Bad Money, Bad Science, and Bad Decisions

Geithner’s new plans and proposals serve as a great example of the left’s aversion to common sense

When not busy in his role as Barack Obama’s chief hypocrite, Timothy Geithner sure is proving himself to be just plain counterproductive.

Yesterday, the new Treasury Secretary further shaped government policy based upon the farce of man-made global warming, attacking the American oil and natural gas industry and arguing that domestic producers should not receive federal subsidies in the form of tax breaks — because such businesses and operations contribute to “climate change.”

This, of course, comes on the heels of the public release of the Obama administration’s behemoth of a budget for fiscal year 2009 and amid talks about expected expenses for fiscal year 2010, where the White House hopes to increase the tax burden on American oil and gas producers through measures such as a new 13 percent tax on all production in the Gulf of Mexico and a $4 per acre tax on leased but undeveloped space.

Geithner, yesterday, made it all too apparent that the motivation for increasing the tax burden on the oil and natural gas industry is motivated as much by the farce of global warming as by the line at the bottom of the administration’s cooked books.

“We don’t believe it makes sense to significantly subsidize the production and use of sources of energy that are dramatically going to add to our climate change [problem],” Geithner told the Senate Finance Committee yesterday. “We don’t think that’s good economic policy and we think changing those incentives is good for the country.”

The Treasury Secretary’s comments on such counterproductive measures came one day after he unveiled, to the House Ways and Means Committee, a plan by which the Obama administration would “propose a series of legislative and enforcement measures to reduce such U.S. tax evasion and avoidance.” Ways and Means, of course, is responsible for much of the contents of the U.S. Tax Code and is chaired by New York Democrat Rep. Charlie Rangel, a tax cheat who failed to report more than $75,000 in rental income from property in the Dominican Republic. And Geithner, of course, the very same guy spearheading Barack Obama’s efforts to pursue tax cheats, himself failed to pay nearly $35,000 in back taxes.

I love the smell of hypocrisy in the morning. It smells like . . . Democrats.

Even aside from the hypocrisy of Geithner’s quest, essentially the Washington, D.C. equivalent of an abstinence seminar led by Nadia “Octomom” Suleiman, and even aside from the rising and frustrating cost of policies designed to appease global socialists who worship at the altar of former Vice President Al Gore each day, perhaps the most frustrating aspect of the ideas and proposals put forth by Barack Obama and Timothy Geithner is that such plans completely ignore the power of an America unencumbered.

Instead of going after those who shelter money, abuse our own tax laws and avoid taxes overseas, for example, why not make America an effective venue for housing wealth here, on our own shores, in our own system? Instead of punishing those who look elsewhere for asset protection and growth, let’s make America the attractive destination for assets free of such burdens.

Unfortunately, it’s the same type of argument as involved with the debate over energy independence, and we all know how that turns out — common sense does not exactly win the day.

Think about the arguments for a moment:

With regard to energy, if we were to make use of our own ample natural resources, if we were to drill offshore and drill ANWR and extract oil shale, we could not only create hundreds of thousands of jobs as we establish ourselves as truly energy independent and see the positive national security ramifications that such independence would bring, but we could also use that independence to bring in revenue which, in turn, could be used to research and fund alternative, renewable energy mechanisms. It makes perfect sense, to make use of our own natural resources to ensure national security and economic growth, but the political left and the environmental lobby will not allow it.

Likewise, with regard to Geithner’s hypocritical quest, if we were to make America a destination of those across the world who want to protect and grow their own assets, if we could once again make America a premier destination for business and industry through a reduced tax and regulatory burden, we could see an exponential increase in manufacturing, in employment, and in economic growth. It makes perfect sense, to bring the money to us rather than go after those who move it elsewhere, but the political left and class warriors will not allow it.

Of course, I’m a realist. I do not expect the Democrats currently running our nation’s capital to exhibit any sort of common sense. It just doesn’t fit into their modus operandi, their ideology, or their agenda. In the meantime, however, even if we are unreasonably denied common sense solutions in America, can our elected and appointed officials at least cut back on the overt hypocrisy?

Share

Comments

  1. Anonymous says:

    When is this President going to stop thinking of himself and the country instead? He should take some lessons from Tiger Woods.

    TIGER WOODS COMMENTS/SPEECH GIVEN AT THE INAUGURATION

    Tiger Woods was invited to speak at the inauguration. But he didn’t deliver the message his inviters had expected! Tiger Woods spoke at the Lincoln Memorial in Washington during
    “We Are One,” an inauguration celebration for President-elect, Barack Obama.

