This is some great solution-finding from a goverment group I didn’t think was in to that sort of thing.
Category: Politics
Warren Buffet for President
One of the world’s richest men, in a guest column for the New York Times:
I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9 percent in 1976–77 — shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off. And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what’s happened since then: lower tax rates and far lower job creation.
Compromise
Harry Reid, to the New York Times:
I am relieved to say that leaders from both parties have come together for the sake of our economy to reach a historic, bipartisan compromise that ends this dangerous standoff.
If the state of Ohio re-elects John Boehner, we should bomb it.
Government has less cash than Apple
As Republicans and Democrats continue to work towards a compromise to the country’s debt ceiling crisis, the U.S. Treasury Department said on Thursday that Washington now has a total operating balance of only US$73.768-billion.
Meanwhile, Apple currently boasts a cash reserve of US$75.876-billion, as of its most recent quarterly earnings report at the end of June.
Of course, the numbers aren’t directly comparable; the government’s number represents how much financial headroom it has before bumping up against an arbitrary debt ceiling, while Apple’s cash reserve represents the pile of money the Cupterino, California-based company has available on its balance sheet.
Super Congress
Ryan Grim at the Huffington Post:
Debt ceiling negotiators think they’ve hit on a solution to address the debt ceiling impasse and the public’s unwillingness to let go of benefits such as Medicare and Social Security that have been earned over a lifetime of work: Create a new Congress.
This “Super Congress,” composed of members of both chambers and both parties, isn’t mentioned anywhere in the Constitution, but would be granted extraordinary new powers. Under a plan put forth by Senate Minority Leader Mitch McConnell (R-Ky.) and his counterpart Majority Leader Harry Reid (D-Nev.), legislation to lift the debt ceiling would be accompanied by the creation of a 12-member panel made up of 12 lawmakers – six from each chamber and six from each party.
Warren Buffett, on the Deficit
I could end the deficit in 5 minutes. You just pass a law that says that anytime there is a deficit of more than 3% of GDP all sitting members of congress are ineligible for reelection.
[via My Investing Notebook]
Obama Tweets
I like the guy, but this is just awkward.
Instapaper Server Taken by FBI
So the FBI now has illegal possession of nearly all of Instapaper’s data and a moderate portion of its codebase, and as far as I know, this is completely out of my control.
Due to the police culture in the United States, especially at the federal level, I don’t expect to ever get an explanation for this, have the server or its data returned, or be reimbursed for the damage they have illegally caused.
Tech Being Used to Fight Rape in Africa
My brother’s non-profit helped raise funds for this excellent project.
‘You’re Insane’
I really think Jon Stewart has a more accurate understanding of modern media than almost anyone else out there. Regardless of your political positions, this video is worth a watch.
The White House Learns About Its Social Media Followers
This is great stuff, and I hate social media crap most of the time.
Tennessee Law Bans Posting Distressing Images to the Internet
A new Tennessee law makes it a crime to “transmit or display an image” online that is likely to “frighten, intimidate or cause emotional distress” to someone who sees it. Violations can get you almost a year in jail time or up to $2500 in fines.
The Tennessee legislature has been busy updating its laws for the Internet age, and not always for the better. Last week we reported on a bill that updated Tennessee’s theft-of-service laws to include “subscription entertainment services” like Netflix.