Fantastic Short Film about GOP Greed by Actor Ed Asner

This is a great short film by Ed Asner, reminiscent of the simplistic Schoolhouse Rock vids from the 1970s, explaining the stock market crash of 2008 in terms of the greedy 1% versus the struggling 99%. We need more clear explanations like this to give everyone some perspective - especially folks who vote against their own self-interests time after time. It's obvious to the Democrats that the super-wealthy just need to pay more taxes and honor the social contract, but it will take years to reverse the damage done by the Tea Party and Grover Norquist.

Still - this is an educational and well-done video. Thanks, Mr. Asner ~ Lou Grant would be proud! :)

PEW Poll ~ GOP was Big Loser in Fiscal Cliff Battle

PEW Research has found that a majority of Americans approve of Obama's handling and resolution of the Fiscal Cliff crisis.

That doesn't surprise me. I think that most well-informed people understand that the bitter and vindictive GOP wants Obama to fail and enjoys holding America hostage. But the Tea Party members of Congress have no intention of compromising, and John Boehner cannot control his own caucus.

The poll numbers give me hope that in spite of the scary predictions from the media and doomsayers from both side, Obama will win the next battle over the so-called "Debt Ceiling" as well.

Even Republicans in this Poll saw Obama as the winner, and gave their own Party dreadful marks.

Americans Approve Obama, Disapprove Congress

Overall, 48% approve of how Obama handled the negotiations over the tax legislation, while just 19% approve of the job GOP leaders did hammering out the legislation. While Republicans broadly disapprove of how Obama handled the tax measure (77% disapprove), they give GOP leaders only mixed approval ratings – 40% approve while 45% disapprove.

Just 14% of independents approve of the way Republican leaders handled the fiscal cliff talks while 69% disapprove. Independents are divided over how Obama handled the negotiations (41% approve, 42% disapprove). Democrats overwhelmingly approve of Obama’s handling of the negotiations (81% approve) and disapprove of GOP leaders (79% disapprove).

Obama Speaks After Congress Votes on Fiscal Cliff

At the eleventh hour, with yet another display of "brinksmanship," and almost 24 hours after the U.S. technically went over the Fiscal Cliff which raised taxes on all Americans, the House GOP finally got themselves together, and with a special appeal to the Dems by Joe Biden, Congress passed a compromise that kept tax rates low for 98% of Americans, saved unemployment benefits, and raised taxes permanently on the top 2%.

What did Obama give away? Not much - he let them raise the "middle-class" tax cut-off to $400,000 (or #450,000 for married couples). That will limit revenue for sure, but the top 2% still have to go back to Clinton-Era tax levels of 39.6%, which the Tea Party vowed wouldn't happen. So this is a win for the President and the country, even though many purists on the Left would say "Obama Caved." I disagree - he compromised to get something done and it worked. That's the way it works, folks, whether you like it or not. Stonewalling will never get us anywhere - the Tea Party proves that!

More Glass-Half-Full or Half-Empty quotes:
Snark Amendment: Fiscal Cliff Compromise Makes Both Sides Unhappy

From Talking Points Memo

The final vote was 257-167. The bill passed thanks to an overwhelming display of Democratic support — 172 Dems voted for the bill, while only 16 opposed. By contrast, only 85 Republicans voted in support of the bill, compared to the 151 — including House Majority Leader Eric Cantor (R-VA) — who voted against.

This was not an easily foretold outcome. Though the legislation was the product of White House negotiations with the Senate’s top Republican, and though it passed the upper chamber overwhelmingly in the wee hours of New Year’s Day, House Republicans nearly submarined the bill and sent the country down an uncertain road toward economic contraction.

. . . They wanted cuts to federal spending. And, with a wink from Cantor, they were nearly prepared to sink the bill directly, or return it to the Senate amended and guarantee its demise.
In the end, a self-preservation instinct took over. Leaders suffocated the rebellion, and decided to place the bill on the floor unchanged, at the risk of alienating the majority of rank-and-file Republicans.

Complete Transcript of Obama's Comments:

THE WHITE HOUSE
Office of the Press Secretary
_________________________________________________________________

For Immediate Release January 1, 2013

STATEMENT BY THE PRESIDENT

James S. Brady Press Briefing Room

11:20 P.M. EST

THE PRESIDENT: Happy New Year, everybody.

AUDIENCE: Happy New Year, Mr. President.

THE PRESIDENT: A central promise of my campaign for President was to change the tax code that was too skewed towards the wealthy at the expense of working middle-class Americans. Tonight we've done that. Thanks to the votes of Democrats and Republicans in Congress, I will sign a law that raises taxes on the wealthiest 2 percent of Americans while preventing a middle-class tax hike that could have sent the economy back into recession and obviously had a severe impact on families all across America.

I want to thank all the leaders of the House and Senate. In particular, I want to thank the work that was done by my extraordinary Vice President Joe Biden, as well as Leader Harry Reid, Speaker Boehner, Nancy Pelosi, and Mitch McConnell. Everybody worked very hard on this and I appreciate it. And, Joe, once again, I want to thank you for your great work.

Under this law, more than 98 percent of Americans and 97 percent of small businesses will not see their income taxes go up. Millions of families will continue to receive tax credits to help raise their kids and send them to college. Companies will continue to receive tax credits for the research that they do, the investments they make, and the clean energy jobs that they create. And 2 million Americans who are out of work but out there looking, pounding the pavement every day, are going to continue to receive unemployment benefits as long as they're actively looking for a job.

But I think we all recognize this law is just one step in the broader effort to strengthen our economy and broaden opportunity for everybody. The fact is the deficit is still too high, and we're still investing too little in the things that we need for the economy to grow as fast as it should.

And that's why Speaker Boehner and I originally tried to negotiate a larger agreement that would put this country on a path to paying down its debt while also putting Americans back to work rebuilding our roads and bridges, and providing investments in areas like education and job training. Unfortunately, there just wasn't enough support or time for that kind of large agreement in a lame duck session of Congress. And that failure comes with a cost, as the messy nature of the process over the past several weeks has made business more uncertain and consumers less confident.

But we are continuing to chip away at this problem, step by step. Last year I signed into law $1.7 trillion in deficit reduction. Tonight's agreement further reduces the deficit by raising $620 billion in revenue from the wealthiest households in America. And there will be more deficit reduction as Congress decides what to do about the automatic spending cuts that we have now delayed for two months.

I want to make this point: As I've demonstrated throughout the past several weeks, I am very open to compromise. I agree with Democrats and Republicans that the aging population and the rising cost of health care makes Medicare the biggest contributor to our deficit. I believe we've got to find ways to reform that program without hurting seniors who count on it to survive. And I believe that there's further unnecessary spending in government that we can eliminate.

But we can't simply cut our way to prosperity. Cutting spending has to go hand-in-hand with further reforms to our tax code so that the wealthiest corporations and individuals can't take advantage of loopholes and deductions that aren't available to most Americans. And we can't keep cutting things like basic research and new technology and still expect to succeed in a 21st century economy. So we're going to have to continue to move forward in deficit reduction, but we have to do it in a balanced way, making sure that we are growing even as we get a handle on our spending.