    Below is the text of his speech, entitled “You’ll Never Walk Alone,” as posted on his Web site:

    “I grew up in a military family – and my role models in life were my Mom and Dad, Lt. Colonel Earl Woods. My dad was a Special Forces operator and many nights friends would visit our home. They represented every branch of the service, and every rank. In my Dad, and in those guests, I saw first hand the dedication and commitment of those who serve. They come from every walk of life. From every part of our country. Time and again, across generations, they have defended our safety in the dark of night and far from home. Each day — and particularly on this historic day — we honor the men and women in uniform who serve our country and protect our freedom. They travel to the dangerous corners of the world, and we must remember that for every person who is in uniform, there are families who wait for them to come home safely. I am honored that the military is such an important part, not just of my personal life, but of my professional one as well. The golf tournament we do each year here in Washington is a testament to those unsung heroes. I am the son of a man who dedicated his life to his country, family and the military, and I am a better person for it. In the summer of 1864, Abraham Lincoln , the man at whose memorial we stand, spoke to the 164th Ohio Regiment and said: ‘I am greatly obliged to you, and to all who have come forward at the call of their country.’Just as they have stood tall for our country – we must always stand by and support the men a nd women in uniform and their families.

    Thank you, and it is now my pleasure to introduce the US Naval Glee Club.”

    **************************************************************************

    In the message sent with this email, my friend said: I have never been more proud of Tiger Woods than when I
    heard his 2-minute tribute to the military at the Inaugural Celebration in Washington DC . You know he was greatly pressured to be there. You know the liberals have been mad at him for a decade for not joining their ranks. You know
    he didn’t want to be there. So instead of paying homage to Obama, he paid tribute to our soldiers.. Not one time did
    Tiger mention Obama or the inauguration or the new administration. he knew he would disappoint, even anger, many,
    many liberals. But Tiger is his own man. His father taught him to be his own man. Somewhere in that cold, gray Washington sky, old Earl was smiling down on his son. And there will be one more hug waiting for Tiger when
    he passes through those pearly gates.

  2. FAT AL GORE says:

    Who really thinks that any DROP of oil that WE don’t use isn’t just going to be used SOMEWHERE ELSE in the world? STUPID PEOPLE take this CLIMATE CHANGE CRAP and STICK IT.

  3. BRIAN FELLOW says:

    That poor beach chair. Where did that walrus come from??

  4. Laurie says:

    “…..can our elected and appointed officials at least cut back on the overt hypocrisy?”

    Jeff….surely you know the answer to that…as do we all. This is just TOO much to ask for…

    Thank you for yet another great article Jeff…again hitting it smack dab on mark!!

  5. CAL says:

    Everything that Obama has proposed to date does nothing but shrink our economy. You cannot continue to attack producers the way that Obama has proposed and expect to bring in any revunue to the treasury. The treasury will continue to shrink and the democrats will respond by raising taxes. This seems counterproductive to the fiscal conservative, but to the socialist/marxist, this plays right into their hands. Government power continues to increase as they bankrupt businesses, drive people to welfare and impose increasing regulation. Those in power throw lavish parties, order helicopters, and cheat on their taxes while the common man struggles to find work and a means to provide for their families. This is the utopia that the democrats seek. The only way to fight it is to vote them out of power. They will never listen to reason or history. As long as those in power can live by a different set of rules, there is no reason for them to change their policies. Already those in government receive better retirement benefits and health care than most Americans as these politicians do not have to pay into social security. It is only going to get worse. We need to get vote these people out in 2010.

  6. Anonymous says:

    http://www.jpost.com/servlet/Satellite?cid=1236244558902&pagename=JPost%2FJPArticle%2FShowFull

    Maybe we should take lessons from our friends in Israel?

    Netanyahu promises to lower taxes in '09

    Prime Minister-designate Binyamin Netanyahu said Thursday that he intends to lower taxes this year, despite the global economic crisis and the sharp drop in income tax revenue. Against the Treasury's and Bank of Israel's recommendations, he said he will put into action a series of processes, as soon as he becomes prime minister, most likely in the coming two weeks.

    Bank of Israel Governor Stanley Fischer and Likud leader Binyamin Netanyahu.
    Photo: Channel 2 [file]
    SLIDESHOW: Israel & Region | World
    The first step, Netanyahu said, will be lowering income tax for low and medium income earners, and corporate tax for small business, in an effort to boost the private sector and encourage consumer spending.

