The Buck Stops Here

Buck McKeon Votes Against Creating 8,400 New Jobs in His Own District

2009-02-17T19:42:00.000-08:00

The White House released a report today estimating the employment impact of the American Recovery and Reinvestment Act of 2009. The report estimates:

The compromise package of $789 billion will create or save 3.5 million jobs over the next two years. Jobs created will be in a range of industries from clean energy to health care, with over 90% in the private sector.

According to the report, California Congressional District 25 (nominally represented by Buck McKeon) will get an estimated 8,400 jobs.

Buck McKeon voted against the American Recovery and Reinvestment Act. Therefore, he voted against jobs for 8,400 citizens whom he represents.

Did Buck McKeon just vote against your next job?

Not to worry. On November 2, 2010 you can vote against his.

Buck McKeon to Blame for Economic Disaster

2009-02-16T13:10:00.000-08:00

This week Time published its 25 People to Blame for the Financial Crisis.

Included on the list are such familiar faces as Phil Gramm (#1), George W. Bush (#16), Alan Greenspan (#17), Hank Paulson (#18), and Bill Clinton (#23).

Congressman Buck McKeon did not make the top 25, but he surely shares some of the blame.

The two pieces of legislation that led directly to the current financial crisis were the Gramm-Leach-Bliley Act and the Commodity Futures Modernization Act.

Phil Gramm is #1 on the list for crafting and pushing these disastrous bills.

Bill Clinton is #23 because he signed them into law after they were passed by the Republican Congress.

The Gramm-Leach-Bliley Act repealed the 1933 Glass-Steagall Act, which regulated the banking industry for the express purpose of preventing another Great Depression.

The Commodity Futures Modernization Act deregulated credit default swaps, which were a primary cause of our economic collapse.

Former banker Buck McKeon voted for both of these Republican bills.

Former Republican Senator Phil Gramm may be the person most responsible for the current economic disaster, but he couldn't have succeeded in destroying our economy without the rubber-stamp votes of fellow Republicans like Buck McKeon.

Buck McKeon Votes Against the Biggest Tax Cut in History

2009-02-13T21:28:00.001-08:00

Congress today passed the biggest tax cut in history.

Buck McKeon voted against it.

President Obama is expected to sign the American Recovery and Reinvestment Act of 2009 within days. The "stimulus bill" contains $282 billion in tax cuts over two years. Most Americans — an estimated 95% — will receive some tax relief. The middle class will benefit most. The rich? Not so much.

Under former President Bush, rubber-stamp Republican Buck McKeon repeatedly voted to give tax cuts to multinational corporations and high-flying billionaires. He voted to spend $700 billion to make sure investment bankers didn't lose their year-end bonuses.

Now he votes against tax cuts for the middle class.

Of course, Buck McKeon doesn't represent the middle class. Never has. He's counting on his big-money donors to save him from the wrath of middle-class voters in 2010.

Good luck, Buck.

Buck McKeon: Usurer

2009-02-02T06:00:00.000-08:00

Before he became a congressman, Buck McKeon was a banker. As a banker, he lent money at interest. Lending money at interest is usury. Usury is a sin.

In the Inferno, Dante consigned usurers to the seventh circle of Hell, along with blasphemers and sodomites. Early and medieval Christians believed that loaning money at interest was evil, because the Bible told them so:

If thou lend money to any of My people, even to the poor with thee, thou shalt not be to him as a creditor; neither shall ye lay upon him interest.
— Exodus 22:24

And if thy brother be waxen poor, and his means fail with thee; then thou shalt uphold him: as a stranger and a settler shall he live with thee. Take thou no interest of him or increase; but fear thy God; that thy brother may live with thee. Thou shalt not give him thy money upon interest, nor give him thy victuals for increase.
— Leviticus 25:35-37

Thou shalt not lend upon interest to thy brother: interest of money, interest of victuals, interest of any thing that is lent upon interest. Unto a foreigner thou mayest lend upon interest; but unto thy brother thou shalt not lend upon interest; that the LORD thy God may bless thee in all that thou puttest thy hand unto, in the land whither thou goest in to possess it.
— Deuteronomy 23:20-21

But love ye your enemies, and do good, and lend, hoping for nothing again; and your reward shall be great.
— Luke 6:35

Even pagans thought banking was evil:

"And what do you think of usury?"
"What do you think of murder?"
— Cato, De Re Rustica

Today, we no longer think of usury as evil. Few would equate banking with murder. Even good Christians, who once considered banking to be as sinful as homosexuality or taking the Lord's name in vain, now embrace usury as a central and necessary part of modern life. Most Christians want to be like Christ — except, of course, for the whole poverty thing.

