Another Tax Cheat in the Cabinet? Tom Daschle, HHS Nominee, you are ‘shameful’!!

First there was Turbo Tax Tim and now Tax Trouble for Tom. Via Ed at HotAir..

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Well I have NO love for this man. This is the ninny who told Obama to run so soon and not to wait when he KNEW HRC was running..he hasn’t gotten over 94 yet…and HE is some ‘expert’ on health care after helping scuttle UHC in 93…pullleezze…he had to take Hillary’s life’s focus for his post Senate career, yeah imagine what a therapist would say heh…

Did I mention I don’t like him? At his confirmation hearings the first thing he did was thank BOB DOLE!

His ‘ingenius plan’ ( which does NOT include the Universal Mandate that it would take to truly reduce premiums IMO)  is to have a government panel approve what types of treatment government plans can pay for, AND he hopes to expand the model to all providers….

Great!…cause I want Sanjay Gupta to decide if I need an MRI, a government run HMO, fabulous…

Is this tax trouble Karma? you make the call…for me I just sing…

Jake Tapper breaks it:

…After being defeated in his 2004 re-election campaign to the Senate, Daschle in 2005 became a consultant and chairman of the Executive Advisory Board at InterMedia Advisors.

…Based in New York City, InterMedia Advisors is a private equity firm …That same year he began his professional relationship with InterMedia 2005, Daschle began using the services of Hindery’s car and driver….

-snip-

The Cadillac and driver were never part of Daschle’s official compensation package at InterMedia but Mr. Daschle — who as Senate majority leader enjoyed the use of a car and driver at taxpayer expense — didn’t declare their services on his income taxes, as tax laws require.

During the vetting process to become HHS secretary, Daschle corrected the tax violation, voluntarily paying $101,943 in back taxes plus interest, working with his accountant to amend his tax returns for 2005 through 2007.

..Mr. Daschle reimbursed the IRS $31,462 in taxes and interest for tax year 2005; $35,546 for 2006; and $34,935…

The chairman of the Senate Finance Committee, Sen. Max Baucus, D-Mont., has called his colleagues for a private meeting at 5 p.m. ET Monday to discuss these complications surrounding Daschle’s nomination….

So ‘to be absolutely clear’, ANOTHER Cabinet nominee who failed to pay income taxes or report income/benefits. To the tune of six figures!! I mean if John Thain of Merrill paid $200,000 to is chauffer last year, imagine how often Daschle had this driver hanging around. LOOK at the amount he JUST paid..how many trips were to Obama fundraisers Tom?

After the big song and dance about `CEO responsibility and the shame of bonuses ‘ with Turbo Tax Tim sitting next to him, and now ANOTHER one? This is AFTER Daschle hired a former lobbyist to be his Chief of Staff..yes the THIRD Lobbyist ‘exception’ in 10 days…

I say, you’re outta there! He has used up his two free passes with Holder and Geithner. This is red meat for the GOP…Obama may fight for him since they are so tight, but it would be a mistake and waste political capital if he did…

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January 30, 2009. Tags: , , , , , , , , , , , , , . Cabinet, Economy, Hillary Clinton, Obama Administration, Politics, Popular Culture, Unemployment Statistics. 2 comments.

Hey! Are you ready for some football?!? Countdown to the Big Game..

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Falcons Cardinals Football

January 30, 2009. Tags: , , , , . Entertainment, Music, Popular Culture. Comments off.

Sen. Judd Gregg (R-NH) for Commerce Secretary?

Well since it was Judd Gregg who personally twisted GOP arms to get the travesty that was TARP One through, I am not surprised they are looking to him…..slick move by Team Obama, it would take away one of the 58/59 GOP votes…that would end any hope of a filibuster for the GOP…the  NH Governor is a Dem, oh noes not ANOTHER Senatorial appointment saga!!!

Here is Judd Gregg supporting H1B Visas to replace American workers (disclaimer-like we at MiM in software engineering)…how does this fit into the American Middle Class Task Force I wonder, I will post a comment for Joe Biden on his newest website, lol…

This would certainly be a fit with the open immigration approach…these are HIGHLY SKILLED ADVANCE DEGREE jobs these H1B visa workers take. Jobs that Americans worked hard to pay for school to obtain..and frankly the workers come in and work for less than HALF of what Americans earn..and see our post on Satyam Computers of India who forged all their earnings for how well that goes for American business..yeah I am totally biased on this issue…

I was hoping one of the Sanchez sisters would get it….

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January 30, 2009. Tags: , , , , , , , , , , , , . Cabinet, CITI, citigroup, Economy, FDIC, Finance, Labor Department, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. 1 comment.

McCaskill (D(itz)-MO) Bill on Pay Limits….It’s the End of the World as We Know It…

(this AWESOME video courtesy of its maker electricwarrior47)

Oh boy, here comes Claire, (don’t even get me started):

KS City-Star: Sen. Claire McCaskill’s office says she’s offered a bill capping pay at any company accepting federal bailout dollars.

The cap?  What the President makes: $400,000 a year.  (Barack Obama gets expense money in addition to the regular salary.)   McCaskill’s plan would include salary, bonuses, and stock options.