    He specifically promised help for factories and businesses in the Negev and the Galilee.

    Netanyahu went on to say that he will come to agreements with both the Histadrut Labor Organization and with employers, to "bear the burden of preventing dismissals."

    RELATED
    Bar-On says economic slump will likely extend to 2010
    Last week, Netanyahu and Histadrut chairman Ofer Eini met in Tel Aviv, and agreed to cooperate in an effort to find ways to cope with the economic crisis and deal with rising unemployment.

    The prime minister-designate also promised to deal with investment in industries such as public roads, and the rail system, as well as water and energy issues and the credit market.

    Although Netanyahu is still in the process of forming a new government, and the identity of the next finance minister is not known, he has started to assemble his economic team.

  7. Anonymous says:

    Since when does the Treasury Secretary comment on Energy?

    The thing that is most troubling to me is how everyone on both sides talked up Geithner. Make sure we find out every person who voted for him and vote them out.

    Transparent? It’s transparent all right, but not exactly what we had in mind!

  8. MaryAlice says:

    This is a good article right along the lines of the banking system and if you haven’t read The Black Swan
    by Taleb, it is a good read,too.

    http://www.thefreemanonline.org/featured/black-swans-butterflies-and-the-economy/

    Georgia is having its Libertarian Convention on 4/18 in Atlanta, I may just join, because I have like alot of what Congressman Paul has to say.

  9. Anonymous says:

    Well said Jeff. This administration is not for the common man. This administration is focused solely on its own agenda whether it is the right thing for this country or not. The hypocrisy is the worst we have seen! These people who have tax debts in their backgrounds have no business deciding what is to be taxed and what is not. The bottom line for energy is the people will pay for it and many will do without. No one seems to want to stand up to these people with the exception of a few including Rush. I think it is time for all of us to circle the wagons and begin to say “no” to these various regulations and legislation.

  10. Jeff Schreiber says:

    BRIAN FELLOW said…

    That poor beach chair. Where did that walrus come from??

    HAHAHAHAHAHAAAAAA!!

    As a guy who could easily be mistaken for a manatee, I should take exception to that. But I can’t. It’s just too darned funny.

    HAHAHAHAHAHAHAAAAA!!

  11. Anonymous says:

    The Rangel picture is a classic. I’d set it as my screen’s background, but I already have a wonderful shot of a little palm-fringed bay in Grenada serving that purpose. Hmmm, the Caribbean. For me, it is a viable long-term option. Let me think.

    Also, Jeff, you focused this (very good) article on common sense. You should know that common sense was deported from the U.S. not long ago, however.

    JV

  12. REAL Hope says:

    Jeff, I want to suggest a book to the people. I read it 10 years ago and I keep it handy for rereading as it is so enlightening and hopeful, as well as an EXCELLENT tutorial in common sense economics. The title seems theological but the book is not about that. It is “God Wants You To Be Rich” by Paul Zane Pilzer. One mans wealth DOES NOT diminish anyone else’s wealth! Our god given intellect will bring us the new technologies and the wealth to sustain and flourish this world population.

  13. Anonymous says:

    To Brian Fellow…usually I don’t like to laugh at the expense of others, but that truly truly made my morning. I chuckled for several minutes. Thanks…and thanks, Jeff, for posting it in the first place…classic!!!

    But as far as the oil and gas industry is concerned, I’ll keep saying what I have believed all along…doing the exact opposite of what one knows to do in order to fix the problem, is a purposeful action to destroy. To me, it’s not just counter-productive (and I do agree with that too), it’s just adding to criminal and unconstitutional actions taken by those who wish to undo capitalism, destroy our way of life, and force us all into submission. Once that happens, we the people are under the control and will of the Federal government…under the mercy of a socialist, and future, communist regime. It’s a movement going on right under our very noses. The “Citizens Security Force” is starting to unfold as well. Just the other night on Fox, a commercial for “Service Nation” (which is just a rosy name to introduce Americans to the notion of national community services, but in my estimation, will eventually come to security force indoctrination) made it’s first debut to the public. Scary. I can see the federal govt. telling our children, “Sorry. No financial aid for college unless you participate in our ‘community service’ program”. Well, hmmm…the stepping stones are already being placed to force us into their hands, but it’s going to get worse if we don’t continue to dissent.
    Also, back to the energy problem…The coal industry is on the agenda, too. Remember when he stated that he would, “…bankrupt the coal industry…and energy prices would skyrocket”. That’s a direct statement, and for those who haven’t seen the video, youtube can confirm it. There are many coal miners, particularly Ohio, that were outraged by these comments and were angry that they had already voted in early voting.
    But, can you imagine taxing the oil and gas companies, and then trying to force coal industries into bankruptcy?
    Keep writing to your Senators and Represenatives. Write to those in other states as well. I wrote to Lindsey Graham and I don’t live in SC. But, I think three in particular would be great:
    1. Evan Byah (D) who is bucking Obama on the omnibus bill
    2. Feingold (D) who is doing this as well
    3. Sen. Byrd (D) who wrote that letter to Obama telling him to “stop his power grabbing”

