TSA = Thousands Standing Around

According to the pilots! So says The Barrister, here.

I still like Tough Shit America, though.

The Fed Still Refuses to Document for the GAO the Exigent Circumstances Justifying Loans to Non-Primary Dealers

See the story here.

We're talkin' affiliates of Merrill Lynch, Goldman Sachs, Morgan Stanley and Citigroup.

None dare call it fascism.

The True Born Sons of Liberty want The Fed to end.

Mayor Daley's Legacy: A Total Breakdown of Law and Order in Chicago

Firemen need police escorts to turn off nearly 2,000 opened fire hydrants.

Story here.

Just think what would happen in this country if we had a really serious problem. The natives are restless.

Right Wing White Racist Militia From Missouri Sets Off Car Bomb In Oslo

Oops, sorry. Wrong headline.

Story here.

Everybody's Doin' A Brand New Dance Now: The Mussolini

Carole King - Locomotion


LOCOMOTION
by Gerry Goffin and Carole King

Everybody's doin' a brand new dance now

Come on baby do the locomotion Mussolini
I know you'll get to like it if you give it a chance now
Come on baby do the locomotion Mussolini

My little baby sister can do it with ease
It's easier than learning your ABC's

So come on, come on do the locomotion Mussolini with me

You gotta swing your hips now
Come on baby jump up jump back
Oh well, I think you've got the knack

Now that you can do it let's make a chain some pain now
Come on baby do the locomotion Mussolini
Chug-a-chug a motion like a railroad train now nuke plant meltdown
Come on baby do the locomotion Mussolini

Do it nice and easy now and don't lose control
A little bit of rhythm and a lot of soul

Come on, come on do the locomotion Mussolini with me

Move around the floor in a locomotion like a king-sized Weenie
Come on baby do the locomotion Mussolini
Do it holdin' hands if you get the notion you big fascist Meanie
Come on baby do the locomotion Mussolini

There's never been a dance that's so easy to do
It even makes you happy wealthy when you're feeling blue
Come on, come on do the locomotion Mussolini with me

(original lyrics here)

Senator Saxby Chambliss Doesn't Tell The Whole Truth About Tax Loss Expenditures

On the Sean Hannity program today Senator Chambliss claimed that under Ronald Reagan tax loss expenditures were eliminated as part of a lowering and broadening of the tax base in 1986.

The top income tax bracket eventually fell to 28 percent for a very brief time as a result of the Tax Reform Act of 1986 under Reagan's successor, George Herbert Walker Bush, who subsequently went on to break his no new taxes pledge, paving the way for tax increases under his successor, Bill Clinton, proving that broad low tax rates can be as ephemeral as any other part of the tax code.

The senator from Georgia today claimed that the current plan of his Gang of Six was proposing the scaling-back of similar tax loss expenditures enjoyed by taxpayers in the same spirit of Reagan. For example, the Gang wants to reduce the deductibility of home mortgage interest and charitable contributions in exchange for a lower income tax rate.

But the senator is pulling a fast one with the facts. Reagan didn't just eliminate some tax loss expenditures and reduce income tax rates in exchange. He in fact broadened at the same time the mortgage interest deduction in order to encourage home ownership, something entirely missing from the Gang of Six plan:

Prior to the Tax Reform Act of 1986 (TRA86), the interest on all personal loans (including credit card debt) was deductible. TRA86 eliminated that broad deduction, but created the narrower home mortgage interest deduction under the theory that it would encourage home ownership.

I remember at the time how unfair I thought it was to lose the deductibility of credit card interest until I realized how an equity line of credit based on home ownership could and in fact did replace the role credit cards and other lines of credit had played in the tax equation before 1986. The change was also noteworthy because it encouraged the acquisition and use of secured equity instead of the use of mere credit secured only by income and creditworthiness.

Senator Chambliss' plan will eliminate tax deductibility of home mortgage interest without replacing it with anything to encourage home ownership.

And if there's anything America needs more right now, it's jobs and family formation to soak up the excess housing inventory. All Chambliss' plan will do is worsen the economic circumstances of current homeowners, who are already struggling with upside down loans and declining real estate values.

It's time conservatives recaptured the importance of home ownership as a social good. Unfortunately, the ideas of the Gang of Six do anything but. And whatever else they are, they aren't Reaganite. 

