Treasury Secretary Paulson recently gave banks a gift when he unilaterally repealed a tax law that will benefit banks to the tune of nearly $140 Billion in tax savings.  While we were in the midst of the $700 Billion Bailout madness, Paulson changed the interpretation of Internal Revenue Service tax code 382. 

 

It not only caught tax attorneys by surprise, it caught many member of Congress, our national law making authority, by surprise.  Now the problem is that Congress is afraid to challenge the damage done by Paulson for fear of causing greater anxiety in the economy, and unraveling several bank takeovers which were only done as a result of this law. 

 

From an article in the Washington Post:

 

http://www.washingtonpost.com/wp-dyn/content/article/2008/11/09/AR2008110902155.html?wprss=rss_politics/administration

 

Section 382 of the tax code was created by Congress in 1986 to end what it considered an abuse of the tax system: companies sheltering their profits from taxation by acquiring shell companies whose only real value was the losses on their books. The firms would then use the acquired company's losses to offset their gains and avoid paying taxes.

 

Is it not bad enough that a particular industry has shown irresponsibility in handling money?  Then is given our money to handle.  Then is given a break in tax law to benefit even more from their irresponsibility?

 

Will someone please put the breaks on Paulson's continued cronyism without scrutiny? May we please have some common sense back in governmental leadership?

Jon was on fire tonight.  I don't know how much of his argument was off the cuff or rehearsed talking points.  The fact of the matter is that if you live in a large international cosmopolitan city, you will have a considerably greater familiarity with people not like you.  So much of Jon's argument is based on just day to day interaction.

 

A quick question was glossed over when Jon asked Mike, "At what age did you choose not to be gay?"  Mike has lived in an environment (Arkansas) where things are more Black and White (literally), and there are fewer shades of gray.

 

Jon was also right on target when he said religion is more of a choice than being gay.  I appreciate Mike Huckabee's theological arguments, however, Jon shot even those down given the number of Biblical references that have been rendered moot in the evolution of an intelligent society.

 

This was one of the best shows of the year, and should get Jon another Emmy.

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These are tough times, and any we feel that any creative help we can give is just in time.  I'm convinced that we can make it through these difficult times if we help each other out.

A very Happy Thanksgiving to all .  We have so much to be thankful for in such transcendent times.  Keep your heads up, and be patient.  With a little elbow grease, and some stickum, I'm sure it will all get better.

Ya gotta love our new President's ability to Improv on the fly.  This week he is dominating the media cycles with carefully choreographed pep rally's.  In each he announces a new brilliant mind to replace the outgoing team.  But just who is this guy?

Oh, according to the sign on the podium, he is from "The Office of the President Elect".  O.k., I know that is what we call him, but I didn't know he needed a sign to remind us.  Still, it shows a lot of creativity.  If ya want to be taken seriously, you might as well have a name plaque to go with it.

Cheers to you Mr. President-Elect

Nebraska and Maine split their electorate votes, and Omaha goes to Barack Obama.  I remember reading that the Campaign was taking workers out of North Dakota and sending some down to Omaha. At the time, I thought it was a long shot.  But there was a mathematical scenario in which winning just one electorate vote could have been a big help

On election night, I did not pay too much attention to Nebraska.  Weeks later when the word came that one electoral vote went to Obama from the area around Omaha, I initially thought that this was a confirmation of the strength and detail of the Obama Strategy.  But backing away from that, I realized, the people of Omaha came through.

Ya gotta love Omaha.

I am at a loss.  Can someone please explain to my why it is advantageous to bail out an industry that has failed to see the handwriting on the wall for the past 35 years?  Does anybody remember the gas lines of the 70's?  If so, then why are we so far behind when it comes to creating a vehicle that sets the standard for alternative energy. 

There are pundits that say there is a thriving auto manufacturing industry in the South, and they don't need a bail out.  I could use a little clarity when it comes to what is going on in Detroit.