Buck McKeon was once a usurer. Now he's a congressman who voted to give $700 billion to usurers (rather than, say, to help the poor).

Maybe that's not un-Christian. Maybe that's not a sin.

I suppose he'll find out when he's dead.

Buck McKeon Votes Against Funding "No Child Left Behind"

2009-02-02T05:40:00.000-08:00

Congressman Buck McKeon was for the No Child Left Behind Act before he was against it.

He voted for Bush's initiative in 2001, but this week he voted against fully funding it. The American Recovery and Reinvestment Act of 2009 includes $26 billion for the No Child Left Behind Act and the Individuals with Disabilities Education Act.

Perhaps it's not surprising, given Buck McKeon's anti-education voting record. After all, the National Education Associates gave Buck McKeon a truly dismal %25 rating on education issues.

Buck McKeon wants to eat his cake and have it too. He wants to pretend he supports education, while he tries to obstruct every attempt by Democrats to educate kids, repair schools, and help students earn a college degree.

Buck McKeon Stimulates Bankers, Sticks It to Workers

2009-01-31T17:58:00.000-08:00

Former banker Buck McKeon voted for the $700 billion banker bailout, but against the creating jobs for low-income and middle-class workers.

In today's address, President Obama takes note of this outrage:

Last year Congress passed a plan to rescue the financial system. While the package helped avoid a financial collapse, many are frustrated by the results -- and rightfully so. Too often taxpayer dollars have been spent without transparency or accountability. Banks have been extended a hand, but homeowners, students, and small businesses that need loans have been left to fend on their own.

The American Recovery and Reinvestment Act of 2009 is supported by many Republican governors, but not by obstructionist Buck McKeon, who wants socialism for Wall Street and Darwinism for Main Street.

Here is President Obama's address in full:

Buck McKeon "Frightened" by His Own Policies

2009-01-31T17:22:00.000-08:00

In explaining his vote against the American Recovery and Reinvestment Act of 2009 (the stimulus bill), obstructionist Buck McKeon issued a shockingly hypocritical statement, saying:

With California’s unemployment rate up over 9%, it is clear that Congress has to act, but adding an astounding $1.1 trillion to the nation’s deficit for spending and growing the government is a frightening proposition.

If $1.1 trillion in proposed deficit spending is frightening now, just think how much more frightened Buck McKeon must have been at the $11.5 trillion spent during the Bush administration, which Buck McKeon supported.

The Bush-era spending that Buck McKeon supported:

Wall Street Bailouts - $6 trillion
Iraq and Afghanistan - $3 trillion
Tax Cuts and Deficit Spending - $2 trillion
Hurricanes Katrina and Rita - $270 billion
9/11 - $260 billion

Oh, and that 9% California unemployment rate? That's a direct result of eight years of Republican policies, which Buck McKeon voted for every step of the way.

Buck McKeon Rubber-Stamped Bush's Epic Failures

2009-01-31T16:58:00.000-08:00

It's worth looking back on Buck McKeon's abysmal record during the Bush years, especially now that he wants us to forget what he's been up to since 2000.

For a quick recap, here's an anti-Buck McKeon campaign ad from 2006:

Highlights from the ad (figures are from 2006):

- Buck McKeon supported Bush 92% of the time
- Buck McKeon supported illegal wiretaps
- Buck McKeon took $23,850 from drug companies

Now that a Democrat is in the White House, Buck McKeon wants to pretend he had nothing to do with the disasters of the Bush administration. But his record is clear. The current economic collapse is a direct result of policies Buck McKeon supported and voted for. And that's just the tip of the iceberg.

Buck McKeon has a lot to answer for.

Buck McKeon Hates Democracy in the Workplace

2009-01-30T17:48:00.001-08:00

Unions are democracies. Corporations are dictatorships.

In unions, workers vote for leaders who represent their interests to an employer. In corporations, one person, the CEO, rules in consultation with a politburo, the board of directors.

Corporations are, in effect, totalitarian regimes.

Congressman Buck McKeon is against unions, and a strong supporter of corporate dictatorships.

