Mid-Week Odds & Ends

Now I Finally Get It!

Gov. Rick Scott of Florida wants to cut the corporate business tax rate in half this year, and eliminate it altogether by 2013.

Claims that'll will lure more companies to relocate to the Sunshine State.

For the Record, Florida businesses pay among the lowest tax rates in the US. The only other states with lower or no business taxes whatsoever, are: Ohio, Nevada, Washington, Texas, South Dakota, and Wyoming.

Ohio got rid of the business tax for one reason: it wanted to keep its remaining businesses from fleeing like Lemmings.

So, inquiring minds want to know: What do the remaining states share in common?

Four (Washington, South Dakota, Texas and Wyoming) enjoy a steady stream of Energy Revenue flowing into their public coffers. Nevada, of course, benefits from the Gambling Industry.

So here 'tis, the Rick Scott Agenda:

• Permit offshore oil / gas drilling in the Gulf and along the Atlantic Coast.
• Open up the state for a few hundred more casinos. 

Scott's a Genius, I'll tell you.

With the Tea Baggers licking his face 24/7, anything is possible.

Did I mention Scott proposes cutting $3 billion from public education? Champions Big Reductions in property taxes? Wants to privatize prisons and the state police? He's going after teacher pensions?

Hold onto your hats, folks!

If he gets his way, this could turn into J.R. Ewing Meets Bugsy Segel.

Fire-Wall The Mortgage Industry

In Washington, The GOP-Controlled House is looking into ways to kill off Fannie Mae and Freddie Mac.

This pair of government mortgage repositories found themselves in Deep Doo-Doo many months ago when their role in the "Reverse Mortgage Default Swap" fiasco hit the newspapers.

Seems Fannie & Freddie were playing both ends against the middle on high-risk mortgage loans: they guaranteed investment with treasury bills and then bet on foreclosures through the private banking sector.

The GOP wants to roll the Clock back to the Good Old Days of Pre-1930, to a time when you had to plunk 50% down with your local bank in order to get a mortgage for the privilege of Home Ownership.

We've all seen "It's A Wonderful Life" so I won't get too technical here except to mention that George Bailey's tiny thrift in Bedford Falls made the Great American Dream possible -- for decent, hard-working folks who would have otherwise been life-time Renters of Mister Potter.

Instead of killing off Fannie & Freddie, Congress ought to ensure that both invest mortgages in United States Treasury Bonds -- and not make themselves out to be suckers of Wall Street.

Questions: do you think George Bailey was a Democrat? Are there any aspiring Frank Kapras out there?

Economics 101 & Health Care

In the on-going Battle Against ObamaCare being waged by the GOP and Big Insurance, here's an Article worth your time to read.

The author is a CPA who knows his stuff and he makes a ton of sense. (I'll forgive him for glossing over the importance of the Commerce Clause ...)

Herewith ...

 http://www.news-press.com/article/20110210/OPINION/110209045/1075/Bruce-Jackson-Here-health-care-law-alternatives-Mack-should-propose-?odyssey=nav|head

Yet Another Sarah Palin Joke

In keeping with my New Year's Resolution, I present the latest Sarah Palin Joke circulating around the Globe. NOTICE: This one omits the penguin and the duck. You'll have to read a Prior Post to find that one.)

PALIN ON PHONE

(Ring-ring): Hello! This is Sarah Palin, calling for Senator Joe Lieberman. Is he in?

(Voice of intern): I'm afraid not, Maam. This is Yom Kippur.

(Back to SP): Oh, Hello Yom! Can I leave him a message?

FADE TO BLACK...