Wednesday, June 15, 2011

39 Republican Senators Vote to Increase Taxes, Jacob Weisberg is Fooled Again, 22 Year Old Buys $150 million house . .

And Other News That Requires Commenting On

Grover Norquist, the anti-tax advocate characterized an end to subsidies for Ethanol production as a tax increase.  Really, he did.  Thirty nine Republicans voted for this tax increase. The interesting thing is that apparently the program ends at the end of 2011.  Does that mean that if Congress allows it to lapse that Mr. Norquist will consider that a tax increase?

And what about the other tax cuts that expire Dec. 31, 2011?  Will those be considered tax increases? And what about all those Democrats who voted not to kill the subsidy.  Will they ever be considered to be serious about deficit reduction?

These and other questions will be answered in the next episode of "Idiots in Congress". Oh, and for what it’s worth, (not much) Pres. Obama sided with keeping the subsidies.

Jacob Weisberg writing in Slate said that

The Republican presidential field is much less wacky than expected.

Really?  The field included Ron Paul who wants to legalize all drugs, Michelle Bachmann who takes von Mises to the beach, Tim Pawlenty whose economic plans are considered pure fantasy, Rich Santorum who once compared gay marriage to bestiality,  Newt Gingrich, well we don’t even have to go there, and Herman Cain who thinks there is a religious test to hold government office and would not appoint Muslims to any post.  They all make Mitt (I have held every position on an issue) Romney look like Presidential timber.


Of course, this is the same Jacob Weisberg who at first praised Paul Ryan’s senior health care plan, only to have to take it back after he read and understood it.


Michelle Bachmann says she won’t run for re-election while running for President. This means she will be running for re-election as soon as she is denied the Republican nomination.  She is not a lawyer for nothing.


The Most Expensive House in the U. S. has sold for an undisclosed price, probably around $150 million.  The WSJ reports

The 57,000-square foot Los Angeles mansion built by the late TV producer Aaron Spelling is slated for sale to a 22-year-old heiress to a Formula One racing fortune

. . .

The buyer, Petra Ecclestone, will be splitting her time between London and Los Angeles after her planned August wedding to entrepreneur James Stunt, according to a spokeswoman. Ms. Ecclestone's father is the British billionaire and Formula One racing boss Bernie Ecclestone.

Well what 22 year old doesn’t deserve a $150 million house?  And isn’t everyone glad those awful Estate Taxes aren’t keeping her from buying the place?  And yes, The Dismal Political Economist is invited to the wedding.  He cannot make it, but is sending a nice set of Tupperware as a wedding gift.  And who would have thought Formula 1 racing was so profitable since it needs a ten year $250 million subsidy from the state of Texas?

A press release from the buyer stated that “I am just so grateful Republicans were able to preserve tax cuts for the wealthy, otherwise I would be buying that duplex in Queens we looked at.”

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