    Also, contact the coal mining associations. The president of the WV coal association was kind enough to respond to my concerns. We need to let them know we support them, and we stand behind them when their backs are put against the wall. These coal miners put their lives in danger every day to bring us the 50%+ energy supply that we get from that industry.

  14. Anonymous says:

    If I hear one more person talk about “Global Warming” I think I might actually get physically ill! It is amazing to me that some people on this earth are so arrogant to think that they know what the optimal temperature of the earth should be! How do any of us know! And now, to make economic policy based on the environment…Jim Cramer had it dead on, this is the most radical agenda ever seen!

    I hope that all of the people that voted for BO thinking that he was going to be a middle of the road liberal are feeling a little “buyer’s remorse.”

  15. WASN'T BORN LAST NIGHT says:

    This JUST IN; it is now being reported we are in a 30 year COOLING PERIOD in the global warming cycle. WHAT A JOKE, this whole movement.

  16. Gail B says:

    One statement that Obama made is haunting me–that about “punishing the wealthy” and those making $250,000 and over.

    Why does Obama consider it a wrongdoing to be successful? And, conversely, why does he reward the unsuccessful with bailouts?

    If Obama REALLY wanted to boost the economy, why would he penalize businesses that provide jobs, promote productivity, and create prosperity for all concerned (including the government)?

    I don’t get it–or, maybe I do. He has to bring this nation to its knees in order to take control of everything. SURELY the Destroyacrats in Washington HAVE HEARD the public outcry of outrage, indignation, and protest?! What I can’t understand is why they would want their own children and grandchildren to live in Communism.

    Rush Limbaugh invited Obama to a one-on-one debate on his program (with no staffers and without a teleprompter). I wish Obama would accept that challenge (“Yes we can!”) but he’s probably too lily-livered to talk with someone with principles! (“No I can’t!”)

  17. Dee says:

    “It makes perfect sense” This is what the administration either does not understand or most probably understands, but does not want to follow because it will wreck their agenda.
    Thanks again, Jeff.

  18. dc says:

    I think that the real “Walrus” would be offended Jeff! “Not “our” blob.” They just “gave” themselves another raise too ~ for all the hard work they do!

    As for this fake Prez having the class of Tiger, doubt if that’s what he’s made of. Wrong stuffing.

    Remember when Saul was made King in Scripture. God was their KING, but they wanted to be like other groups and have a ‘man King’. God allowed it. Saul looked the part, tall standing etc., but he was weak and a sissy inside (lacking in quality of character). He even turned to the Occult for guidance.

    Some think that God ‘selected’ this fake, but why would HE choose someone who promotes “baby sacrificing” of His beloved unborn children to the god of selfishness and abortion? That’s NOT God.

    God allows free will. And the majority ? of people in the US chose an unGodly fraud. We’d be better to have God’s real KING of Kings, or another King David.

    The picture does signify the thug-mentality for sure ~ “Union Mafia” supported for Political gain.

  19. Anonymous says:

    The economy is so bad, GDP is in a tail spin, current unemployment, according to 1970 methodology, is over 16%.

    So of course Geithner will retrench into the land of faked disasters so he can fake salvation. Where else is a liberal to go?

    It’s a shame, he seems like he started out as a very decent guy, according to Bloomberg’s great article, “In Geithner We Trust Eludes Treasury as Market Fails to Recover.” A great companion piece is “How Mayfair office brought down AIG,” (2Mar09, guardian.co.uk), which explains how the London office which was renting out AIG, or “the casino in London” is being investigated for blowing up AIG.