CNBC just reported it and it is for ALL COMPANIES that take ANY TARP money, ALL EMPLOYEES, for as long as they have any TARP funds.

So for example, the head of IT at JPMorgan, which was FORCED to take TARP One by Paulson, will have his/her salary cut to $400,000.

So no doubt JPMC will tighten its credit lines to business so it can pay it back right away and get the government hands out of their pockets..thus leading to..MORE LAYOFFS!!!!

That busy signal you hear is coming from all the Resumes being faxed out of every S & P company as people get the hell out of dodge and accelerate their deferred compensation…leaving behind people who can’t get hired anywhere else to recoup the taxpayer money by earning a profit…good luck with that…

Cause no one can make more than the King, I mean President. Way to brown-nose Claire, you have mastered it and now elevated axx-kissing to an art-form.

HEY CLAIRE, HOW ABOUT ROLLING BACK THE RAISE YOU’ALL JUST GAVE YOURSELVES IN CONGRESS!!!!!

January 30, 2009. Tags: , , , , , , , , . CITI, citigroup, Economy, FDIC, Finance, Labor Department, Music, Obama Administration, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St. Comments off.

Update: VP Biden OpEd and Middle Class/Working Family Task Force…

A final note, I find the piano music during the pre/post presser period really irritating and out of place IT ISN’T VERSAILLES PEOPLE!!! I am sure Sally Quinn and MoDo just love it..frakers…

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Update: Feb 27 will be first meeting of the task force in Philly and Biden has ANOTHER website good grief  astrongmiddleclass.gov and he wants feedback there..not a single specific and notice the first meeting is AFTER the date they plan to pass the porkbuster stimulus plan…

the markets aren’t impressed, turning down faster…DOW down 92 now…

Update 2: so far POTUS is giving us a commercial for the stimulus plan and naming all the things they said it would have that it DOESNT have in the House bill…sounds like a strikeback at the GOP to me..where’s the beef?

he just added the ‘aspiring’ to be middle class, the poor, then he got animated…oh dear….now he is thanking unions…

he is talking leveling the playing field and labor unions now…dum da dum dum DUM….could Card Check be far behind?

3 exec order: 1, stops tax dollars from reimbursing fed contractors who stop union formation, oh dear; 2- qualified employees keep jobs EVEN WHEN CONTRACT CHANGES HANDS -how does that work?; 3-he isnt saying what 3 is….

no specifics on this ‘task force’ at all, no income figure, but he said poor people will be included who arent middle class yet

why do I feel like the middle class squeeze isnt ending anytime soon??

UPDATE: A briefing is expected when POTUS signs Executive Orders relating to this new Task Force…we will post an update as it happens..FOX will cover it LIVE HERE

I think we at MiM actually finally made enough money that we won’t be eligible for anything, and will get taxed more LOL!..Ain’t that always the way? But we are happy if the middle class finally gets some attention…I haven’t heard anything on the income range they consider ‘middle class’ but we are sure as hexx a working family….

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I have one question, who is the Czar? Can I be the Middle Class Czar?? Oh it’s Joe? But he already has a title!

Here is the oped and an announcement is expected later today on VP Biden heading up a Working Family/Middle Class Task Force:

From VP Biden OpEd in USAToday, in its entirety:

For years, we had a White House that failed to put the middle class front and center in its economic policies.

President Obama has made it clear that is going to change. And it’s why he has asked me to lead a task force on the middle class.

America’s middle class is hurting. Trillions of dollars in home equity, retirement savings and college savings are gone. And every day, more and more Americans are losing their jobs.

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January 30, 2009. Tags: , , , , , , , , , , . Economy, Housing, Labor Department, Obama Administration, Politics, Popular Culture, Unemployment Statistics. Comments off.

The Stimulus: Where’s the Beef?… Housing waits for a hero….Feldstein drops support for stimulus

The more we look at the Stimulus Package the more it seems all bun little beef…

Conservative economist Marty Feldstein was won over by Obama and endorsed his proposed stimulus after a highly publicized group of the creme de la creme of economics and markets and Treasury gathered under the auspices of advising the incoming POTUS on all things economic…

After the January 6th meeting of movers and shakers with slide rules and Brooks Brothers suits, lol, the WSJ reported:

The onetime presidential adviser to Ronald Reagan might even be considered the least likely advocate of government spending to boost the U.S. economy.

But given present circumstances, the Harvard University economist has changed his mind. Mr. Feldstein will be featured Wednesday at a Democratic economic forum, along with Robert Reich, former labor secretary and longtime liberal. Democratic leaders now mention Mr. Feldstein’s support when they discuss their economic recovery plan, criticized by some as a pricey grab-bag of liberal goodies.

“We’re down to fiscal policy, which pains me a bit, more than a bit, but I don’t think we have a choice,” said Mr. Feldstein.

Though a Republican, Mr. Feldstein, 69 years old, has longstanding ties to many of the economists tapped to serve in the Obama administration. His most famous student, Lawrence Summers, was named to head the Obama White House’s National Economic Council.

