Category name:Politics

Bobnox and John Kerry In Complete Agreement…

March 3, 2014 / Comments Off on Bobnox and John Kerry In Complete Agreement…

Both John Kerry and I both agree that Ukraine is NOT on the brink, but that’s as far as our simpatico goes.

Ironically, the situation in Ukraine and Crimea is totally under control. Putin’s control. He will take decisive action. And do it on his time, on his terms.

Kerry and many others make the point Putin is not acting rationally. I disagree. What is John Kerry’s definition of a rational strategy in Ukraine?  Rational Strategy = “What John Kerry would do if John Kerry were Vladimir Putin.”

QED: John Kerry proves to himself and the world that Putin is not acting rationally.

That Putin, he’s just a 19th century throwback in a 21st century world. Silly oligarch, he.

Putin is 100% rationale. For a Russian. Russians believe in Zero Sum Politics. Always have, always will.  The Win-Win-Win global politics to which Obama, Kerry, Susan Rice and Samantha Power all ascribe is a pipedream. A great theory in the academic lounge. Piffle in the real world with real guns and butter.

That Global Test that John Kerry aced when he was running for President? Well, Putin flunked it.

Obama Receives Nobel Prize in Literature Citing Hemingway as an Inspiration

March 19, 2012 / Comments Off on Obama Receives Nobel Prize in Literature Citing Hemingway as an Inspiration

USA Today had a howler today where Obama’s efforts with Health Care Reform were likened to the effort of Santiago to bring home his prized marlina in “The Old Man and The Sea.” The article quoted from the new David Corn book.  A book with a catchy catchy title: “Showdown: The Inside Story of How Obama Fought Back Against Boehner, Cantor, and the Tea Party.

The frustrations of the presidency once had Barack Obama reach for a literary metaphor.

“At times he couldn’t help feeling, as he told one associate, a kinship with the protagonist in Ernest Hemingway’s The Old Man and the Sea,” writes David Corn in his new book on the presidency.

“He had, against tremendous odds, caught a big fish, but on the long voyage back to shore, his prized catch had been picked to pieces by sharks,” Corn writes.

LINK:

http://content.usatoday.com/communities/theoval/post/2012/03/obama-sometimes-i-feel-like-the-old-man-and-the-sea/1?csp=34news#.T2c0S9X5Y4Q

Random House publishing is leaking the title of Obama’s follow up literary effort:  “The Birth Certificates of Kilimanjaro”

Target Rich Literature:  maybe “The Unemployment Also Rises” or “For Whom the SuperPac Tolls” or “A Farewell to Jobs”

Will the Buffet Rule impact Tax Free Municipal Bonds?

September 24, 2011 / Comments Off on Will the Buffet Rule impact Tax Free Municipal Bonds?

Short answer is “How Can It Not?”  When the effective rate of taxation is raised on an investment, then less capital will flow to that investment.  All else equal.

The dirty economic secret no one wants to talk about in DC is that the Buffet Rule would NOT be a tax on labor but instead a new tax on capital.

Follow me here:

Wealthy people use tax-free bonds as a significant percentage of their asset allocation and hence much of the income of the ‘wealthy’ is derived from dividend income and capital gains — and NOT from labor.

Tax free bonds fund our beloved infrastructure projects on state and local levels and much of the capital invested in these bonds flows from people and institutions (groups of people) who want low-risk and tax-free income.

To be effective, the so-called Buffet Rule would have to raise new tax revenue by taking a new bite from income derived from investments in (formerly) tax-free bonds.

We should really call the Buffet Rule a new Alternative Minimum Tax on Capital.

Why? Because if it quacks like a duck…

Were the Buffet Rule to pass, then rational investors would adjust to the new tax regime.  This will reduce incentives to buy these low-return bonds on the margin.  Which in turn would result in an increase in cost of capital to fund these infrastructure projects — projects that build our schools, roads, airports, etc.  The outcome would be less infrastructure work per dollar of capital.  Less efficient capital means less capital production on the margin.

So the Buffet Rule could actually mean less bridges, roads and schools as we ride the Slippery Slope of Progressive Inanity to Achieve Economic Growth.

Q:  Why would tax-free bonds be disadvantaged against other opportunities?

A:  Because the Buffet Bite would be bigger on a relative basis.

If you have to pay the New Capital AMT you may as well invest in riskier investments with the opportunity for a greater rate of return.  The bigger the size of the Buffet Bite to ‘equalize’ tax rates to the Middle Class Tax Rate, then the more that (formerly) tax-free munis and their brethren are impacted.  This makes it tougher to attract investment dollars as they compete in the capital markets.

The famous Chicago School of Economics theory of “Rational Expectations” makes the conclusion obvious.  Obvious to all, of course, except to those of the Krugman Kamp of Economics.

Buffet Rule = Circular Firing Squad of Unintended Consequences

September 23, 2011 / Comments Off on Buffet Rule = Circular Firing Squad of Unintended Consequences

Here’s my take on the fatal flaw of the Obama’s so-called Buffet Rule:

1.  The Buffet Rule is designed to raise tax rates on the wealthy, but it would be better said as raise the tax rates on high income earners.

2.  People with the highest incomes usually make most of their income as dividends or capital gains instead of as wages or salary.

3.  So to be effective the Buffet Rule would have to raise the cut the government takes for dividends and capital gains.

I think there’s nothing controversial here so far but follow me now:

4.  People with wealth often buy Tax Free Bonds so they can avoid paying taxes on the income they earn investing their capital.

5.  Tax Free Bonds = State + Municipal Bonds.   Not all, but usually state and municipal bonds are tax free.  Many are triple tax free.

