onepercentorbust

Senator Schumer,

In regards to your recent Nay vote to S.2280 the bill to approve the Keystone XL PipeLine has your office documented a policy response in regards to this vote. Particularly interested in why you believe that this is not in the best interests of the citizens of New York primarily and furthermore why you believe the bill would have a detrimental impact on the greater United States. Has there been any NY based polling that you have relied upon to ensure that this vote was in agreement with the positions of your electorate?  It appears that this vote was strictly partisan however I would like to believe that there were solid and representative grounds for said vote. I look forward to hearing your thoughts on this subject.

Sincerely,

Ed O’Connell

I received the below response from Senator Gillibrand and am still waiting on Chuck.

December 5, 2014

Dear Mr. O’Connell,

Thank you for contacting me regarding your concerns for the proposed Keystone XL pipeline. I understand your concerns, however I oppose efforts to force President Obama to automatically grant a permit to this project or limit the review of environmental impact of this project.

Instead of continuing our reliance on petroleum products for our energy needs, we must re-focus our goals to developing and expanding renewable transportation fuels to get our economy back on track, and break our dependence on foreign oil.  True energy independence can only come through innovation and the development of alternative fuel sources, including wind, solar, biofuels, hydropower, tidal, fuel cell and geothermal.  We must invest in hybrid, clean diesel, fuel cell and other alternative vehicle fuel technologies to lessen our dependence on oil and to create permanent American jobs for our workers.

Unlike investments in American energy, importing Canadian energy does not add to our economy or create local jobs.  Sufficient pipeline capacity already exists to bring Canadian oil to the US, and in fact the principal reason for building Keystone XL is so that this oil can be exported to other countries rather than sold in the United States.  In order to achieve the dual goals of increased security and job creation here at home, we must focus our efforts on developing renewable sources of energy in the United States.  By diversifying our energy supply with domestically produced energy, we will establish price security and enhance our national security.  In particular, I see a major role for New York to play as a leader in developing energy efficient technologies and advanced biofuels that will give our farmers a secondary revenue source and revitalize our manufacturing sector.

Thank you again for writing to express your concerns, and I hope that you keep in touch with my office regarding future legislation.  For more information on this and other important issues, please visit my website at http://gillibrand.senate.gov and sign up for my e-newsletter.

Sincerely,

Kirsten E. Gillibrand United States Senator

The bill subsequently passed both houses post the midterm realignment and was promptly vetoed by President Obama.

Never let Politics get in the way of a good story. As a sleepy summer winds down and Congress gets ready to return from recess let the pontificating begin.   Good friend of the Obama regime, Patriot and loyal American Mr. Warren Buffet has turned the Tax Inversion argument on its heels.  “it’s not fair”,  “they must pay their fair share”,  “it’s unpatriotic” , boycott Burger King, boycott Walgreens, Occupy Wall Street, Tax the rich feed the poor until there are no Rich no more and it could go on and on.

To take a step back Tax Inversion has been a hot topic this summer with US corporations merging with smaller non US corporations from countries with more favorable corporate tax structures. Unfortunately that could refer to almost any country as the US has one of the highest corporate tax rates in the industrialized world.

We have heard from progressive politicians and the President of the Unites States as well as Treasury Secretary Jack Lew calling for Legislation to close the inversion loophole. That is exactly what we need to address the issues, more legislation to inhibit business and added complexity to the tax code.

What we are not hearing is a needed call for Tax reform and lower corporate tax rates to make US corporations more competitive both globally and at home. Rather than coercing a business to operate under cumbersome and adverse regulatory and tax environments it is time for the United States to start leveling the playing field and creating incentive for companies to remain and grow within the borders.

We profess to live in a “Free Market Society” as defined by the prices of goods and services set freely between sellers and consumers set force by the laws of Supply and demand and free from government intervention or monopoly.  The reality however is our economy is increasingly besieged by an over bearing government bureaucracy.

On the subject of fairness let’s consider the following.  A higher tax burden by the government on US corporations is regressive to both the consumer and the employee. A tax increase will ultimately be passed through to the cost of goods produced. In the case of Burger King the increased cost of a Whopper will be more burdensome on the lower income tax payer than the Higher Income tax payer. For the perspective employee the tax burden will weigh both on wages and the overall hiring by said corporation (see the raise the minimum wage proposal by the Obama camp and circle back). Magnify the above affect with regulatory burdens and you get the lethargic growth we have seen as the new norm in the economy.

Burger King merging with Tim Hortons is not about beating the tax code it is about good business and good investment.   Ask Mr. Buffett he will tell you; find him at the next Democratic Party Fund Raiser. It’s a good bet the Warren Buffets secretary is not paying more taxes than Burger King

Summer is over the bells are ringing, class is in session, It is time to lower the corporate tax rate and make America Open for Business again. As the prophetic Ayn Rand wrote let’s not see the producers stop producing or move to Canada in this case.

