Get Ready for the Next Assault on Corporate Profits: Followup
One of the things we do for you here at RedState is to cut through the noise and spin so you’ll know what’s really going on. If you were reading the headlines yesterday, you doubtless heard about a new government study showing that a great many business corporations don’t pay any income taxes. Well, no [excrement], Sherlock. If you don’t make any money in a | Read More »
Get Ready for the Next Assault on Corporate Profits
ABC News, by way of the Associated Press, is reporting that “most” US corporations, and foreign corporations doing business in the US, paid no income taxes between 1998 and 2005. What reportedly happened is that Senators Dorgan (D-ND) and Levin (D-MI) went to the Government Accountability Office (GAO) and asked them to find them a stick to hit business over the head with. Supposedly, this | Read More »
Emerging Theme in Financial Markets: The US Dollar is Getting Stronger
A vast movement involving enormous amounts of capital is now underway. Investors around the world are buying dollars again. And they’re selling the oil, gold and other commodities that have been serving as a hedge against dollar weakness since the Federal Reserve started aggressively cutting interest rates eleven months ago. As I write, the US dollar is trading above $1.50 to the euro. The dollar’s | Read More »
The Free Trade Candidate For President
His identity is no surprise. The only surprising thing is that in this day and age, the argument still needs to be made that free trade is a far better policy to follow than is the mindless and destructive protectionist–and yes, xenophobic–prescription Barack Obama’s allies are cooking up.
Just a Quick One – Other Big Story Today
Just so no one misses it, the dollar is rallying enormously, not-coincidentally the price of crude is tanking (should we stop speculators when they drive the price DOWN?), and the DJIA and NASDAQ are rallying smartly. Today’s good news….
On The Windfall Profits Tax Proposed For Oil Companies
Why, pray tell, are we going after oil companies again? This question is especially important, given the fact that there are so many other industries that are making more in terms of profit margin. I mean, is demagoguery so important to the “reality-based community” that reality is being so utterly and completely abandoned here? Sigh. Don’t answer that.
Why Blackhedd Needs a Publicist
Fortune is running an interesting piece about some financial types who foretold the credit crisis that nearly swamped the US economy. They probably don’t have much name recognition even among people who follow the markets on a more or less regular basis.
When All You Have Is A Hammer . . .
I must have missed the memo in which it was announced that every socioeconomic problem that comes down the pike awaits only a regressive tax scheme to solve it. But I would like to think that even if the memo appeared in my inbox, I would have had the good sense to throw it away. Alas, too many people buy into the memo’s findings, hook, | Read More »
So, How Fared The Rebate Idea?
I was against the idea of tax rebates from the time they were discussed as a way to stimulate the economy. If you don’t believe me, feel free to read this. As I wrote, “if we really want to stimulate the economy, we need a permanent tax cut.” The tax rebate certainly was not permanent and based on Milton Friedman’s past research on this issue, | Read More »
In Praise Of Charlene Barshefsky
Unlike many people in her party, Charlene Barshefsky has an accurate and sensible view of trade issues and–fortunately for the rest of us–is not shy about sharing those views with the public. Of course, I hope that there is some private conversation going on as well–namely, conversation that entails Ambassador Barshefsky lobbying her fellow Democrats and beseeching them to recall that trade liberalization helped work | Read More »
More Oil Drilling vs. Special Session
The democrats have inflicted a self suicide on their own country for 30 years in blocking expanded oil drilling, as well as oil refinery and nuclear power plant construction for 30 years. They are solely responsible for same via Democratic congressional majorities, presidents or minority filibusters. Minority House republicans achieved a major strategic victory in the political public relations war this past Friday with their | Read More »
Obama: Death by Taxation
Cities, chambers of commerce, and officials in state and local governments know that tax incentives drive economic development. It is one of their chief tools in luring business to their areas. There are extreme examples of this principle in places like Wilmington, DE, and Liechtenstein, where every nearby company wants to have a legal presence, and more mundane examples in nearly every major city in | Read More »
What is Good For GM is Good For the Country
GM president Charles Wilson said this years ago. GM recently reported record losses and may go bankrupt. I know in this global economy foreign car makers produce a lot of autos in the US. I also know that GM has not had the best management and during the 70’s and part of the 80’s their cars were subpar in terms of reliability. I still find | Read More »
The Free Trade Key To The White House
The conventional wisdom is that you have to be a protectionist these days in order to survive politically. But Daniel Griswold reminds us that history is on the side of the free traders: John Kerry, Ross Perot, Michael Dukakis and Walter Mondale all tried to play the protectionist card, but none made it to the White House. Obama’s skeptical line on trade contrasts not only | Read More »
Worst. Economic. Plan. Ever?
Barack Obama wants to give $1000 handouts to families that will be funded by a windfall profits tax on oil companies. Obama has been talking about this kind of tax for quite a while but it is worth emphasizing anew just how bad the idea is. A windfall profits tax will cut into the profit structure of oil companies–which isn’t nearly as large as people | Read More »