Now, one last point I want to make -- while I will negotiate over many things, I will not have another debate with this Congress over whether or not they should pay the bills that they've already racked up through the laws that they passed. Let me repeat: We can't not pay bills that we've already incurred. If Congress refuses to give the United States government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic -- far worse than the impact of a fiscal cliff.

People will remember, back in 2011, the last time this course of action was threatened, our entire recovery was put at risk. Consumer confidence plunged. Business investment plunged. Growth dropped. We can't go down that path again.

And today's agreement enshrines, I think, a principle into law that will remain in place as long as I am President: The deficit needs to be reduced in a way that's balanced. Everyone pays their fair share. Everyone does their part. That's how our economy works best. That's how we grow.

The sum total of all the budget agreements we've reached so far proves that there is a path forward, that it is possible if we focus not on our politics but on what's right for the country. And the one thing that I think, hopefully, in the New Year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little less brinksmanship, not scare the heck out of folks quite as much.

We can come together as Democrats and Republicans to cut spending and raise revenue in a way that reduces our deficit, protects our middle class, provides ladders into the middle class for everybody who's willing to work hard. We can find a way to afford the investments that we need to grow and compete. We can settle this debate, or at the very least, not allow it to be so all-consuming all the time that it stops us from meeting a host of other challenges that we face -- creating jobs, boosting incomes, fixing our infrastructure, fixing our immigration system, protecting our planet from the harmful effects of climate change, boosting domestic energy production, protecting our kids from the horrors of gun violence.

It's not just possible to do these things; it's an obligation to ourselves and to future generations. And I look forward to working with every single member of Congress to meet this obligation in the New Year.

And I hope that everybody now gets at least a day off, I guess, or a few days off, so that people can refresh themselves, because we're going to have a lot of work to do in 2013.

Thanks, everybody. Happy New Year.

END 11:28 P.M. EST

President Obama: Don't Blame "Both Sides" for Fiscal Cliff

source: RawStory
Here's the President on Meet the Press today schooling David Gregory on why the press needs to give up the false equivalency meme. And I really loved that Obama used the phrase "country first" to describe his plans, since that was the McCain/Palin slogan in 2008. Ha.

The only thing I would caution against, David, is I think this notion of, "Well, both sides are just kind of unwilling to cooperate." And that's just not true. I mean if you look at the facts, what you have is a situation here where the Democratic Party, warts and all, and certainly me, warts and all, have consistently done our best to try to put country first.

And to try to work with everybody involved to make sure that we've got an economy [that] grows. Make sure that it works for everybody. Make sure that we're keeping the country safe. And does the Democratic Party still have some knee-jerk ideological positions and are there some folks in the Democratic Party who sometimes aren't reasonable? Of course. That's true of every political party.

But generally if you look at how I've tried to govern over the last four years and how I'll continue to try to govern, I'm not driven by some ideological agenda. I am a pretty practical guy. And I just want to make sure that things work. And one of the nice things about never having another election again, I will never campaign again, is I think you can rest assured that all I care about is making sure that I leave behind an America that is stronger, more prosperous, more stable, more secure than it was when I came into office.

More of the Transcript Here on PolicyMic

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Romney's Harvest Home at Bain Reaps Profits

David Corn at Mother Jones has done it again - unearthed a video from 1985 in which a younger Mitt Romney brags about Bain "harvesting" companies to reap a profit. It was given to them by a former employee of Bain. Unbelievable! I don't know much, but I bet that even people in the business community must be just as sick of hearing about Bain Capital flipping companies for profit as we regular folk.

Romney sounds like the grim reaper, and I'm sure that's how the ex-employees of all those outsourced and ruined companies feel to this day. The Grim Reaper Romney.

Mother Jones Article Here

Mother Jones has obtained a video from 1985 in which Romney, describing Bain's formation, showed how he viewed the firm's mission. He explained that its goal was to identify potential and hidden value in companies, buy significant stakes in these businesses, and then "harvest them at a significant profit" within five to eight years.

The video was included in a CD-ROM created in 1998 to mark the 25th anniversary of Bain & Company, the consulting firm that gave birth to Bain Capital. Here is the full clip, as it appeared on that CD-ROM (the editing occurred within the original):

Mitt Romney:
TRANSCRIPT: Bain Capital is an investment partnership which was formed to invest in startup companies and ongoing companies, then to take an active hand in managing them and hopefully, five to eight years later, to harvest them at a significant profit…

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Harry Reid: Romney Hasn't Settled Tax Question

Yesterday Mitt Romney finally released one complete tax return from 2011, and an affidavit stating the supposed tax situation for the past 20 years. But was it enough to settle questions about his tax liability?

Not according to Harry Reid:

From the Las Vegas Sun

The Nevada Democrat continued to hammer on the Republican presidential nominee, who is slated to speak in Las Vegas this afternoon, dismissing the summary of tax information Romney released Friday.

“It’s rich to hear Mitt Romney complain about people not paying income taxes,” Reid said on a conference call with reporters, referring to Romney’s secretly recorded comments about the 47 percent of people who don’t pay federal income taxes. “An outline by some accountant about his blind trust? That’s not going to do it.”

Later he said: “He’s hiding something. He’s hiding something! It is so evident he’s hiding something!”

From the same article, a quote from the Obama camp:

Ben Labolt, national press secretary for Obama’s campaign, said the summary demonstrates that Romney has the ability to release the returns.

“It’s clear that Romney has 20 years worth of returns prepared, ready to release to the public,” Labolt said on the call. “Instead of providing the rate on tax returns each year, they blended it together over 20 years...I think that’s telling.”

Indeed! And Obama has a shiny new ad based on the Romney tax documents:




View Tax Document Here: New York Daily News

From Bloomberg

Romney and his wife, Ann, have paid 100 percent of the taxes they owe, Brad Malt, a partner at the law firm of Ropes & Gray LLP in Boston who manages the Romneys’ investments, wrote in a blog post on the campaign’s website.

Romney makes most of his income from investing an estimated $250 million fortune, and much of that income is taxed at a top rate of 15 percent, rather than the top rate of 35 percent that applies to wages. Romney, 65, is a former Massachusetts governor and co-founder of Bain Capital LLC, the Boston-based private equity firm.

. . . The campaign said it will release a letter from PricewaterhouseCoopers LLP, which prepares Romney’s returns, summarizing his filings for the past 20 years.

More From Ezra Klein's Wonk Blog on Washington Post

In 2011, Romney earned $14 million, mostly from investments that are taxed at a lower, preferential rate. He also gave a very large amount of money to charity—more than $4 million. So, thanks to the charitable deduction in the tax code, he was technically allowed to reduce the amount of income subject to the income tax even further.

The trouble is, if Romney did that, he would have ended up paying less than 13 percent of his income in federal taxes (back-of-the-envelope calculations suggest the amount would have likely been somewhere around 11 percent). That would have conflicted with his statement in August that he has paid at least 13 percent the past ten years. So Romney opted to limit his charitable deduction to just $2.25 million, essentially agreeing to pay the government more in taxes than he needed to. In the end, Romney had an effective federal tax rate of 14.1 percent.

There’s nothing wrong with voluntarily donating a bit more to reduce the federal deficit. Although there is this awkward quote from Romney during a primary debate in January: “I pay all the taxes that are legally required and not a dollar more,” he said. “I don’t think you want someone as the candidate for president who pays more taxes than he owes.”