Apparently the Department of Justice has launched an investigation into JP Morgan’s $2 Billion trading loss at the hands of the London Whale.  Thankfully the US government will be on watch to prevent all future trading losses in our “free market”. To keep America open for all future socialistic programs for the benefit of the voting public.  We can all sleep more soundly at night to know that the antiquated system of open market will be brought to a grinding stop by government intervention, regulation and yes possibly even prosecution.  Gone will be the worries that an investor may take risk of loss.  No need to worry about selling your stock or bonds of JP Morgan if you are unhappy with the management or performance, Uncle Sam will have your back.

Funny thing happens with losses on a bilateral derivative contract there tends to be a winner as well. Now we are talking Tax the winner and prosecute the loser. It’s a win win.

I just hope that people who work on Wall Street do not wake up to the fact that the risk of prosecution for taking Market Risk is just not worth the effort.  Maybe if we regulate and prosecute everyone off Wall street there will be ample space for the occupiers to occupy.  Think how many votes that would bring. Not sure who will pay to keep the lights on and toilet paper in the bathroom but there’s always McDonald’s.

The rest of the country will probably be better off without the greedy wall street crew. Although with no way to fund bridges or roads or build stadiums cities may suffer a bit but we can get by.  A few corporations may find it difficult to fund their day-to-day operations, build infrastructure,  expand their businesses or pay employees.  It will probably work out ok.

But sorry where was I yes JPM.  When the DOJ is done I was hoping just maybe they could go after the weatherman.  They seem to be wrong all the time.  As a tax paying, voting citizen there is nothing that gets me madder than carrying around an umbrella on a sunny day or cancelling a barbecue when it was not supposed to rain.

 To hope, perchance to dream.

I am very confused with this one.  Can someone explain what President Obama is thinking here?

Beyond the obvious of buying votes?

While making a speech to college students yesterday Obama said allowing interest rates to double this summer would hurt more than 7 million students, costing the average student $1,000 and amounting to a “tax hike” for those students and their families.

A tax hike? You have got to be kidding me.  Where did I go wrong? I was brought up to believe that one should work hard to pay off his or her debts at all cost.  A loan agreement was meant to be a legal contract between two parties, borrower and lender, with specified terms of interest and repayment entered into freely by both parties.   If I agree to borrow money at said terms how is it a “tax hike” when the more onerous terms of that contract kick in? When did the government become an interested party in a contract between borrower and lender?  

Ok so the terms of the freely entered into loan are now a tax hike and the terms of the original contract are null and void by virtue of the government.  So as an investor why would I lend to Sally when the repayment of my principal and interest for that matter is subject to the whims of government?  Young Americans will be freed from the terms of their loans but who will take the loss but the end investor. Please remember it is a zero sum game. Now if the investor or market will not lend who does that leave but the government and where do you think they will go to get that money?  If no one is lending we have much bigger problems than student loans.

Is it possible that individuals may have borrowed more than they could chew?  Call me old fashion but is it wise for individuals to do that? Are there not alternatives to Notre Dame? All the old war stories of people walking both ways to school with no shoes uphill, both ways.  I have even been told stories of folks working a job or even two while they went to school. People have been rumored to go to community college for two years and then onto University.  Isn’t it better to work hard for what you have than to live via a sense of entitlements? State School has worked out well for me.

I am not sure where I went wrong but it seems rather crazy to me.  Let me get back to work and save for my four wonderful children to go to college without the help of their Uncle Sam.

Once upon a time as all great stories begin, a man was walking by a park in downtown NYC.  Wearing a $600 suit (he has 1 suit) wing tip shoes (rarely worn) and carrying an ipad he could not live without. Now the only thing on this mans mind was trying to find a train station to get home and see his family after a long hard day.  Its 10+ years after September 11 and he has not worked in a downtown that looks and feel different since that day.   Before he knows it he is standing on the sidewalk between a motley bunch in Zuccotti park and a sea of blue police officers bordering in the street.  The police do not look happy “what are you doing” , the motley crew gains inspiration “there goes the tarp guy”.  Are you kidding me? but smarts over emotion and time to clear out.

Gotta get home to coach the kids,  help with the homework, take out the trash, get some rest and get up and do it again the next day. Someone has to pay the bills and the mortgage and the TAXES!

What do the parents of these kids in the so called occupy wall street think.  Is home where they learned to think they were entitled to another mans toils? There is nothing better for this group to do with their time, no field to till, no books to read, no efforts to make themselves or society a better place?  Not sure why the media found this group so alluring and it makes you worry about a society led blindly by the media and a government that thrives on class division and entitlements.  Repeat after me puppets, as evidenced by one “prominent Columbia professor”  yeah lets put him in charge of the world bank.

Which leaves us to bring our own children up to believe in the merits of hard work, respect for others and themselves.  The American Dream of  being able to be anything you want to be with hard work and determination.   To contribute to society and to help that society flourish as opposed to relying on an entitlement state.   “Freedom is never more than one generation away from extintinction”  Ronald Reagan

“Ask not what your country can do for you, but what you can do for your country” – JFK a democrat and all?

So for my kids  1% or bust….