March 27th, 2013
Nurse Bloomberg proposes the Mafia Fulltime Employment Through Cigarette Smuggling Act (though I think he’s offering it up under another name) to raise the price of cigarettes to $10.50 a pack. (Hat tip: Dwight)
And how well is that likely to work? “New York currently holds the top position as the highest net importer of smuggled cigarettes in 2011, with smuggled cigarettes totaling a staggering 60.9 percent of the total market. Not coincidentally, New York also has the nation’s highest state cigarette tax.”
You would think even Nanny State advocates might have learned from the example of Prohibition, but obviously not. It’s like Bloomberg watched The Untouchables and went “Hey, Al Capone! I bet I can boost that guy’s profits through the roof!” That is, when the smuggling isn’t funding jihad.
If Bloomberg is successful in getting this enacted, cigarette vendors in New Jersey should send him a nice thank you basket…
Tags: Crime, Michael Bloomberg, Nanny State, New York City, Prohibition, Taxes, tobacco
Posted in Crime | 2 Comments »
March 26th, 2013
News keeps on churning…
Your live Cyprus bailout tracker. Some tidbits: British ex-pats are pulling their funds from Mediterranean banks. Also, bank managers in Cyprus have been given EU documents specifying how much money they can allow people to withdraw, only the documents have €xx where it says how much they’re allowed to withdraw. (Or maybe they’re just using Roman numerals, and the amount is 20 euros…)
Switzerland: We’re not stopping any money flows from Cyprus
“Given what we know now we can safely say no European Bank, or Government issued debt is safe. It is time to flee any investments in the EU financial institutions, most of which are over loaded with the useless Government paper they were forced to buy to improve their capital ratio’s. If you have deposits in the EU, they are not safe from Government seizure, Greece, Italy, Spain, Portugal and Ireland are the front line risk, but the rest of Europe can not be considered secure. If you are a holder of any form of European Bank security, exit it fast. Many countries in Europe are on thin ice in terms of debt, and the ECB will not help.”
“No matter what the specific outcome from Cyprus over the weekend, Europe has now completely lost its ability to manage its debt crisis.”
What it’s like to live in a cash economy with no cash.
The Euro bailout Hall of Shame. So far…
Tags: Budget, Cyprus, Economics, Euro, European Debt Crisis, Welfare State
Posted in Budget, Economics, Welfare State | No Comments »
March 26th, 2013
So the Cyprus crises is “solved,” for values of “solved” that means “everyone but bankers and Eurocrats get screwed.”
“The message that stakeholders of all stripes can be coerced into helping a cash-strapped nation may make investors more skittish they’ll be targeted if Slovenia, Italy, Spain or even Greece again is next in line to need help. The risk is that bank runs and bond market selloffs become more likely the moment a country applies for a new rescue.” A funny definition of the word “helping.” Like “helping” a mugger holding a gun to your head.
And just in case you think I’m exagerating: Cyprus is seizing money from people at the border.
“Why would anybody keep more than €100,000 in a Greek or a Spanish or an Italian bank?…In short, the Dijsselbloem plan was a plan to bankrupt southern European banks and make southern European euros worth less than northern European euros. In case you were wondering, this is the farce stage of the euro tragedy.”
UKIP Leader: Get your money out of Spain while you have the chance:
“If we are seeing the limits of German willingness to support eurozone bailouts when the numbers don’t matter, what will happen when the numbers do matter very much?”
Legal Insurrection has a few more lessons.
The European cradle-to-grave welfare state is unsustainable. It’s only a matter of how many trillions will be destroyed before the world is willing to face that fact.
Tags: Budget, Cyprus, Economics, Euro, European Debt Crisis, Welfare State
Posted in Budget, Economics, Welfare State | No Comments »
March 25th, 2013
From Holly Hansen comes word that Austin attorney and Democratic donor Marc Rosenthal was found guilty of 13 felony counts, including racketeering conspiracy, mail fraud and tampering with a proceeding.
Holly did a great job looking at his state donations, but I wanted to take a gander at his national contributions as well.
He gave $2,300 to Democratic Congressman Henry Cuellar in 2008, and another $2,000 in 2010. He also donated $2,000 to Democratic U.S. congressmen Crio Rodriguez in March of 2008 (presumably for the Democratic primary), and then another $2,300 (the maximum donation) in October.
Going back further, Rosenthal donated:
$2,000 to John Edwards in 2003 (I know, a wealthy Democratic trial lawyer supporting a wealthy Democratic trial lawyer for President. Try to contain your shock.)
Three separate donations of $1,000 to John Kerry in 2004.
$1,000 to Richard Raymond in 2005 (I’m assuming the Texas State Representative for Laredo).
$1,000 to Lloyd Doggett in 2004.
And $1,000 to Al Gore in 1999.
Here in Texas, we tend to convict people for felony jury tampering, no matter how many Democrats they’ve donated to.