BuzzFeed got more clarification on the overpayment

An email to the Romney campaign account dedicated to responding to questions about tax returns, returns@mittromney.com, produced this response:
He has been clear that no American need pay more than he or she owes under the law. At the same time, he was in the unique position of having made a commitment to the public that his tax rate would be above 13%. In order to be consistent with that statement, the Romneys limited their deduction of charitable contributions.

~

Mitt's Money Pit ~ Staff Paid Bonuses for Failed Convention

Mitt Romney is running on the campaign promise: "Trust Me, I'm Rich and Therefore Good with Money." But in reality, he is displaying the same traits in managing his campaign that America despises in the corporate world.

For instance, Romney's allegedly unbeatable war chest looks better on paper than in reality as small donors are drying up for him. Plus, Mitt did the same thing many coporations do when they are on the ropes - giving undeserved bonuses and golden parachutes to top staffers even when their job performance is an epic failure.

Tell me again why anyone should believe this guy could run the country?

Washington Post Story

Richard Beeson, Romney’s national political director, received a $37,500 payment on Aug. 31 in addition to his salary, according to records filed with the Federal Election Commission.

In addition, records show at least six other top staffers each received $25,000 bonuses on the same date: campaign manager Matt Rhoades, general counsel Kathryn Biber, policy advisor Lanhee Chen, communications director Gail Gitcho, digital director Zach Moffatt and advisor Gabriel Schoenfeld. Two other employees received $10,000 bonuses.

Politico Reports:

Romney spokeswoman Andrea Saul said the bonuses were related to the former Massachusetts governor’s GOP primary performance.

“These were primary win bonuses pursuant to employment agreements paid after the convention,” Saul said in an email Friday morning.

Convention? Oh, you mean that Convention from which Romney/Ryan received absolutely NO bounce, and which is a laughingstock because Romney's own campaign botched the final hour by allowing actor Clint Eastwood to upstage the candidate with an empty chair?

Yeah, that Convention was really worth thousands of dollars in bonuses for staff that clearly don't know how to run a national compaign. But that scenario is right out of the Wall Street playbook. Pay the top tier of staff even as the Titanic is sinking fast.

Romney ought to pay the mainstream media a bonus, too, for spreading the wild rumor all spring and summer that his campaign fundraising was so much greater than the Democrats that Obama was never going to catch up. Not true. Obama is out-fund-raising the Romney camp, especially in donations under $200, and now Mitt is on a budget!

Excuse me while I sit here and quietly laugh over this one.

From Reuters

The FEC reports portray massive spending by both sides in August, as the campaigns approached their party's nominating conventions and sought to establish themes for the fall campaign.

Obama's campaign was particularly active, raising $84.2 million and spending $83.2 million last month as it continued to emphasize Obama's efforts to improve the economy and cast Romney as a wealthy former private equity executive who is out of touch with the concerns of most Americans.

The president's campaign ended the month with $88.8 million, compared with $50.4 million for Romney's campaign.

. . . in August, Romney's key outside "Super PAC" - Restore Our Future - plowed through $21.2 million as its fundraising declined for the second month, according to FEC disclosures.

That left the group with just $7.4 million in cash on hand, raising questions about how much of an ad-buying force it will be in the home stretch.

. . . Romney himself raised $66.1 million in August, according to FEC filings. But the campaign spent $61.2 million and could not dip into a large chunk of its cash because a provision in U.S. campaign law walled it off until after his official nomination at the Republican convention in Tampa in late August.

In fact, because of the law, Romney wound up stretched for cash at the end of August and had to take out a $20 million loan to make it to the general election period.

Harry Reid Snarks that Romney Would Be "President of Half the United States"

You gotta love it! :) Our honey badger strikes again!

Harry Reid Via RawStory

“This week we learned that Mitt Romney only wants to be president of half the United States,” he explained. “If Mitt Romney were president he wouldn’t waste time worrying about the 47 percent of Americans who he believes are ‘victims,’ who Romney believes are ‘unwilling to take personal responsibility.’”

Reid continued: “For all we know Mitt Romney could be one of those who have paid no federal income tax. Thousands of families making more than a million dollars per year pay nothing in federal income tax. Is Mitt Romney among those? We’ll never know because he refuses to release his tax returns.”

“We know that Mitt Romney pays a lower tax rate than middle-class families, thanks to a number of things he’s done: Swiss bank accounts, Cayman Islands tax shelters. And we can only imagine what new secrets would be revealed if he showed the American people a dozen years of tax returns like his dad did.”

Songs of the 47% ~ Are You Listening, Mitt?

It used to be that music brought people together. Everyone listened to the same songs on the radio, in the elevator, in the grocery store, and on MTV. It was a common bond between us - and a common band -  so a song about a social issue could be a hit and might even change society.

Today, not so much. Like everything else in society, music is fragmented, not just by the death of MTV, but by endless playlists available YouTube and on websites like Pandora, or the focus of your personal iPod or iPhone. The songs that tend to rise to the surface are catchy oddities like "Call me Maybe" or "Gangnam Style."

And while I love all the variety, I believe that music does touch the heart, and in the past we had songwriters who could give us a gut-check about society, whether it was the anti-war movement or the plight of the poverty-stricken here at home.

But now, even the Boomer generation seems to have forgotten the empathy of days gone by, and Mitt Romney is a prime example with his callous remarks in Boca Raton that echo is party's hard stance on anyone who makes the actual median income of this country or lower.

Yesterday, Chris Matthews opened Hardball on MSNBC by singing a few lines from Fiddler on the Roof:

Caught! Let's Play Hardball
(Hardball Theme plays)
Hello this is Chris Matthews in New York.
Let me start tonight with:
(singing)
If I were a rich man,
Yubba, Dibby, Dibby
Dibby, Dibby, Dibby, Dibby Dum.
Dumb!!!

Good point, Chris. I stole your idea and put the complete song below.

The past few days have made me realize that Mitt's playlist, and indeed the playlists of the Republicans in general, might be lacking some compassion and knowledge of the American experience outside their marble halls full of $50,000-a-plate donors, so here are some reminders. Whether you are in the 1%, the 47% or the 99% - listen up!


If I were a Rich Man from Fiddler on the Roof

(SPOKEN:) Dear God, you made many, many poor people. I realize, of course, that
it's no great shame to be poor... but it's no great honor, either. So what would have
been the difference if I had... a small fortune?

...The most important men in town will come to fawn on me--
They will ask me to advise them,
Like a Solomon the Wise--
"If you please, Reb Tevye?"--
"Pardon me, Reb Tevye?"--
Posing problems that would cross a rabbi's eyes--
(chanting) Ya va voy, ya va voy voy vum...
And it won't make one bit of difference
If I answer right or wrong--
When you're rich, they think you really know.



Man in Black by Johnny Cash

Well, you wonder why I always dress in black,
Why you never see bright colors on my back,
And why does my appearance seem to have a somber tone.
Well, there's a reason for the things that I have on.

I wear the black for the poor and the beaten down
Living on the hungry hopeless side of town.
I wear the black for the poor and the beaten down,
Livin' in the hopeless, hungry side of town,
I wear it for the prisoner who has long paid for his crime,
But is there because he's a victim of the times.