It's odd, then, to read Buck McKeon's opinion piece in today's Signal, where he appears to champion the cause of democracy in the workplace. He claims that if Democrats pass the Employee Free Choice Act, they would:

...betray the very principles of freedom and democracy that they so eloquently and vociferously defended.

What's going on here?

Basically, Buck is being dishonest. And he knows it.

Here's the deal. Under the National Labor Relations Act, corporations can demand a secret ballot before recognizing a new union. This secret ballot is supposed to help workers determine whether or not they should unionize.

But corporations don't want workers to unionize. They have no incentive to hold free and fair elections. In fact, they have strong disincentives, because unions make a lot of demands on CEOs, like better pay, benefits, and working conditions. The best way for a corporation to guarantee that their workers never unionize is to demand a secret ballot but never actually hold one.

This is exactly what happens. Workers rarely get to vote on forming unions because employers can delay elections forever.

It's like ordering Saddam Hussein to hold free and fair elections. Saddam would just laugh in your face.

The Oakland Tribune explains:

...corporate threats, intimidation and eventual firings have become common for union activists. By dragging out the election process, companies often succeed in wearing down union enthusiasm....

The Employee Free Choice Act, known as "card check," makes workplace voting easier, and takes away a company's ability to demand and then block secret elections.

Buck McKeon paints the current debate as a choice between secret ballots and open ballots. But the real choice is between open ballots and no ballots at all.

The dissembler states:

Put another way, card check may bring forced unionization through peer pressure, or worse, coercion and outright intimidation.

But corporate intimidation is the standard practice today. This is one reason union membership has dropped in the past few decades. And as unions became weaker, worker salaries stagnated, CEO salaries skyrocketed, and the bottom dropped out for the middle class.

Republicans like to point out that Obama was elected by a secret ballot, but now he wants to get rid of the secret ballot system for unionizing. That's true. But presidential elections are mandated by the U.S. Constitution. American workers have no law that guarantees workplace elections, and no impartial referee to supervise those elections.

This needs to change.

The Employee Free Choice Act can, must, and will become law.

If we can bring democracy to Iraq, surely we can bring it to corporate America.

Buck McKeon Votes Against Lowering Health Care Costs

2009-01-30T00:52:00.003-08:00

The American Recovery and Reinvestment Act of 2009 creates incentives for health care providers to use health information technology which will reduce health care costs for providers and lower premiums for subscribers.

This will create jobs, stimulate the economy, and cut health care costs.

Buck McKeon voted against it.

Buck McKeon Votes Against Health Insurance for Unemployed Workers

2009-01-30T00:49:00.000-08:00

The American Recovery and Reinvestment Act of 2009 assists with COBRA payments for certain unemployed workers.

This will create jobs, stimulate the economy, and help laid-off workers survive hard times.

Buck McKeon voted against it.

Buck McKeon Votes Against Medicaid for Unemployed Workers

2009-01-30T00:46:00.000-08:00

The American Recovery and Reinvestment Act of 2009 extends Medicaid coverage to certain unemployed workers.

This will create jobs, stimulate the economy, and help laid-off workers survive hard times.

Buck McKeon voted against it.

Buck McKeon Votes Against Assistance for Needy Families

2009-01-30T00:43:00.000-08:00

The American Recovery and Reinvestment Act of 2009 provides funding to states for spending on the Temporary Assistance for Needy Families program.

This will create jobs, stimulate the economy, and help poor families survive hard times.

Buck McKeon voted against it.

Buck McKeon Votes Against Temporary Increase in Unemployment Benefits

2009-01-30T00:41:00.000-08:00

The American Recovery and Reinvestment Act of 2009 temporarily increases the amount of unemployment benefits.

This will create jobs, stimulate the economy, and help laid-off workers survive hard times.

Buck McKeon voted against it.

Buck McKeon Votes Against Unemployment Benefits

2009-01-30T00:38:00.000-08:00

The American Recovery and Reinvestment Act of 2009 funds emergency unemployment benefits for those who exhaust the amount of benefits they collect.

This will create jobs, stimulate the economy, and help laid-off workers survive hard times.

Buck McKeon voted against it.

Buck McKeon Votes Against Tax Credits for Lower Income Families

2009-01-30T00:34:00.001-08:00

The American Recovery and Reinvestment Act of 2009 increases the earned income tax credit for lower income families with three or more qualifying children.

This will create jobs, stimulate the economy, and help struggling families.

Buck McKeon voted against it.

