” that really worries me is his proposal that the United States government use any means necessary to topple the Castro regime, because I suspect he would have the support of a majority of his countrymen for such a quest.
Betting on politics. Hey, guess what? It turns out that when people put their money where their mouths are, they’re more accurate than a polling company. Intrade, an online website based in Ireland, lets people bet on who will win one of our elections. In the 2004 Presidential election, its bettors correctly guessed the winner in every single State. In 2008, they got all but two States right. Now, Intrade clients are betting that Mitt Romney will win the Republican nomination, but that Barack Obama will beat him in November. They’re betting cold, hard cash that they’re right. We’ll see.
Now, the gloves are off. But Republican challengers for the White House aren’t throwing their hardest punches at Barack Obama. No, they’re flailing away at each other.
Motivated citizens block new law. Well, what do you know? Two bills aimed at stopping online piracy were supposed to sail through Congress. But Internet giants Google and Wikipedia and others protested that the measures would turn them into “police officers for the Justice Department.” Wikipedia even went dark for a day. So many people contacted their Congressmen that the Stop Online Piracy Act and the Protect IP Act are dead in the water — at least for now.
The Supreme Court not only rebuffed another attack on our Constitution by Barack Obama’s minions, it did so in a unanimous decision. Hooray for the Court! In years past, Justices haven’t always done a very good job of defending the Constitution’s limitation of government. But they got it right this time.
Raising the debt ceiling… again. Barack Obama has notified Congress that the debt ceiling needs to be raised by another $1.2 trillion. Don’t expect a big tussle this time, however. The increase is permitted under the Budget Control Act. Lawmakers have the ability to vote against debt increases, but they cannot actually block them.
Guess what? Barack Obama has found an opponent whose approval ratings are even lower than his own. So to kick off his re-election campaign, he’s decided to run against Congress.
The Hillary Clinton bandwagon. The New York Times seems determined to get Hillary Clinton back in the White House. The latest foray was a column by Bill Keller, The Times’ executive editor from 2003 until last September. In “Just the Ticket,” Keller says to forget about persuading Barack Obama to step aside; that won’t happen. Instead, he wants to move Joe Biden over to the State Department and make Hillary the Vice Presidential nominee. Keller says his proposal would do “more to guarantee Obama’s re-election than anything else the Democrats can do.” Plus, “it makes Hillary the party’s heir apparent in 2016.” Oh, goodie.
Who frightens you? Are you more scared of big business or government? Although Hollywood loves to portray American businessmen as evil incarnate, and Barack Obama continues to rail against the “millionaires and billionaires” who don’t pay “their fair share” of taxes, a new Gallup poll says the public isn’t buying it. While 26 percent of the public agreed that “big business” was a threat to the country, more than twice that number — 64 percent — said government is the bigger threat.
The biggest lie of 2011 was “We’re going to cut spending.” After more than two years of operating without a budget and just before heading home for the holidays, Congress finally passed an omnibus spending bill for Fiscal 2012. The 1,221-page beast calls for the expenditure of more than $1 trillion, yet doesn’t reduce Federal spending by a penny.
I’m not going to review all the dastardly lies, misstatements and gross exaggerations Barack Obama has made since he assumed the highest office in the land. No, for now I want to mention just two of his most recent assaults on the truth. I’m afraid they will set the tone for what may be the dirtiest political campaign in our country’s history.
The frantic attacks on Ron Paul. The Iowa caucuses are just days away. And the thought that Representative Ron Paul might actually come in first has some people hysterical. Iowa governor Terry Branstad proclaimed that the results should be ignored if Paul finishes first. People need to look at “who comes in second and who comes in third” if that happens, he declared. Reaching even lower, Wall Street Journal editorial board member and columnist Dorothy Rabinowitz called Paul “the best-known of American propagandists for our enemies” in a lengthy op-ed smear. As I’ve said before, folks, next year will sure be interesting.
During this season of massive over-commercialization, you may find it hard to believe there was a time when Christmas was no big deal. There were no stores full of toys, no songs playing 24 hours a day and no Christmas trees with so many presents under them that they fill most of the room.