I wear the black for those who never read,
Or listened to the words that Jesus said,
About the road to happiness through love and charity,
Why, you'd think He's talking straight to you and me.

Well, we're doin' mighty fine I do suppose,
With our streak a'lightnin' cars and fancy clothes
But just so we're reminded of the ones who are held back
Up front their ought to be a man in black.

I wear it for the sick and lonely old,
For the reckless ones whose bad trip left them cold,
I wear the black in mournin' for the lives that could have been,
Each week we lose a hundred fine young men.

And, I wear it for the thousands who have died,
Believen' that the Lord was on their side,
I wear it for another hundred thousand who have died,
Believen' that we all were on their side.

Well, there's things that never will be right I know,
And things need changin' everywhere you go,
But 'til we start to make a move to make a few things right,
You'll never see me wear a suit of white.

Ah, I'd love to wear a rainbow every day,
And tell the world that everything's OK,
But I'll try to carry off a little darkness on my back,
'Till things are brighter, I'm the Man In Black.



Fast Car by Tracy Chapman

You got a fast car
And I got a plan to get us out of here
I been working at the convenience store
Managed to save just a little bit of money
We won't have to drive too far
Just 'cross the border and into the city
You and I can both get jobs
And finally see what it means to be living

You see my old man's got a problem
He live with the bottle that's the way it is
He says his body's too old for working
I say his body's too young to look like his
My mama went off and left him
She wanted more from life than he could give
I said somebody's got to take care of him
So I quit school and that's what I did

You got a fast car
But is it fast enough so we can fly away
We gotta make a decision
We leave tonight or live and die this way

I remember we were driving driving in your car
The speed so fast I felt like I was drunk
City lights lay out before us
And your arm felt nice wrapped 'round my shoulder
And I had a feeling that I belonged
And I had a feeling I could be someone, be someone, be someone

You got a fast car
And we go cruising to entertain ourselves
You still ain't got a job
And I work in a market as a checkout girl
I know things will get better
You'll find work and I'll get promoted
We'll move out of the shelter
Buy a big house and live in the suburbs





Walk a Mile in my Shoes by Joe South

If I could be you, if you could be me
For just one hour
If we could find a way to get inside
Each other's mind

If you could see you through my eyes
Instead your ego
I believe you'd be, I believe you'd be surprised to see
That you've been blind

Walk a mile in my shoes
Walk a mile in my shoes
Yeah, before you abuse, criticize and accuse
Walk a mile in my shoes

Now your whole world you see around you
Is just a reflection
And the law of karma says you’re gonna reap
Just what you sow, yes you will
So unless
You’ve lived a life of
Total perfection
You’d better be careful
Of every stone
That you should throw, yeah

And yet we spend the day
Throwing stones
At one another
‘Cause I don’t think
Or wear my hair
The same way you do, mmm
Well I may be
Common people
But I’m your brother
And when you strike out
And try to hurt me
It’s a-hurtin’ you, lord have mercy

Now there are people on reservations
And out in the ghetto
And brother there, but for the grace of god
Go you and I



Little Pink Houses by John Mellencamp

There's a black man with a black cat
Livin' in a black neighborhood
He's got an interstate
Runnin' through his front yard
You know he thinks that he's got it so good
And there's a woman in the kitchen
Cleanin' up the evenin' slop
And he looks at her and says, hey darlin'
I can remember when you could stop a clock

Oh, but ain't that America
For you and me
Ain't that America
Something to see, baby
Ain't that America
Home of the free, yeah
Little pink houses
For you and me
Oooh, yeah
For you and me

Well, there's a young man in a t-shirt
Listenin' to a rockin' rollin' station
He's got greasy hair, greasy smile
He says, Lord this must be my destination
'Cause they told me when I was younger
Said boy, you're gonna be president
But just like everything else
Those old crazy dreams
Just kinda came and went

Oh, but ain't that America
For you and me



A Change is Gonna Come by Sam Cooke

I was born by the river in a little tent
And just like that river I've been running ever since
It's been a long time coming
But I know a change is gonna come, oh yes it will

It's been too hard living, but I'm afraid to die
Cos I don't know what's out there beyond the sky
It's been a long, a long time coming
But I know a change is gonna come, oh yes it will

I go to the movie
And I go down town
somebody keep telling me don't hang around
Its been along time coming
But I know a change is gonna come, oh yes it will

Then I go to my brother
And I say brother help me please
But he winds up knockin' me
Back down on my knees

There were times when I thought I couldn't last for long
But now I think I'm able to carry on
It's been a long, a long time coming
But I know a change gone come, oh yes it will




Coat of Many Colors by Dolly Parton

Back through the years
I go wonderin' once again
Back to the seasons of my youth
I recall a box of rags that someone gave us
And how my momma put the rags to use
There were rags of many colors
Every piece was small
And I didn't have a coat
And it was way down in the fog
Momma sewed the rags together
Sewin' every piece with love
She made my coat of many colors
That I was so proud of
As she sewed, she told a story
From the bible, she had read
About a coat of many colors
Joseph wore and then she said
Perhaps this coat will bring you
Good luck and happiness
And I just couldn't wait to wear it
And momma blessed it with a kiss

My coat of many colors
That my momma made for me
Made only from rags
But I wore it so proudly
Although we had no money
I was rich as I could be
In my coat of many colors
My momma made for me

So with patches on my britches
Holes in both my shoes
In my coat of many colors
I hurried off to school
Just to find the others laughing
And making fun of me
In my coat of many colors
My momma made for me

And oh I couldn't understand it
For I felt I was rich
And I told them of the love
My momma sewed in every stitch
And I told 'em all the story
Momma told me while she sewed
And how my coat of many colors
Was worth more than all their clothes

But they didn't understand it
And I tried to make them see
That one is only poor
Only if they choose to be
Now I know we had no money
But I was rich as I could be
In my coat of many colors
My momma made for me
Made just for me



Workin' at the Car Wash Blues by Jim Croce

Well, I had just got out from the county prison
Doin ninety days for non-support
Tried to find me an executive position
But no matter how smooth I talked
They wouldnt listen to the fact that I was a genius
The man say, we got all that we can use.
Now i got them steadily depressin, low down mind messin
Working at the car wash blues

Well, I should be sittin in an air conditioned office in a swivel chair
Talkin some trash to the secretaries
Sayin, here, now mama, come on over here.
Instead, Im stuck here rubbin these fenders with a rag
And walkin home in soggy old shoes
With them steadily depressin, low down mind messin
Workin at the car wash blues

You know a man of my ability
He should be smokin on a big cigar
But till I get myself straight I guess Ill just have to wait
In my rubber suit a-rubbin these cars

Well, all I can do is a shake my head
You might not believe that its true
For workin at this end of niagara falls
Is an undiscovered howard hughes
So baby, dont expect to see me
With no double martini in any high-brow society news
Cause I got them steadily depressin, low down mind messin
Workin at the car wash blues



The Way it Is by Bruce Hornsby

Standin' in line marking time
Waiting for the welfare dime
'Cause they can't buy a job
The man in the silk suit hurries by
As he catches the poor old lady's eyes
Just for fun he says, 'Get a job'

That's just the way it is
Some things'll never change
That's just the way it is
Ha, but don't you believe them

Said, 'Hey little boy you can't go
Where the others go
Cause you don't look like they do'
Said, 'Hey, old man how can you stand
To think that way
Did you really think about it
Before you made the rules?'
He said, 'Son

That's just the way it is
Some things'll never change
That's just the way it is'
Ha, but don't you believe them

Well, they passed a law in '64
To give those who ain't got, a little more
But it only goes so far
'Cause the law don't change another's mind
When all it sees at the hiring time
Is the line on the color bar
But who knows

That's just the way it is
Some things'll never change (right)
That's just the way it is
That's just they way it is, it is, when you're waiting.