    Geithner is the nice guy who is always too late. In my opinion he is being used because he doesn’t try very hard to change things.

    The economy sits on a bridge which is buckling from the weight of government debt. Europe is in a similar position. They have no real leadership, only rabid liberals who follow superstitious economic policies.

    Gordon Brown is the only one out there that I think possesses the intelligence to free himself from the liberal agenda. He is Europe’s only hope.

    Make no mistake. Pelosi and Obama and leftist Catholics are intentionally bankrupting the economy in the name of ending the war. Where they are going after that depends on the liberal cause of the moment. I doubt Obama’s cabinet, steeped in Keynesianism superstition, realizes what the leftists, who control the Democrats, are doing.

    For a leftist, liberals are very useful idiots. Obama’s ballerina guy is looking for an enemy so that the Democrats do not see the leftists for what they are – only even he does not realize he is being used.

  20. BEACH CHAIR ENGINEER says:

    Is that Charlie, the chairman of the House Lays & Leans committee???

  21. Anonymous says:

    Barack Obama and his gang of “merry men” are attacking America from within. They have no concern for the country, they are pushing their own agenda and that is the destruction of the United States of America. And don’t think for a moment that Obama is doing this alone…he’s not smart enough! God knows he can’t even speak without a teleprompter. There’s big money and terrorists behind him pulling his strings. WAKE UP AMERICA!!!!!! IT’S TIME TO FIGHT BACK!

  22. CAL says:

    Anonymous,
    Thank you for posting Tiger Woods’ remarks at the inaugural event. At the time, I was so disappointed and surprised when I heard he spoke there. Little did I know how proudly he carried himself. Thank you for sharing this. Woods is a great role model for all Americans.

  23. tm says:

    To say mr. Geithner is over his head is an understatement.
    It is so comical that the wizard of oz comes to mind

    Pay no attention to that man behind the curtain = BOBO

    The one needing a brain. = Geithner, scarecrow

  24. Anonymous says:

    People, I don’t know about the rest of you but I’m seriously getting scared – heard the latest about the FDIC faltering? The country is going bankrupt. And I fear that the conservative spokespeople ARE falling for the sidelining plans to distract the enemies of Obama from actually stopping him. We’re all sitting back and looking, like the proverbial deer in the headlights, at the collapse as if our futures aren’t on the line. INSTEAD, some kind of serious groups ought to be forming (outside of prolonged court cases, etc.) to move quickly toward impeachment … before it’s too late for the country. This is based on the mental instability of this current president. I really think that he’s delusional. It’s pretty obvious when you look at his parentage. Any elected official who is now finally being observed as deliberately bringing down the country through planned and even forced actions and policies should be considered as actually treasonous. People, we have to use the means available – we have to demand that all those now in power over us who are themselves criminals and should be in jail have no moral authority to pursue any others of similar offenses UNTIL the officials answer for their own abuses. So…I guess the real question here is not WHERE are our leaders to begin this, but are there any out there with great organizational abilities and with the courage for such a fight for our country. Why are people only preparing for some inevitable FUTURE time of chaos where things will be resorting to a survival of the fittest scenario? Hey, talk shows .. begin the discussion now of mental instability of the POTUS – then maybe the personal history will be ordered to come to light!

  25. suek says:

    >>Pelosi and Obama and leftist Catholics>>

    Leftist Catholics?????

    Clarify, please!!!

  26. Anonymous says:

    Jeff, your a lawyer so you may be able to answer a question that has been plaguing me the past few days..

    Given the FACT the ‘global warming’ is NOT based on actual FACTS.. and given the amount of irreveresible damages that the ‘changes’ that comrade Obama is planning to force on this country all in the name of the myth of ‘climate change’…

    It makes me sick to think about the damage this will do to farmers($150.00 per cow for GH gases?) , our food bills, electricty bills, everything!! I even read that one place was talking about adding two extra bucks on parking fees for the extra emissions…

    My question is how can this even be legal? If this were to go to a court by a farmer or bussiness who objected to pay taxes on a unsupported ideology with no facts to back their theory, what do you think the court would do?

    I also agree with a poster above the Mr. Reddiaper baby is looney tunes…I saw him on the t.v. today and his appearance almost confirms my suspicions the this man may not be sleeping at all which could explain some of his mental illness…

  27. ME, TAXES? says:

    Looks like Mr. Rangel is dreaming of a tax-free life… oh wait a minute, he’s living that already.

Speak Your Mind

*