I’m sure this fact has absolutely nothing to do with trial lawyer and big Democratic donor Steve Mostyn suddenly deciding to move most of his practice to New York City…
Tags: Austin, Crime, Democrats, Elections, fraud, Holly Hansen, Marc Rosenthal, Steve Mostyn, Texas
Posted in Austin, Crime, Democrats, Elections, Texas | No Comments »
March 22nd, 2013
Another Friday roundup of random news:
Republicans offer bill to outlaw Cyprus-like bank account seizures.
What did Dianne Feinstein’s gun-grabbing “assault weapons” bill actually accomplish? “These efforts have driven some law-abiding Americans into the loving arms of the NRA.”
“In Harry Reid’s Senate there are more votes against Chuck Hagel than there are in favor of an assault weapons ban.”
“[Ted Cruz’s] infraction was asking the right question. What Cruz wanted to know was this: Why do liberals cherish the First and Fourth Amendments, but trash the one in between – the Second Amendment?”
Bill Maher wakes up and suddenly realizes he’s getting ripped off by California taxes.
Dwight has an update on the laughable, doomed boondoggle that is EarthQuest.
Surprise! The U.S. is now more hated in the Middle East than under Bush.
Iran exporting Chinese-made portable antiaircraft missiles to terrorists. I’m sure that will make the Middle East all the more stable.
ObamaCare is slowing hiring.
Tides Foundation vs. Koch giving, in graphical form.
The UK decides that they don’t need any stinking freedom of the press.
Germany abandons some of its green energy fantasies.
Louisiana judge rules that ex-felons can own guns. Some caveats: This is based on a newly passed, pro-gun amendment to the Louisiana Constitution, and Louisiana law (as opposed to the other 49 states) is based on the Napoleonic Code rather than English common law.
Don’t suspect a neighbor; report him!
Tags: censorship, China, EarthQuest, Guns, Iran, Jihad, Louisiana, Ted Cruz, UK
Posted in Crime, Democrats, Foreign Policy, Guns, Jihad | No Comments »
March 21st, 2013
Cyprus crisis is a miniature version of the Greek crisis, and the Greek crisis is a miniature version of Europe’s crisis. The scale and details differ, but the underlying problem is mind-numbingly familiar: People spending too much of other people’s money with too little accountability. Cyprus bank bailouts are unsustainable in the same way that Greek government bailouts are unsustainable in the same way that the European cradle-to-grave welfare state is unsustainable.
How could it have been avoided? The same way any of the multitudes of financial crises that have rocked Europe in last several years could have been avoided: Don’t spend money you don’t have. That solution is both blindingly obvious and completely unacceptable to the Eurocratic elite (as well as our own liberal ruling class). After all, the bloated welfare state is where they get theirs. Nothing can be allowed to come between the permanent ruling class and their perks. Nothing.
Some current Cyprus news:
Four days left until the next end of the world.
Background on the Cyprus crisis.
Once Greece hit the skids in 2010, it was inevitable that Cyprus would follow. Already by 2011 the government was effectively prevented from selling bonds by a junk credit rating. It resorted to a €2.5 billion ($3.2 billion) loan from the Russian government, due in 2016. The killer, though, was the pact reached in October 2011 to reduce the value of Greek government bonds by 70 percent. That produced a loss to the Cyprus banks of more than €4 billion—the same in proportion to the economy’s size as a $4 trillion loss in the U.S. President Demetris Christofias, seemingly not realizing the severity of the blow, agreed to the haircut without seeking offsetting aid for Cypriot banks. He eventually sought a bailout, but, befitting a left-wing politician who earned a doctorate in history in the Soviet Union, dragged his heels on cutting government spending while inveighing against the “troika” of the European Union, the European Central Bank, and the International Monetary Fund. Losses mounted.
Russia to Cyprus: Die in a fire.
Explaining the Cyprus crisis like you’re an idiot.
It’s Crazy Stan’s Discount State Assets Stand! Everything must go!
Tags: Budget, Cyprus, Economics, Euro, Europe, European Debt Crisis, Welfare State
Posted in Budget, Economics, Welfare State | No Comments »
March 21st, 2013
Dwight of Whipped Cream Difficulties and I are having a conservative/gunner blogger meetup Saturday, March 23, at 6 PM, at
Mangia Pizza
8012 Mesa Dr., Austin, 78731
302-5200
Drop me a line at lawrenceperson at gmail dot com if you’re interested in attending and haven’t done so already.
I’ll be the one in the black polo shirt and black cargo pants…
Tags: Austin, pizza
Posted in Austin | No Comments »
March 20th, 2013
Time for another Texas vs. California roundup! Just imagine how the MSM would crucify Rick Perry if the head of, say, the Texas Teacher’s Retirement System were indicted on multiple counts of felony fraud…
Ex-CalPERS CEO and another board member (who just happens to be Ex-Mayor of Los Angeles) indicted for fraud.
A grand jury in San Francisco charged Federico Buenrostro Jr. and Alfred Villalobos, and they were booked and released on bond Monday after briefly appearing in court.
Buenrostro, 64, served as CEO of the California Public Employees’ Retirement System from late 2002 until June 2008. Villalobos, 69, served on the CalPERS board and is a former vice mayor of Los Angeles.