Romney Revealed ~ And He's Not Pretty

In Oscar Wilde's novel The Picture of Dorian Gray, the main character keeps up appearances to the outside world and retains his youthful beauty even while doing vile things in private. His horrifying secret lies in a painting behind locked doors, a portrait of himself that shows the depths to which he has fallen. The shocking truth is that the portrait is the real soul of Dorian Gray, while his outward demanor is used to fool people. He is living a lie.

Yesterday we got a glimpse at the real Mitt Romney behind closed doors, and the portrait it paints is not pretty. In fact, in a campaign year when we thought we couldn't be shocked anymore after the gaffes of the summer, we find ourselves suddenly transported into a weird Night Gallery that the great Rod Serling would completely understand. Mitt Romney has been revealed.


People are waking up in the U.S. to a much different Presidential race, and even the Republican candidate seems like a different man. Literally.

Background: Secret Videos Mother on Jones

After hearing a relaxed Romney talking to his wealthy peers behind closed doors in the videos on Mother Jones, it's not such a stretch to see him more clearly as a parody of a rich man, a clueless wonder prattling on about himself and us-versus-them in a Louis IV way. But even that would be too kind. It's more like the scene in Oscar Wilde's Picture of Dorian Grey when the evil portrait is revealed.

It's as if the scales have fallen from our eyes, as the Bible says. We used to see Romney as through a glass darkly, but now face to face. He is what he is, and it's not the nicely bumbling well-meaning candidate who walks like a robot or a conehead, or the "wild and crazy" husband and father who seems almost forgiveable.

Instead, we see and hear the privileged frat boy bully from Cranbrook, the one who attacked another student with scissors and slammed a door on a blind teacher. He's hideous Greg Marmalard from Animal House, all-grown-up and smoothly glib, schmoozing with his well-appointed frat brothers while dissing half the country as unworthy of his time because they refuse to vote for him. Yet he still expects loads of money from the donors because . . . well, just because he is who is he is - the fortunate son who always had everything, but has convinced himself and others that he is a self-made man. When he wins, the markets will magically go up and morning bells will chime, just because he's there in the White House, making the rest of the landed gentry and moneyed elite feel good about their taxes.

It's a nice fantasy, Mitt, but we ain't buyin it. Americans can spot a phony a mile away, and now that we see the real you, we know what always made us uneasy and distrustful of you in the first place, the reason for your low likeability ratings. This is a gut-check moment for the people, and there's more of us than 47%. Our votes do matter, Mr. Romney, even if our lives do not matter to you. We see you now.


David Corn of Mother Jones on MSNBC's Hardball

What he's really saying is that there are two Americas. There are strivers in the room, people of success, who take personal responsibility. Then 47% of the country won't take responsibility for themselves and they want a handout from government. So it was beyond dog whistles. It was beyond using welfare. And it seemed to me he was talking to people privately, a couple dozen people in the room, he was saying what he believed about half of America. He showed a lot of disdain and contempt for his fellow citizens.

Joan Walsh of Salon.com on MSNBC's Hardball

It sounds to me as if very much he believes it. I don't think he is playing a role at all . . . But the really astonishing thing . . . He is writing off, he is talking about one-half of our country with utter contempt. He's writing them off, he's talking about them as parasites and moochers. And the rare opportunity for the Democrats here is that he is talking about a large segment of the Republican base. Like it or not, there are a lot of white people, older white people in that category as well. So he's gone from stigmatizing, calling him (Obama) the Food Stamp President and doing this dog whistle stuff, to now it's just crystal clear. The country is 12% black, so if you're talking about 47%, you're talking about a lot of white people. So it's contempt for everybody. Equal Opportunity contempt. Hugely damaging.

.
Josh Barro on Bloomberg

You can mark my prediction now: A secret recording from a closed-door Mitt Romney fundraiser, released today by David Corn at Mother Jones, has killed Mitt Romney's campaign for president.
. . . Romney is the most opaque presidential nominee since Nixon, and people have been reduced to guessing what his true feelings are. This video provides an answer: He feels that you're a loser. It's not an answer that wins elections.

Jonathan Chait on New York Magazine

. . . the video exposes an authentic Romney as a far more sinister character than I had imagined. Here is the sneering plutocrat, fully in thrall to a series of pernicious myths that are at the heart of the mania that has seized his party. He believes that market incomes in the United States are a perfect reflection of merit. Far from seeing his own privileged upbringing as the private-school educated son of an auto executive-turned-governor as an obvious refutation of that belief, Romney cites his own life, preposterously, as a confirmation of it. (“I have inherited nothing. Everything I earned I earned the old fashioned way.”)
. . . The revelations in this video come to me as a genuine shock. I have never hated Romney. I presumed his ideological makeover since he set out to run for president was largely phony, even if he was now committed to carry through with it, and to whatever extent he’d come to believe his own lines, he was oblivious or naïve about the damage he would inflict upon the poor, sick, and vulnerable. It seems unavoidable now to conclude that Romney’s embrace of Paul Ryanism is born of actual contempt for the looters and moochers, a class war on behalf of his own class.

Visit NBCNews.com for breaking news, world news, and news about the economy

Visit NBCNews.com for breaking news, world news, and news about the economy

Bombshell ~ The Romney Tapes on Mother Jones

That Mitt Romney is going down in flames is a given now thanks to some bombshell videos that will hasten Mitt's journey to Loserville. Or should I say "Potterville."

The videos given to Mother Jones and released yesterday show Romney at a fundraiser talking about Obama and the voters in the worst possible way imaginable. He condescendingly insults not only the President, but 47% of the country. Vile. Corrupt. Self-Serving. I can think of so many descriptions.

I started out a few months ago rather liking Mitt and almost sorry that he was the butt of every joke. As time went on I found him entertaining because he was such a train-wreck of a candidate. But after last night, I loathe him in a way that makes my skin crawl. It's obvious why he and Lyin' Ayn Ryan are like father and son - no feelings for society, out for themselves, lacking empathy for anyone in trouble, and not good for our country.

There are more videos to come, so tomorrow should be interesting!!!

Mother Jones Has the Scoop

Mother Jones has obtained video of Romney at this intimate fundraiser—where he candidly discussed his campaign strategy and foreign policy ideas in stark terms he does not use in public—and has confirmed its authenticity. To protect the confidential source who provided the video, we have blurred some of the image, and we will not identify the date or location of the event, which occurred after Romney had clinched the Republican presidential nomination.
[UPDATE: After a restriction was lifted, Mother Jones reported that this fundraiser was held at the Boca Raton home of controversial private equity manager Marc Leder on May 17.]

...There are 47 percent of the people who will vote for the president no matter what. All right, there are 47 percent who are with him, who are dependent upon government, who believe that they are victims, who believe the government has a responsibility to care for them, who believe that they are entitled to health care, to food, to housing, to you-name-it. That that's an entitlement. And the government should give it to them. And they will vote for this president no matter what…These are people who pay no income tax.