6.  State + Municipal Bonds finance the construction of schools, roads, bridges, dams and other infrastructure.

That was easy.  These days almost everybody wants more and better schools and infrastructure.  Nothing controversial.  Heck, the tall guy in the good looking suit has been stumping around the country about our need for more of this good stuff.

7.  Here’s the rub:  POTUS wants to build these things but POTUS also wants to raise the effective tax rates of those who buy the very bonds that finance most of these infrastructure projects.

8.  So if implemented, the Buffet Rule would disincentivize people from investing their capital in the types of investments that fund infrastructure projects.

9.  Load Rifles.  Form Circle.  Aim.  Fire.  Repeat Again as Necessary.

The pitch is easy to understand:  millionaires shouldn’t pay a lower tax rate than the working middle class types who make America great.  Check.

Like just about every “Genius” progressive idea, the devil is in the details.  And the end results is often the opposite of that intended by the solons who conjured it.

Especially when it’s done in the name of “Fairness” to the middle class.

TBS SuperStation Inks Charlie Rangel for New Series

December 2, 2010 / Comments Off on TBS SuperStation Inks Charlie Rangel for New Series

After seeing Charlie Rangel’s tour de force performance on the House floor today, TBS SuperStations offered the censured Congressman a contract almost immediately as The Lead in a TBS remake of “Sanford & Son” with Charlie reprising Red Foxx’s role as Fred Sanford, the crusty curmudgeon junk man.

“We think Charlie’s a natural,” said a TBS spokesman, “he’ll kick ass a Fred. I mean, can’t you just hear him saying, ‘Lamont, getcho hands off my junk!'”

The Big Question is who's gonna play Lamont?

Charlie leaving the House Floor before getting the TBS News

Jack Conway Denies Love Child With Ahmadinejad

October 26, 2010 / Comments Off on Jack Conway Denies Love Child With Ahmadinejad

In a shocking development threatening the viability of Democrat Jack Conway’s campaign for a Kentucky Senate Seat, Iranian dissident Press outlets are reporting the existence of a Love Child in Tehran.

According to local birth records, the alleged spawn of candidate Jack Conway and Iranian President Ahmadi is a 3 year old boy named Mahmoud AquaBuddaJad.

More #KYsen news to follow…

Sheriff Joe Arpaio Joins New Black Panther Party

In a stunning move today, Maricopa county Sheriff Joe Arpaio joined the New Black Panther Party and changed his name to Malik Shabazz Arpaio.

Eric Holder immediately announced the Department of Justice was dropping all pending lawsuits against Sheriff Arpaio.

So let’s recite an Eric Holder Nursery Rhyme from @GovKaineBrow for giggles & grins:

Eric Holder…

So Much Bolder…

Sued Sheriff Joe for Sport…

Black Panthers know…

Old Sheriff Joe…

will get THEIR day in Court…

MORE TO COME ON THIS STORY

My Name is Basil Marceaux Dot Com Separated at Birth at Stalag 13

Basis Marceaux, candidate for Governor of Tennessee, has brought smiles to the blogging community.  The guy just has a way with words.

But what most people don’t know is that Basil is the Love Child of John Banner and famous mime, Marcel Marceaux.

Who is John Banner?  Why Sgt. Schultz of Hogan’s Heroes, of course.

LeBeau get back in your barracks!

I See Nothing...

Bobnoxious is looking for gubernatorial or political look-a-likes for Colonel Klink, Major Hochstetter and General Burkhalter.

I remain convinced that Barbara Boxer was Frau Linkmeyer in an earlier incarnation which is a truly scary proposition, is it not?

UPDATE:

Pay Czar, Kenneth Feinberg, does bear an uncanny and spooky resemblance to the Commandant of Stalag 13, the indefatigable Colonel Wilhelm Klink — or as they say in German, Oberst Klink.  Check it out:

Schultz! Take Newkirk & Carter to the Cooler!

Hogan, Dismissssssssssssssssssed!

Obama’s Recovery Summer Theme Song Contest

Remember “Don’t Stop Thinking About Tomorrow” as the song that defined the Clinton Presidency?  I wish I could but that song made Clinton voters swoon.  Sorta the same way the economy is swooning in our so-called Summer of Recovery in 2010.

Every Presidential Theme deserves a good theme song, so I’ve been searching to find the right song for Barack Obama’s “Summer of  Recovery.”  So without any further adieu, here is BobNoxious’ Top 10 List of Summer of Recovery theme songs by genre:

1.  Surf Music:  “Wipeout” by the Surfaris

1.  Rock’n’Roll:  “Summer Time Blues” by Eddie Cochran

3.  80’s music:  “Cruel Summer” by Bananarama

4.  Disco:  “Funkytown” by Lipps  (honorable mention:  Any Song by Donna Summer)

5.  R&B:  “Tell Me Something Good” by Rufus (new vocals by Robert Gibbs)

6.  Country:  “Flip Flop Summer” by Kenny Chesney (insert John Kerry yacht joke here)

7.  One Hit Wonder:  “In the Summer Time” by Mungo Jerry

8.  Classical:  “Summer (Four Seasons)” by Vivaldi

9.  Crooner:  “Summer Wind” by Frank Sinatra, since there’s no shortage of Hot Air from the White House

10.  Show Tunes:  “Summer Time” by George Gerswhin but with new lyrics below:

Summertime,
And the spinnin’ is easy
Spending is jumpin’
Unemployment is high

Let’s tax all the rich
Oh, that’s how it’s lookin’
So hush teaparty voter
Don’t you cry…

Additional candidates are encouraged so feel free to leave your favorite one in the comments.
(Hat tip to Ed Morrissey of #TEMS for the inspiration)
UPDATE:
How could I forget the Doo Wop classic “Get a Job” by The Monotones?  My bad!