Buck McKeon Votes Against Tax Credits for Renewable Energy

2009-01-30T00:30:00.000-08:00

The American Recovery and Reinvestment Act of 2009 extends tax credits for renewable energy production.

This will create jobs, stimulate the economy, protect our environment, and reduce our dependence on foreign oil.

Buck McKeon voted against it.

Buck McKeon Votes Against Tax Credits for Higher Education

2009-01-30T00:27:00.000-08:00

The American Recovery and Reinvestment Act of 2009 increases tax credits for higher education.

This will create jobs, stimulate the economy, and help students earn a college degree.

Buck McKeon voted against it.

Buck McKeon Votes Against Tax Credits for the Middle Class

2009-01-30T00:24:00.000-08:00

The American Recovery and Reinvestment Act of 2009 provides refundable tax credits for middle and lower income families.

This will create jobs and stimulate the economy.

Buck McKeon voted against it.

Buck McKeon Votes Against Community Development

2009-01-30T00:21:00.000-08:00

The American Recovery and Reinvestment Act of 2009 grants money to states and cities for community development.

This will create jobs and improve quality of life.

Buck McKeon voted against it.

Buck McKeon Votes Against Housing Assistance Programs

2009-01-30T00:18:00.000-08:00

The American Recovery and Reinvestment Act of 2009 funds housing assistance programs administered by the Department of Housing and Urban Development.

This will create jobs and improve living conditions.

Buck McKeon voted against it.

Buck McKeon Votes Against Highway Construction

2009-01-30T00:17:00.001-08:00

The American Recovery and Reinvestment Act of 2009 funds highway construction.

This will create jobs and improve quality of life.

Buck McKeon voted against it.

Buck McKeon Votes Against Funding Information Technology for the State Department

2009-01-29T23:40:00.000-08:00

The American Recovery and Reinvestment Act of 2009 funds information technology projects at the State Department.

This will create jobs and modernize our diplomatic services.

Buck McKeon voted against it.

Buck McKeon Votes Against Funding Department of Veterans Affairs

2009-01-29T23:36:00.001-08:00

The American Recovery and Reinvestment Act of 2009 includes funding for the Department of Veterans Affairs to be used for maintaining VA medical facilities and cemeteries.

This will create jobs and help our military veterans.

Buck McKeon voted against it.

Buck McKeon Votes Against Defense Construction Projects

2009-01-29T23:30:00.000-08:00

The American Recovery and Reinvestment Act of 2009 funds defense construction projects including hospitals, barracks, and daycare centers.

This will create jobs, improve health, and help defend our nation.

Buck McKeon voted against it.

Buck McKeon Votes Against Elementary School and High School Educational Programs

2009-01-29T23:26:00.000-08:00

The American Recovery and Reinvestment Act of 2009 funds educational programs aimed at elementary and secondary education.

This will create jobs and help students learn.

Buck McKeon voted against it.

Buck McKeon Votes Against Student Financial Aid

2009-01-29T23:22:00.000-08:00

The American Recovery and Reinvestment Program of 2009 funds Pell Grants and other student financial aid.

This will create jobs and help students earn a college degree.

Buck McKeon voted against it.

Buck McKeon Votes Against Renovating Elementary and Secondary Schools

2009-01-29T23:16:00.000-08:00

The American Recovery and Reinvestment Act of 2009 funds the renovation of elementary and secondary schools.

This will create jobs and provide a safer learning environment for our children.

Buck McKeon voted against it.

Buck McKeon Votes Against Funding Employment Training Programs

2009-01-29T23:13:00.000-08:00

The American Recovery and Reinvestment Act of 2009 funds the labor and employment training programs of the Department of Labor.

This will create jobs and help unemployed people upgrade their skills.

Buck McKeon voted against it.

Buck McKeon Votes Against Funding Department of Health and Human Services

2009-01-29T23:09:00.000-08:00

The American Recovery and Reinvestment Act of 2009 funds the Department of Health and Human Services.

This will create jobs and improve health.

Buck McKeon voted against it.

Buck McKeon Votes Against Funding National Parks and Fire Management

2009-01-29T23:04:00.000-08:00

The American Recovery and Reinvestment Act of 2009 funds capital improvements and maintenance for the Forest Service and National Parks Service, the Superfund program, and wildland fire management.

This will create jobs, protect the environment, and help fight wildfires.

Buck McKeon voted against it.