...There is a perception, 'Oh, we were born with a silver spoon, he never had to earn anything and so forth.' Frankly, I was born with a silver spoon, which is the greatest gift you can have: which is to get born in America.

..."Had he (my father) been born of Mexican parents, I'd have a better shot of winning this."

...I have a very good team of extraordinarily experienced, highly successful consultants, a couple of people in particular who have done races around the world. I didn't realize it. These guys in the US—the Karl Rove equivalents—they do races all over the world: in Armenia, in Africa, in Israel. I mean, they work for Bibi Netanyahu in his race. So they do these races and they see which ads work, and which processes work best, and we have ideas about what we do over the course of the campaign. I'd tell them to you, but I'd have to shoot you.

...my own view is that if we win on November 6th, there will be a great deal of optimism about the future of this country. We'll see capital come back and we'll see—without actually doing anything—we'll actually get a boost in the economy. If the president gets reelected, I don't know what will happen. I can—I can never predict what the markets will do. Sometimes it does the exact opposite of what I would have expected. But my own view is that if we get a "Taxageddon," as they call it, January 1st, with this president, and with a Congress that can't work together, it's—it really is frightening.

Obama Campaign Response

“It’s shocking that a candidate for President of the United States would go behind closed doors and declare to a group of wealthy donors that half the American people view themselves as ‘victims,’ entitled to handouts, and are unwilling to take ‘personal responsibility’ for their lives,” Jim Messina, Obama for America campaign manager, said in a statement. “It’s hard to serve as president for all Americans when you’ve disdainfully written off half the nation.”

Mitt Romney wants to help all Americans struggling in the Obama economy. As the governor has made clear all year, he is concerned about the growing number of people who are dependent on the federal government, including the record number of people who are on food stamps, nearly one in six Americans in poverty, and the 23 million Americans who are struggling to find work.
~ Statement from Romney Spokesperson Gail Gitcho


Mitt's Lame Apology

"Well, um, It's not elegantly stated let me put it that way I'm speaking off the cuff in response to a question and I'm sure I can state it more clearly in a more effective way than I did in a setting like that and so I'm sure ill point that out as time goes on."

Full Transcript Here

Romney Gets Middle Class Income Wrong

Oh, Mitt Romney ~ how ignorant you are! And you certainly aren't trying to get educated about the Middle Class. That's too bad because you are clearly out of touch with most Americans.

ABC News Complete Transcript: George Stephanopoulos Interviews Romney

MITT ROMNEY: Well, I said that there are five different studies that point out that we can get to a balanced budget without raising taxes on middle income people. Let me tell you, George, the fundamentals of my tax policy are these. Number one, reduce tax burdens on middle-income people. So no one can say my plan is going to raise taxes on middle-income people, because principle number one is keep the burden down on middle-income taxpayers.

GEORGE STEPHANOPOULOS: Is $100,000 middle income?

MITT ROMNEY: No, middle income is $200,000 to $250,000 and less. So number one, don’t reduce– or excuse me, don’t raise taxes on middle-income people, lower them. Number two, don’t reduce the share of taxes paid by the wealthiest. The top 5% will still pay the same share of taxes they pay today. That’s principle one, principle two. Principle three is create incentives for growth, make it easier for businesses to start and to add jobs. And finally, simplify the code, make it easier for people to pay their taxes than the way they have to now.

But Romney's figures are skewed towards the high side of income for the vast majority of Americans, as Jillian Rayfield points out on Salon::

Obama has said in the past that he’ll cut taxes for middle-class families making $250,000 and less per year, but the way Romney put it certainly doesn’t help the narrative that he’s out of touch with the middle class.
According to the Census Bureau, the current median household income in the U.S. is slightly over $50,000.

Mitt Boards Cayman Yacht for Fundraiser

Cayman Islands Civil Ensign Flag
You just can't make this up. While New Orleans is being inundated by water from Hurricane Isaac on the anniversary of Katrina's devastation, Mitt Romney and company over in Tampa at the RNC decided it would be wise to have a fundraiser on a yacht. Yes, a yacht - the symbol of fabulous wealth. Oh, but not just any yacht will do. This one is a "Super Yacht" that is registered in . . . wait for it . . . the Cayman Islands.

From ABC News, Who Broke the Story

The floating party, hosted by a Florida developer on his yacht "Cracker Bay," was one of a dozen exclusive events meant to nurture those who have raised more than $1 million for Romney's bid.

"I think it's ironic they do this aboard a yacht that doesn't even pay its taxes," said a woman who lives aboard a much smaller boat moored at the St. Petersburg Municipal Marina.

. . . The Cracker Bay is owned by Gary Morse, developer of the Villages retirement community. Companies controlled by Morse gave nearly $1 million to the pro-Romney Restore Our Future superPAC. Registered in the Caymans, and flying a version of the Caymans' "civil ensign" or merchant flag, the Cracker Bay has an impressive art collection and can seat 30 for dinner.

And who was there? ABC News was turned away at the door, but someone took video inside of John Cornyn of Texas thanking the corporate sponsors of the even: Blue Cross/Blue Shield, AFLAC, and AT&T. Roy Blunt of Missouri fled in a private vehicle as a reporter tried to ask him about schmoozing with lobbyists. But dare we get too judgmental here, reporter Brian Ross points out that "it's all completely legal with our country's non-existent laws for political donations."

900 Pages of Bain Capital Files Leaked

The website Gawker has obtained over 900 pages of financial disclosure files from Mitt Romney's Bain Capital. This is huge with the Republican National Convention looming next week.

The Bain Files: Inside Mitt Romney's Cayman Schemes

Almost all of them are affiliated with Bain Capital, the secretive private equity firm Romney co-founded in 1984 and ran until his departure in 1999 (or 2002, depending on whom you ask).

Many of them are offshore funds based in the Cayman Islands. Together, they reveal the mind-numbing, maze-like, and deeply opaque complexity with which Romney has handled his wealth, the exotic tax-avoidance schemes available only to the preposterously wealthy that benefit him, the unlikely (for a right-wing religious Mormon) places that his money has ended up, and the deeply hypocritical distance between his own criticisms of Obama's fiscal approach and his money managers' embrace of those same policies. They also show that some of the investments that Romney has always described as part of his retirement package at Bain weren't made until years after he left the company.

Bain isn't a company so much as an intricate suite of steadily proliferating inter-related holding companies and limited partnerships, some based in Delaware and others in the Cayman Islands, Luxembourg, and elsewhere, designed to collectively house roughly $66 billion in wealth in its many crevices and chambers.

Much, much more at these links, with apparently more to come:

Equity Swaps, AIVs, and Mitt Romney's Other Tax-Dodging Tricks

Mitt Romney's Endless ‘Retirement' Package

How Mitt Romney Puts His Money Where Obama's Mouth Is

Derivatives, Short Sales, and Mitt Romney's Other Exotic Financial Instruments

Mitt Romney Is the National Enquirer's Banker

From the last link, Romney not only is involved in the company that owns National Enquirer - that's odd enough - but he's involved with many gambling companies, just like his good pal Sheldon Adelson. Actually, these articles make Bain Capital's spin-off, Sankaty, sound like the Loan Shark of the Cayman Islands.