Atlantis Makes Final Shuttle Return to Earth, as Seen From Space Station

Source:

American Fascist Snapshot of the Day: NY Fed President, William Dudley, Owned AIG and GE During Their Bailouts!

Outrageous. 

The best investments government can buy.

None dare call it fascism.

Story here.

Naked Scans To Be Replaced With Generic Silhouettes On Millimeter Wave Machines

So says The Washington Post, here.

A similar change for backscatter scanners is still in development and is not available.

Dept. of Homeland Security Snitch Video Portrays at Least 15 Terrorists as Whites

Go ahead.

Count 'em.

Here.

Read about it, here.

Incompetent Airport Security Misses .32 cal Ammo TWICE

Both in the US and in the Bahamas:

It’s unclear how the bullet was not detected by security at Kansas City International Airport and in Nassau.

No, it's entirely clear. You're incompetent and your security is pure theatre, you miserable cretins.

There's more here.

Spending Cuts, Not Default, Are What Obama and Democrats Fear, and Loathe

American news organs appear to be incapable of the accurate formulation.

You won't find it put better anywhere than here:

Without agreement by August 2, the U.S. government will have to impose immediate spending cuts of about 44 per cent to stave off a default on its huge debts.

House Defiant, Passes Cut, Cap and Balance 234-190

Presidential candidates Bachmann and Paul were among nine Republicans who voted against the plan because it raises the debt ceiling:

The measure, to be taken up by the Senate next, would impose statutory spending caps to wring $5.8 trillion in unspecified savings from the government over the next decade — twice the $2.4 trillion debt ceiling increase that is allowed. Nondefense appropriations face a 30 percent cut from what the Congressional Budget Office now projects for the same period, and even SSI (Supplemental Security Income) payments for the elderly and disabled are exposed to across-the-board sequesters to enforce the reductions.

Read the rest here.

Spending Prediction

78 percent of New Year's Eve resolutions fail.

And they all vote.

Obama Grasps at Straws, Seizes on Gang of Six Pricks Plan

Reported here:

President Barack Obama ... lauded a bipartisan deficit-reduction plan Tuesday that includes $1 trillion in higher taxes ... [S]tocks soared for the day, propelled by the deficit plan's emergence and Obama's decision to seize on it as well as by strong earnings reports.


And elsewhere, this:

"You're elected executive to lead. And I think it's incumbent on the president to put the plan out there. You cannot wait for members of a legislative body to lead. The executive has an obligation to lead."

-- New Jersey Governor Chris Christie

Tim Pawlenty Draws Blood: How Bachmann is Obama All Over Again

And it's about time, too:

Speaking to reporters after a town-hall event [in Iowa] on a sweltering afternoon, Pawlenty did not hold back when asked whether the Minnesota congresswoman could win a general election if she were to become the Republican presidential nominee.

"I don't think the country is going to do that again," Pawlenty said in his characteristically subdued tone before twisting the knife. "They learned the lesson of big speeches and no experience with Barack Obama, and it didn't work."


More here.

Spending Every Year is Now Twice What it was When Clinton Left Office

When men lack self-restraint, restraint must be applied from the outside. That is the meaning of this moment.

For more from David Boaz, click here.

The Gang of Pricks

They want to raise your taxes by $1.2 trillion:

Sen. Tom Coburn is the Enemy of Every Traditional Family

With enemies like Coburn, who needs Democrats?

"I’ve argued that Republicans should be willing to consider increases in revenue -- not through higher tax rates but through eliminating tax earmarks, such as that for ethanol, and other expenditure that misallocates capital."

"Tax earmarks" and "other expenditure" which "misallocates capital"?

Read "tax loss expenditures." In other words, the tax deductions which every nuclear family in the country depends on for its survival: mortgage interest, donations to charity, property taxes, state income taxes and the like.

THE GUY VIEWS YOUR TAX PAYMENTS AS THE GOVERNMENT'S CAPITAL. AND EVERY PROVISION OF THE TAX CODE WHICH DIVERTS YOUR MONEY BACK TO YOU HE VIEWS AS A MISALLOCATION.

If it walks like a tax increase and talks like a tax increase, it's a tax increase.

Federal Judge Rules One Hutaree Member Incompetent to Stand Trial

Due to either a mental defect or a mental illness, resulting in delusions.

The story is here and here.

Too bad someone can't intervene in this way on behalf of President Obama, an ideologue who suffers under the delusion that he is a pragmatist.