Buck McKeon Votes Against Clean Water Programs

2009-01-29T22:44:00.000-08:00

The American Recovery and Reinvestment Act of 2009 funds clean water programs and water infrastructure projects.

This will create jobs, protect our environment, provide clean drinking water, and improve people's health.

Buck McKeon voted against it.

Buck McKeon Votes Against Repairing Federal Facilities

2009-01-29T22:39:00.000-08:00

The American Recovery and Modernization Act of 2009 funds the construction and repair of Federal facilities.

This will create jobs and improve safety in the workplace.

Buck McKeon voted against it.

Buck McKeon Votes Against Modernizing Our Electrical Grid

2009-01-29T22:32:00.001-08:00

The American Recovery and Reinvestment Act of 2009 will modernize our nation's electrical grid.

This will create jobs and improve our quality of life.

Buck McKeon voted against it.

Buck McKeon Votes Against Funding Army Corps of Engineers

2009-01-29T22:27:00.000-08:00

The American Recovery and Reinvestment Act of 2009 increases funds to the Army Corps of Engineers. You know, the same group that pleaded for funds to improve the New Orleans levees in the years before Hurricane Katrina.

This will create jobs and help keep our nation safe from natural disasters.

Buck McKeon voted against it.

Buck McKeon Votes Against Renewable Energy Programs

2009-01-29T22:21:00.000-08:00

The American Recovery and Reinvestment Act of 2009 funds energy-related research and development, including renewable energy programs and the expansion of existing weatherizing activities.

This will create jobs, save energy, fight global warming, increase our knowledge, reduce our dependence on foreign oil, and help keep our nation safe.

Buck McKeon voted against it.

Buck McKeon Votes Against Improving Army Barracks

2009-01-29T22:18:00.000-08:00

The American Recovery and Reinvestment Act 0f 2009 includes funding to improve Army barracks.

This will create jobs and help keep our nation safe.

Buck McKeon voted against it.

Buck McKeon Votes Against Improvements to Department of Defense

2009-01-29T22:13:00.000-08:00

The American Recovery and Reinvestment Act of 2009 includes funding for energy efficiency projects and the modernization of heating/cooling and electrical systems at the Department of Defense.

This will create jobs, save energy, fight global warming, and help keep our nation safe.

Buck McKeon voted against it.

Buck McKeon Votes Against Funding Department of Defense

2009-01-29T22:10:00.001-08:00

The American Recovery and Reinvestment Act of 2009 includes funding for the repair, maintenance, and renovation of Department of Defense facilities.

This will create jobs and help keep our nation safe.

Buck McKeon voted against it.

Buck McKeon Votes Against Funding for the Community Oriented Policing Services

2009-01-29T22:03:00.000-08:00

The American Recovery and Reinvestment Act of 2009 includes funding for the Community Oriented Policing Services.

This will create jobs and reduce crime.

Buck McKeon voted against it.

Buck McKeon Votes Against Funding for Science and Technology Research

2009-01-29T21:59:00.000-08:00

The American Recovery and Reinvestment Act of 2009 includes funding for science and technology research.

This will create jobs and increase our knowledge.

Buck McKeon voted against it.

Buck McKeon Votes Against Improving our Criminal Justice System

2009-01-29T21:54:00.000-08:00

The American Recovery and Reinvestment Act of 2009 includes improvements to the criminal justice system.

This will create jobs and reduce crime.

Buck McKeon voted against it.

Buck McKeon Votes Against Infrastructure Improvements

2009-01-29T21:51:00.000-08:00

The American Recovery and Reinvestment Act of 2009 includes programs to improve infrastructure and develop rural communities.

This will create jobs and improve quality of life.

Buck McKeon voted against it.

Buck McKeon Votes Against Expanding Broadband Internet Access

2009-01-29T21:48:00.000-08:00

The American Recovery and Reinvestment Act of 2009 includes an expansion of broadband internet access to rural areas of America.

This will create jobs and help more people join the new economy.

Buck McKeon voted against it.

Buck McKeon Votes Against Food Stamp Program

2009-01-29T21:41:00.000-08:00

The American Recovery Act and Reinvestment Act of 2009 includes an increase in the maximum benefit under the food stamp program known as the Suplemental Nutritional Assistance Program.

This program helps poor people eat.

Buck McKeon voted against it.

