Archive for April, 2006

President Bush said Friday that taxing enormous oil industry profits is not the way to calm Americans’ anxieties about pain at the gas pump. This should send the McChimpyHalliburtonBushCo crowd into its normal feeding frenzy of bluster and bloviating. And LIES!

Just such a plan was introduced by Sen. Byron Dorgan [D-ND] last year and matches H.R. 4203 introduced By Rep. Rosa DeLauro [D-CT]. It’s purpose was to amend the Internal Revenue Code of 1986 to impose a temporary windfall profit tax on crude oil and to rebate the tax collected back to the American consumer, and for other purposes.

Cosponsors of the Senate bill are Sen. Barbara Boxer [D-CA], Sen. Christopher Dodd [D-CT], Sen. Herbert Kohl [D-WI], Sen. Patrick Leahy [D-VT], Sen. Joseph Lieberman [D-CT], Sen. John Reed [D-RI], Sen. Harry Reid [D-NV] The bill still sits in committee.

Not unsurprisingly all are from the tax and spend Democratic Party. And note the “and for other purposes” ref above. Can you spell PORK!

As a response to this bill a study was conducted by Dr. Robert Shapiro and Dr. Nam Pham.

Dr. Shapiro is chairman of Sonecon and former Undersecretary of Commerce under President Bill Clinton. Dr. Pham is an economic consultant to NDP Group and former Chief Economist of the Asia Region for Standard & Poor’s.

The picture they paint isn’t rosy. They looked at the bills potential over a five year period if it were enacted. Here are some of the findings.

The tax will cost pension and retirement savings holdings an average of $8.7 billion to $50 billion per year in foregone gains and dividends depending on the price of oil.

Individual accounts could lose as much as $287 per year. Pension accounts for public state and local employees could lose as much as $886 per year.

The data in this study shows that a substantial share of the cost of a Windfall Profits Tax would be borne by retirees and those saving for retirement. This paper is the first to break down the economic impact and the conclusions are not good. Drs. Shapiro and Pham argue that:

“This analysis demonstrates that a windfall profits tax on US domestic oil companies would have a series of unexpected or adverse effects… revenues would be offset by reduced corporate income revenues…(the windfall profits tax will) reduce domestic oil production by an average of 100 million barrels per year.

The entire report can be read here.

And BTW they also looked at the results of the Crude Oil Windfall Profit Tax Act of 1980. To say it was ineffective and a boondoggle of the first order is a vast under statement.

The record of the Crude Oil Windfall Profit Tax Act of 1980, which applied a special tax on U.S. oil producers from 1980 to 1988, provides a guide for measuring the likely impact of a similar tax today. As with current proposals, the 1980 Act applied a new excise tax to the difference between the world market price of oil and a 1979 base price, adjusted annually for inflation.

The 1980 Act generated less than $40 billion in net revenues from 1980 to 1988, a fraction of the original projection of $279 billion (Table 1, below). (9) Several factors explain this result. First, windfall profit taxes paid were deductible under the corporate income tax, reducing the additional revenues collected from oil companies by about half.

Second, the new tax reduced U.S. domestic oil production by an estimated 3 percent to 6 percent, further reducing the foregone revenues as well as increasing U.S. oil imports by 8 percent to 16 percent. (10) The tax also generated much less revenue than originally projected, because oil prices in 1981-1988 were significantly lower than projected in 1980.

Note the section in boldface. The new bill by Sen. Byron Dorgan doesn’t close that loophole.

Sorry… Bush is correct. A windfall tax is nonsense.

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John Kerry – caught lying again!

Kerry: “No wonder Thomas Jefferson himself said: “Dissent is the greatest form of patriotism.”

The Jefferson Library: There are a number of quotes that we do not find in Thomas Jefferson’s correspondence or other writings; in such cases, Jefferson should not be cited as the source. Among the most common of these spurious Jefferson quotes [is]:

* “Dissent is the highest form of patriotism.”

I guess one of those 4 “D” marks Kerry received at Yale was in History 101.

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Global What?

On Thursday, April 18, 2006 at 20:00, BBC Radio 4 is presenting a 30 minute program titled Overselling Climate Change.

“Simon Cox reports on how scientists are becoming worried by the quality of research used to back up the most extreme climate predictions.”

Time listed is five hours ahead of Eastern Daylight Savings Time in the US. You can listen to the program using the link above. BBC broadcasts are frequently available on the internet for some time after original broadcast.

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Don’t ask how, but somewhere along the line I became listed on John Kerry’s mailing list. Obviously he or his associates believe scraping email addresses is a productive way of gaining support for his hair-brained ideas. It’s also interesting to note the same idiots doing the scraping don’t comply with the legality of removing one’s name from the list. I’ve made 3 requests to be removed and still get his missives about once a week.