The indictment alleges the two conspired to fabricate documents that certified to federal regulators that Villalobos’ firm had obtained required “investor disclosure letters” from CalPERS to serve as a “transfer agent.” The indictment charges that the falsified documents allowed Villalobos to reap $14 million in fees for serving as a middleman between CalPERS and a prominent investment firm handling $3 billion in CalPERS’ money.
“The Wall Street public pension trough feeding frenzy has, unbeknownst to taxpayers and government workers participating in these funds, cost the nation trillions and is only getting worse.”
A detailed, in-depth look at how financial legerdemain are used to hide the huge pension liabilities in various California counties, and how Moody’s new accounting rules will put an end to it. “Government financial statements for decades have very seriously understated pension expenses and failed to raise the alarm about the massive unfunded pension debt that was the result.”
So how does the city of San Bernadino deal with being bankrupt? By handing out pay raises.
How did Stockton go bankrupt? It might have had something to do with nearly one-quarter of workers on the city’s payroll getting more than $100,000 a year.
“At least some minority politicians are beginning to figure out that a party primarily devoted to preserving the jobs, automatic pay hikes and generous pensions of public employees is a party that’s not necessarily interested in what’s best for minorities.”
California comes up with a great fake justification for using cap-and-trade as a wealth redistribution program. Which, of course, has always been the real purpose of cap-and-trade anyway…
Texas pummels California in job numbers. “California has a civilian labor force of 18,591,111 while Texas has a labor force of 12,680,661. This means that California has a workforce that’s 47 percent larger than Texas’ but Texas created 19 percent more jobs in the past 2 years and 22 percent more jobs in the past year!”
Current proposals in the Texas legislature would outlaw capital appreciation bonds.
A strong majority of Texans surveyed agree that other states should be as awesome as we are. “Sixty percent of respondents agreed that other states should emulate how Texas state government looks and operates. Only 31 percent disagreed.”
We’re awesome, but we still need tax cuts.
Tags: bankruptcy, Blue State, Budget, California, San Bernardino, Stockton, Texas, unions, Welfare State
Posted in Budget, Economics, unions, Welfare State | No Comments »
March 19th, 2013
The “assault weapon” ban of Sen. Dianne Feinstein (D-osen’t Know the Constitution) died before it could even reach the Senate floor.
What happened? The NRA-ILA happened. Ted Cruz happened. Actual voters happened. Senate Majority Leader Harry Reid evidently didn’t have the clout to put the squeeze on members over gun control the way Nancy Pelosi did on Obamacare and taxpayer-funded abortions. That, or the fact there’s no way in hell the Republican House would pass a ban, Reid decided the political cost would be too high (including, very possibly, the loss of the Senate) for no legislative gain.
This is one of the times that the Senate’s glacial pace helped prevent knee-jerk liberal opportunism from making it’s way into law.
There’s still a lot of other bad gun control ideas floating around Washington, DC (not to mention out in the states), but at least we managed to kill this one.
Maybe in a few months I can buy an AR at a decent price…
Tags: AR-15, Democrats, Dianne Feinstein, gun control, Guns, Harry Reid, Modern Sporting Rifle
Posted in Democrats, Guns | No Comments »
March 19th, 2013
Update: REJECTED!
Imagine a basketball being swatted back into Angela Merkel’s face…
A few updates on yesterday’s Cyprus bank deposit seizure story.
Supposedly the votes aren’t there to ratify the money grab. Which may mean that Angela Merkel and the EU will just keep twisting until the “proper” decision is arrived at.
“A one-time, ad hoc seizure of money isn’t a tax. It is confiscation. Or we can use a plainer word for it: theft.”
“The decision to expropriate Cypriot savers—even the poorest—was imposed by Germany, Holland, Finland, Austria, and Slovakia, whose only care at this stage is to assuage bail-out fatigue at home and avoid their own political crises.”
The Cyprus crisis as a pick-your-own-path adventure. That’s almost as retro as fiscal restraint and balanced budgets.
The New York Times says not to worry about Cyprus. OK, now I’m really worried.
The EU creditor states have at a single stroke violated the principle that insured EU bank deposits of up $100,000 will be guaranteed come what may, and in doing so they have more or less thrown Portugal under a bus.
They have demonstrated that the rhetoric of EMU solidarity is just hot air, that they will not force their own taxpayers to share a single cent of clean-up costs for the great joint venture of monetary union – in which northern banks, insurers, pension funds, and indeed governments, were complicit.
Their refusal to pay is entirely understandable in one sense – and if I were a German taxpayer, I would not care to swallow these losses either – but then the leaders of these creditor countries can hardly expect the world to believe that they will in fact do whatever it takes to hold EMU together. Quite obviously, they will not.
The sooner this is made clear, the better. The sooner they take the proper course of withdrawing from EMU and organise the break-up the euro in the least disruptive way, the sooner Europe can recover.
Tags: Budget, Cyprus, Euro, European Debt Crisis
Posted in Budget, Economics, Welfare State | No Comments »