Sankaty High Yield Partners II also lent money to such un-Mormon concerns as Las Vegas Sands, LLC ($3 million), which operates casinos in Las Vegas and China; Motor City Casinos ($1.8 million), and Yonkers Racing Corporation ($214,000). Not to mention Core-Mark, a nationwide cigarette distributor ($13 million in bonds). The Church of Jesus Christ of Latter-Day Saints, for which Romney has served as a bishop and "stake president," opposes gambling and smoking. Mother Jones' David Corn has detailed another Romney holding—Brookside Capital Investors Inc.—that also held substantial gambling-related investments, despite Romney's record of opposing "access to gaming" due to its "social costs."

And that's just the tip of the iceberg. I urge everyone to spend some time reading each link. It's a treasure trove of riches about Bain.

New Ad Targets Koch Brothers

Watch for more videos from Stop the Greed Agenda

Who are the Koch Brothers?

From American Progress Action:

The Koch brothers, leaders of a vast family oil-and-gas conglomerate, use this political network to pursue their right-wing agenda at nearly every level of government. Whether they are contributing millions in campaign contributions, spending millions on lobbying, or investing millions in right-wing think tank and advocacy groups, the Koch brothers’ influence is pervasive.

. . . Think of Americans for Prosperity as the voter-organizing arm of the Koch empire—a formidable political machine that plays a role in all the key electoral states. They have the ability to organize events, mobilize voters, and run television ads. These ads promote their right-wing agenda and force elected officials to respond. This is but one way the Koch brothers use their considerable finances to influence elections. Another way is through direct contributions to candidates at the national and state level, which is the subject of our next section.

Rumor has it that the Koch's were behind Mitt Romney's choice of Paul Ryan as Vice President.

Via Jonathan Turley's blog

According to long time Republican operative, Roger Stone, the Koch Brothers may have “purchased” the Vice Presidential choice from the Romney campaign for a promise to spend $100 Million in various Republican Super Pac funds and the so-called C-4 funds to attack the Obama campaign and support the Romney/Ryan ticket!   “Here is how Stone led his latest post, headlined “The Paul Ryan Selection, “which also delivers an amusing swipe at a certain Fox News analyst:

I’ve waited a few days to lay out my analysis of the selection of Paul Ryan for the VP slot on the Romney ticket. Unlike politicos like Dick Morris who badmouths the selection privately and shills for it publicly, I’ll tell you what I really think. My sources tell me David Koch played a key role in Ryan’s selection and that Koch’s wife Julia had been quietly lobbying for Ryan. The selection was cemented at the July 22nd fundraiser Koch held for Romney at the former’s sumptuous Hamptons estate. Koch pledged $100 million more to C-4 and Super PAC efforts for Romney [in exchange] for Ryan’s selection.”  National Memo

I understand that one has to take what Mr. Stone says with a grain of salt because he has been an insider political operative for decades, and maybe he has a grudge against Mitt Romney, Paul Ryan and/or the Republican Party.  One thing that is known is that the Koch Brothers have been big supporters of Paul Ryan and his attacks on the middle class and the poor.

More from Truthout

The reactionary Koch brothers, along with Tea Party advocates and gloves-off free-market capitalists have used the Citizens United decision to pressure Romney into selecting Ryan as his running mate. The Koch brothers are staunch supporters of Ryan; in fact, they have been among the largest contributors to Ryan over his entire political career.

Ryan's mission is likely to fulfill papa Fred Koch's vision to restore America to its former glory days as a white Christian nation ruled by a plutocratic moneyed elite. The elder Koch was the founder of the notorious John Birch Society ("Diamond," Sara (1995). NY: Guilford Press. p. 324. ISBN 0-89862-862-8). As the progenitor of the Koch family, the elder Koch candidly and unabashedly wrote, "the colored man looms large in the Communist plan to take over America," and "welfare was a secret plot to attract rural blacks to cities, where they would foment a vicious race war").

It is likely the Kochs and their right-wing supporters actually expect Romney will lose the 2012 election, and perhaps they are using his candidacy as a platform to launch Ryan's 2016 run for the presidency. Michele Bachmann's labeling of Huma Abedin as a Muslim terrorist may have been a trial balloon for what is to come in 2016 as the nation's economy plummets further toward the bottom. The same might be said for Romney's TV advertisement attacking welfare recipients, an ad Fred Koch would have applauded.

Romney & Ryan Use Steve Martin's "I Forgot" and "Excuuuuse Me!"

Comedian Steve Martin did a comedy skit on Saturday Night Live back in the 1970s that seems to be prophetic about the way both Mitt Romney and his running mate, Paul Ryan, deal with problems. First they say "I Forgot" then they say "Excuuuuse Me!"

SNL Transcript Here

You.. can be a millionaire.. and never pay taxes! You can be a millionaire.. and never pay taxes! You say.. "Steve.. how can I be a millionaire.. and never pay taxes?" First.. get a million dollars. Now.. you say, "Steve.. what do I say to the tax man when he comes to my door and says, 'You.. have never paid taxes'?"

Two simple words. Two simple words in the English language: "I forgot!" How many times do we let ourselves get into terrible situations because we don't say "I forgot"? Let's say you're on trial for armed robbery. You say to the judge, "I forgot armed robbery was illegal."

Let's suppose he says back to you, "You have committed a foul crime. you have stolen hundreds and thousands of dollars from people at random, and you say, 'I forgot'?"

Two simple words: Excuuuuuse me!!"

"Excuuuse ME!" is the seventies version of Mitt Romney's "retroactively" apologizing or scrubbing records.

For instance, Mitt Romney probably hasn't paid much - if anything - towards income taxes for the past ten years. First he said he paid "plenty of taxes," but didn't indicate what kind of taxes he meant. Then last week he said this via AtlanticWire:

I did go back and look at my taxes and over the last 10 year I never paid less than 13 percent. I think the most recent year is 13.6 percent or something like that. I paid taxes every single year. Harry Reid's charge is totally false. I'm sure waiting for Harry to put up who it was that told him what he says they told him. I don't believe it for a minute by the way. Every year I've paid at least 13 percent, and if you add in addition the amount that goes to charity, why, the number gets well above 20 percent.

But some are asking, 13% of what? Just his net worth, or his total portfolio? How much is sheltered overseas? We will probably never know.

Instead of risking being caught in another lie, he is simply not releasing his tax returns. When Harry Reid and the Dems call him out on it, he says "Excuuuuse Me, I have done the legally required minimum." His wife Ann vows "there will be no more returns for you," and figuratively "off with their heads if they ask" in every interview. "You People just don't deserve to know. Trust us, we're rich."

It's a classic Steve Martin defense. "Excuuuuuse Me!"

When Mitt was running for Governor of Massachusetts, he insisted that he had legally declared that state as his home on his income taxes instead of Utah where he actually resided. He needed to be a legal resident of Massachusetts in order to be the Governor - that makes sense, right? At one point, he listed his residence as the unfinished basement of his son Tagg. It was only when Romney got caught that he said "Excuuuse Me" and "retroactively" refiled his taxes with a Massachusetts address that he could run for governor. Whoops - I just forgot!

