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Representative Barney Frank, the top Democrat on the Financial Services Committee, will leave a political legacy most likely highlighted by the sweeping Wall Street regulatory reform that he drafted with former Senator Chris Dodd (D-Conn.) which was enacted last year.
There is some speculation that organized protest movements such as Occupy Wall Street have encouraged lawmakers to put provisions in place that give the Federal government the authority to quickly quell dissent that grows out of control and the detain agitators.
The U.S. has made several attempts to repair relations with Pakistan following an event that left 24 soldiers from the Asian country dead, but some American officials have suggested a tougher approach.
Representative John L. Mica (R-Fla.) in recent weeks has been leading a push to take airport security screenings out of the hands of the Federal government to free up the industry for private contractors.
Have you ever seen “old people” hold and fondle their paper money? They count it, hide it under the mattress and bury it for safekeeping. Remember my example of the power of inflation? I said that you could bury your paper money 40 miles deep in a sealed concrete vault, and it still could be inflated or devalued to nothing. There is no way to preserve your paper money.
$14 billion in profits, zero in taxes. If you invest in General Electric, congratulations. Your company made $14 billion in profits last year and didn’t pay a penny in taxes. How was that possible? Well, $5 billion in profits in the United States were zeroed out because of a multitude of tax credits (think green energy) and other deductions. And $9 billion was earned and kept overseas, so no taxes were due on that money, either. If this makes you think our tax system stinks, you’re right. Now, what are we going to do about it?
Here’s some news that could turn the entire election upside down. Leading Democrats are urging Barack Hussein Obama to withdraw as a candidate for re-election in 2012, as Lyndon Baines Johnson did almost 50 years ago.