Anyway, I don’t normally post much on Kerry since his abismal failure as the Democratic candidate for president. But this paragragraph from the latest email deserves to be highlighted.

“Tell the truth. Fire the incompetents. Get out of Iraq. Have health care for all Americans. These are pretty simple messages, and they’re worth fighting for today.”

That’s what I said yesterday when I appeared on “Meet the Press” to push our call for two deadlines and an exit from Iraq.

You and I both know it will take a massive citizen effort to force a President bogged down in this war to change his course – but doing so is our moral responsibility.

I urge you to join me today in calling for the withdrawal of American combat troops by the end of 2006 – and sooner than that if Iraqi politicians allow the civil war to grow and continue to delay, squabble and jockey for their own political turf while our brave soldiers sacrifice life and limb every day to create the conditions for democracy.

Got that? Come hell or high water he wants the US out of
Iraq no matter the consequences or what is happening on the ground.

Sound familiar? Yep, just as in Vietnam he reports for duty but does and says everything to hightail it out even if it means laying and cheating to do it.

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With all the blog chatter over Dateline’s attempt at finding anti-Muslim bigotry and racism at NASCAR events, among others, I thought I’d take a slightly different line of approach.

Starting with this disclaimer: I have long since lost any thoughts that news networks expend any energy in an attempt to be impartial and provide unbiased reports. The CBS flagship 60 Minutes has had a long history of omitting facts that counter, and in some cases flatout disprove, what they present as “news” some weeks. The most infamous were the “CJ” Jeep rollover debacle and more recently Dan Rather’s “fake but accurate” Bush hit piece.

NBC Dateline’s porfolio of misdeeds include the well documented staging of a vehicle crash test that was rigged to get a particular outcome. As part of that scam Dateline concealed from the public key elements – the hidden rockets, the over-filled tank and the loose gas cap that rendered their exposé utter trash. And should have, in a more just universe, sent someone to jail for fraud.

Now Dateline is on the “hunt a NASCAR bigot” bandwagon and out of the box the producers/researchers/bobbleheads show their ignorance.

According to reports these mental midgets are sending a couple of Sikhs in their attempt snare any NASCAR hatemongers. It really doesn’t take much effort, even by those not familiar with the Muslim religion, to learn Sikhs are neither muslim nor arab. Strike one!

Strike two comes in the form of payola. Again according to reports, Dateline in soliciting voluteers to become “Muslim stunt doubles” they agreed to pay all expenses. That would include food, lodging, travel tickets to the events selected to “sting,” and event admission tickets.

That can come to a very large sum and could, I repeat, could provide for the possibility those in reciept of Dateline’s largess act in such a way – via subtle hand gestures or facial expressions not caught on camera or sound equipment – that would provide exactly what the producers are looking for. The one tenth of one percent in a crowd of nearly 200,000 that would react in a bigoted and racially charged fashion. I have no doubt the producers would wet their gender appropriate under garments if violence broke out as a result.

The third “wiff” is what is unknown at present and would evolve into a full on “strike three yer outta here,” if at the time of airing Dateline makes no effort to explain the background of those “undercover.”

How were they vetted for this assignment? Were background checks done to verify they have no connections to extremists groups that would indicate they may have an unknown agenda and are unsuited for this job. Utilizing this weeks subject du jour, are they in the country illegally?

Somehow I doubt the pinheads at Dateline have even considered the possibility.

UPDATE: The aforementioned pinheads have had a change in plans, reconsidered, back-peddeled, chickened out and turned into the spineless jellyfish they truly are.

After bringing Muslim men to Martinsville Speedway in Virginia to gauge the reaction of NASCAR fans, Dateline NBC won’t have its cameras at Texas Motor Speedway this weekend.

In a statement released Thursday, NBC defended its reporting tactics, saying “there have been a lot of inaccurate comments” and that Dateline “had barely begun its reporting.”

“Dateline is not planning a story about NASCAR,” the statement said. “We are following up on a recent poll and other articles indicating an increase in anti-Muslim sentiment in the United States. We are curious about whether that is true. The NASCAR race at Martinsville was a stop we have made in our research on this story.

First, congrats to those at Martinsville that provided zero fodder for these idiots. Secondly, thanks to the blogosphere another attempt at hack journalism has been exposed.

Cross Posted @ Full Throttle.

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In response to the recent dustup over White House iconic moonbat Helen Thomas a member of Democratic Underground sent her flowers, honoring her for “asking the President the questions all Americans want answered about Iraq!”

Is anyone surprised she has joined the rest of the dummicrats and posted a response?

Blessed are the peacemakers. The bounty of beautiful roses from such wonderful people has lifted my heart and will remain in my memory for the rest of my life. Thank you for caring that others may live.
Helen Thomas
Columnist, Hearst Newspapers

Isn’t that sweet? The old dustbag should fit right in!

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