Romney was questioned about documents and letters he signed as CEO of Bain Capital when he was supposedly no longer involved in that company, having technically "quit" to work on the Utah Olympics, even though he was listed as CEO and Top Shareholder. Back in July, his top advisor Ed Gillespie explained to Candy Crowley of CNN that he had "Resigned Retroactively."
As Politicus snarks:

. . . Oh, and of course, he gets to tell you whatever he wants and you have to believe. Just trust. You wouldn’t understand. He’s a businessman (aka, divine, untouchable God).
Also, he can claim he was in Massachusetts to conduct business for Bain and therefore eligible to run for Governor, but years later he can say he had retired retroactively and just forgot to get around to filing stuff.
So, hey, Americans! Those tax returns you have to be so careful on, heck, you can just forget to file that you left that company you’re making all of that profit from — and you can forget to tell the SEC . . .

As Steve would say "I forgot!" That should be enough for anyone, right?

And now his sidekick and veep pick Paul Ryan is using the same defense. As a Congressman he spoke out against Obama's stimulus package for the states, and told a radio caller that he never requested funds, only then the AP found a bunch of letters signed by Ryan requesting jobs from the Department of Energy for his district in Wisconsin.

Ryan's repsonse ~ "Oh, those letters."

Yes sir - the ones with your signature, the ones you can see HERE.

ABC New Story

After repeated denials, Paul Ryan has admitted he requested stimulus cash even after sharply criticizing the program.
Ryan had denied doing so as recently as Wednesday, when he spoke to ABC’s Cincinnati affiliate, WCPO, in Ohio.

“I never asked for stimulus,” Mitt Romney’s new running mate said. “I don’t recall… so I really can’t comment on it. I opposed the stimulus because it doesn’t work, it didn’t work.”

Two years ago, during an interview on WBZ’s NewsRadio he was asked by a caller if he “accepted any money” into his district. Ryan said he did not.
“I’m not one [of those] people who votes for something then writes to the government to ask them to send us money. I did not request any stimulus money,” the congressman answered.

But as we’ve now learned, Ryan did write letters. He did request stimulus funds.
“The Olympics may be over but Paul Ryan could have gotten a gold medal in hypocrisy,” a senior administration official told ABC’s Jake Tapper. “As someone who spends all day every day railing against government spending, but then secretly seeks millions in funds for pet projects, he is as Washington as it gets.”

But that's okay ~ he just forgot! "Excuuuuuuuuuse MEEEEEEEEEEEE!"

Paul Ryan Two Tax Returns, Romney Less

Exactly one week after being named VP choice by Mitt Romney, Paul Ryan has released two years of tax returns. In releasing just two, he is displaying solidarity with Mitt, and probably showing less than he had to do while being vetted by the Romney campaign, since Tim Pawlenty admitted to showing them "bunches" of returns. Hypocrisy, thou name art Romney.

Huff Post Story

The Republican vice presidential candidate and his wife paid an effective tax rate of 15.9 percent in 2010 and 20 percent in 2011.
They paid $34,233 in taxes on an adjusted gross income of $215,417 in 2010, and paid $64,764 in taxes on an adjusted gross income of $323,416 in 2011.

Milwaukee Journal-Sentinal Story

. . . A Ryan aide told the Journal Sentinel last week that a portion of Ryan's investment income is from holdings that belonged to his wife.
"As these are properties Rep. Ryan 'married into,' for lack of a better term," Ryan spokesman Kevin Seifert said last week, "he does not play an active role in them and has no plans to."
Seifert said last week that the Ryans' investments include several companies that lease land and mineral rights to energy companies.

Those holdings have resulted in some critics pointing out that Ryan's federal budget plan keeps a tax deduction for land owners who lease property for drilling. The Ryans' received a $2,543 deduction last year, and other family members in the partnership presumably would have also received deductions.

Meanwhile, the Obama campaign continued to pressure Romney to release more than the 1-1/2 tax returns he has offered so far. They suggested a deal, which Romney refused. I think that was rather stupid on the part of the Romney campaign because it reinforces the idea that the candidate is hiding something.

Washington Post Story

In a letter Friday to Romney campaign manager Matt Rhoades, Obama reelection campaign manager Jim Messina pledged that if Romney released five years of tax returns filed from 2007 to 2012, the Obama campaign in turn would stop criticizing the Republican candidate for not making public more of his returns. Messina said the offer addresses Romney’s apparent “fears that the more he offers, the more our campaign will demand that he provide.”
. . . Messina said Romney “would have to release only three more sets of returns in addition to the 2010 return he has released and the 2011 return he has pledged to provide.”
. . . Rhoades promptly rejected the offer, telling Messina in an e-mail: “It is clear that President Obama wants nothing more than to talk about Governor Romney’s tax returns instead of the issues that matter to voters, like putting Americans back to work, fixing the economy and reining in spending.”

As Rachel Maddow pointed out tonight, "Precedent Matters." It may not be a "law" that Romney should relase more tax returns, but it's the custom of the country, the tradition, the way things are done.

Visit NBCNews.com for breaking news, world news, and news about the economy

Facebook Still Falling on Wall Street

I'm interested in economics mainly from a pschological or historical point of view, and I admit am not an investor of any kind, so from that perspective, it makes me a little proud of the prediction I made back in May when the Facebook IPO was about to be offered to the public:

In my opinion, and I'm not an economist but just an observer of human nature, this IPO may be happening just a little too late. Yes, there will be billionaires who build fortunes by selling out quickly, but some people - probably the small investors again, *sigh* - are going to lose a mint.

All my Posts about the Facebook IPO Here

What I discovered as the Facebook story unfolded was that the offering price of $38 was set way too high to begin with, and there was buyer's remorse right away due to problems with the Nasdaq (see Wall Street Journal video below). So there was a very small window of happiness with the stock which was mostly due to pre-IPO hype. Some buyers wanted to sell but were prohibited for 3 months. That period ended today and what happened ~ they sold off big time, so that Facebook's value fell to a new low.

From Reuters:

More than 270 million shares owned by early investors became available for trade on Thursday after a 3-month curb on sales ended. That's more than half the 421 million shares sold in its initial public offering on May 18.
. . . Analysts say Thursday's frenetic trading offers a taste of what may transpire in November, when many of the social network's employees get to cash in stock awards for the first time.
"An incredible amount, all the shares coming," said Steve Birenberg, president of Northlake Capital Management and portfolio manager for Entermedia Growth Partners, a hedge fund.
. . . The stock, which debuted at $38, fell as much as 7.1 percent to a all-time low of $19.69 before ending the day at $19.87.

Will employees really display a lack of brand loyalty and flood the market with shares in November? I think they probably will. None of it has played out in the market as promised, and the chance for making a killing is gone now. Most predictions for the economy are negative going into next year, so why hold a risky stock? It does worry me that it might happen close to the presidential election but that's unavoidable.

Facebook is still around and millions of people use it every day, but I still believe that it peaked a long time ago and isn't really the gold standard of social media anymore. I'll make another prediction just from my gut - Facebook will drift along sideways for the next couple of years, but probably won't rise above $25 a share again. If I'm wrong - if Facebook revamps with some fabulous new technology and becomes relevant again - I will be the first to admit that I was wrong. But I don't think I'm wrong. It might even fall lower or disappear entirely, but I won't go that far.