Let’s get to what Mr Feldstein proposed in that meeting with the economic team to Obama.  Housing …rant on/, the root cause of our collapse, the kernel of our chaos, lol, housing, is the underlying asset in all the frakin securities that the geniuses cant figure out how to price to get them off the banks’ books into a ‘bad bank’….

Anywho perhaps if, while they keep working that out, we stopped the collapse in housing by putting in an artifical floor, we could stop the death spiral of deflation long enough to enact stimulus and allow cyclical recovery and boost consumer confidence..that is my plan but hell no one listens to me!!! /rant off

We covered Feldstein’s proposal on housing here..we know we are a broken record but it is simply STUNNING that these geniuses are still failing to address the root cause of the underlying asset losses, THE FRAKIN HOUSING DEFLATION….they ALL tell us housing will be addressed (see Paulson in ANY speech) and it never seems to get off the damn ground somehow…

(I even heard Mitch McConnell tell Larry Kudlow today that the first amendment to the Senate stimulus from the GOP will be on housing, when the GOP is coming to the rescue of homeowners before POTUS we have a problem Houston) but I digress:

Feldstein confirms what we at MiM have been hearing and reporting; HOUSING will be key to this package.  Forget what you have heard in the proposed stimulus package breakdowns to date, it is housing that is key to the financial and economic advisers. The housing plan will include principle write downs and an attempt to build what Feldstein calls a ‘firewall’ to stop a continued drop in housing values from pushing more Americans underwater on their LTV ratios…will it come from Son of Tarp or the stimulus? No word yet but it is coming….

Keep in mind most economic forecasts worth their salt call for an additional 15% drop in home values in 2009…Feldstein is CLEAR that the FED actions alone will NOT repair housing, it is merely keeping it in a holding pattern, he says all the fiscal stimulus will do nothing without a housing program…

Feldstein says if we are lucky, we will see a bottom at the end of 2009. This puts the kaibosh on the hoped for 2009 recovery that some rose-colored glasses wearing talking heads have called for.

So Feldstein layed it out at a bigwig meeting with Obama’s top peeps, highly covered in media..again Obama was lauded as the great uniter of the greatest minds of our time….and Feldstein came out convinced the package would include these actions….and to what end??He didn’t put it in the bill. What DID get in the bill is as shameful as POTUS tells us Wall St bonuses are IMO…

Today Feldstein dropped his support after seeing the stimulus  package…..see today’s WaPo: An $800 Billion Mistake:

As a conservative economist, I might be expected to oppose a stimulus plan. In fact, on this page in October, I declared my support for a stimulus. But the fiscal package now before Congress needs to be thoroughly revised. In its current form, it does too little to raise national spending and employment. It would be better for the Senate to delay legislation for a month, or even two, if that’s what it takes to produce a much better bill. We cannot afford an $800 billion mistake

-snip-

The problem with the current stimulus plan is not that it is too big but that it delivers too little extra employment and income for such a large fiscal deficit. It is worth taking the time to get it right….Why not a temporary refundable tax credit to households that purchase cars or other major consumer durables, analogous to the investment tax credit for businesses? Or a temporary tax credit for home improvements? In that way, the same total tax reduction could produce much more spending and employment…

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January 30, 2009. Tags: , , , , , , , , , , , , , . Economy, FDIC, Finance, Foreclosures, Healthcare, Housing, Labor Department, Obama Administration, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St. Comments off.

Video Update: Bloomberg Presser…Brutal Budget Reprise: NYC faces service cuts, increased fees/taxes…

Update: 12:00pm EST: Bloomberg to speak on the budget cuts LIVE shortly FOX will cover it

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Oh this is going to be painful, just as the Governors had to balance their budgets, now all the cities are taking the hit…..my sympathy to my family and friends still in the Big Apple..here in Phoenix we are in our own kind of economic hell with housing…it’s rough all over…

NYC WCBSTV.com reports:

Mayor Michael Bloomberg is set to tell New Yorkers on Friday that the budget for the next year will be excruciatingly painful.  Jobs will be axed, programs slashed and lots of things will cost more.

a shout-out to NYC…Dio courtesy of Sakke72

More from the WCBSTV piece:

Shrinking tax revenues have turned the $1.3 billion November budget hole into a now-$4 billion chasm:

* $1 billion in program cuts, affecting virtually every city agency.

* New taxes and fees, including more taxes on clothing, a fee for plastic shopping bags in grocery stores and higher fees for lots of other city services.

* The capital budget will be slashed.

* City employees will be asked to pay part of their healthcare costs.

* There will be a reduction of 23,000 jobs through layoffs and attrition. That’s more than 7 percent of the city’s employees.

Sources say expect fewer cops, firefighters and sanitation workers.

Schools Chancellor Joel Klein has already said he could be forced to eliminate 15,000 education jobs, one third by attrition. The federal stimulus package could save some of the teaching jobs.

This comes after NYS was forced to take similar action, as covered by MiM here.  Bloomberg is expected to announce the plans Friday.

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January 30, 2009. Tags: , , , , , , , , , . Economy, Entertainment, Fantasy, FDIC, Finance, Housing, Labor Department, Music, Obama Administration, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St. Comments off.

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