Buck McKeon Votes Against Fair Pay for Women

2009-01-27T18:06:00.000-08:00

In his continued war on equal rights for women, Republican Congressman Buck McKeon voted against the Lilly Ledbetter Fair Pay Act, which will allow women to challenge pay discrimination by effectively asserting their rights under the existing federal anti-discrimination laws.

Buck McKeon called the bill a "boondoggle." His argument is that if women are allowed to sue for pay discrimination, it will lead to frivolous lawsuits.

The majority of the House of Representatives, however, do not think women's complaints are frivolous. The law passed today with a vote of 250-177.

In an interesting demonstration of how this is a gender issue rather than a political party issue, all female Republican senators voted in favor of the senate version of the bill.

Who Are These 40% of Americans Who Don't Pay Income Tax?

2009-01-21T22:59:00.000-08:00

Republicans like to quote the statistic that 40% of Americans don't pay Federal income tax.

Congressman Buck McKeon brought up this talking point recently:

"It's not really so much a tax cut as a stimulus package," McKeon said "They (Democrats) want to give people who don't pay federal income taxes a check just so they'll spend it and that will then be a boom to the economy."

(Emphasis mine.)

What?!? Those people didn't pay income taxes, and now that liberal socialist Obama is going to give those good-for-nothings a check? That's outrageous! That's highway robbery! That's —

Wait a minute.

Who are all these people?

Buck doesn't mention the statistic, but the Republican talking point says it's 40% of Americans.

How can that possibly be?

Here's the trick: they don't count payroll tax.

You know, the money your employer takes out of your paycheck every two weeks and gives to the Federal government.

You thought that was income tax?

No, that's payroll tax. (Or what I like to call the Ronald Reagan Tax.)

That's right. If you're a lower-income or middle-class worker paying the 15.3% payroll tax, and you get a refund at the end of the year, or come out even, then you, my friend, are one of those 40% (actually, 38%) of Americans who "don't pay federal income taxes."

In which case, yes, President Obama wants to cut your taxes.

And Buck McKeon's not too happy about that.

Welcome, SCVTalk Readers!

2009-01-15T10:37:00.001-08:00

I got a nice shout-out today from one of my favorite blogs, SCVTalk.com:

David Wisehart is a writer and he seems to be tired of having Congressman Howard “Buck” McKeon represent California’s 25th. So he’s started an interesting and well-written blog chronicling how the former banker/western wear proprietor/school board member/city council man votes in Congress and he’s been at it for a few months.

Thanks, Jeff.

Now that the new congress is in session and Buck is back to his obstructionist ways, I'll be posting more often. Someone has to keep our congressman honest.

Thanks for stopping by.

Buck McKeon Loves Rich Bankers, Hates Poor Children

2009-01-14T15:38:00.000-08:00

Former banker Buck McKeon voted for the the $700 billion banker bailout, but...

Today Buck McKeon voted against the Children's Health Insurance Program. The bill will provide $32.3 billion to cover the seven million kids who now rely on the SCHIP program, and will extend health benefits to an additional four million uninsured children.

Fortunately, the bill passed with an overwhelming majority in the House of Representatives.

No thanks to Buck McKeon.

Bastard.

Source: NY Times

Buck McKeon's Infamous Earmarks

2008-12-27T08:36:00.000-08:00

Lloyd Garver looks back at the year, highlighting some of the more egregious political scandals. Not to be left off the naughty list is Congressman Buck McKeon:

This was a year when some things were all turned around. I don't know about you, but I can remember when people went to banks for money instead of the other way around.

And didn't you think pirates were a thing of the past?

One of the most outrageous Congressional earmarks was $50,000 proposed by California Rep. Howard "Buck" McKeon. He felt the money should go to the National Mule and Packers Museum. And they say government doesn't support the arts.

Garver mentions a story about Burger King's new cologne, which makes a man smell like flame-broiled meat, then wraps things up with a little more snark for Buck McKeon:

If "Flame" actually turns out to be a hot product, watch for the banks to follow suit. They could sell "Bucks," a cologne that smells like money. That way, Americans can walk around in 2009 with nothing in their pockets, but at least they'll smell like money.

Nice.

Source: Norwich Bulletin

Buck McKeon: Bail Out Wall Street, not Main Street

2008-12-12T22:15:00.000-08:00

Buck McKeon voted for the $700 billion bailout for Wall Street.

But he voted against the $14 billion bailout for the auto industry.

So let me see if I get this straight...

Buck McKeon is in favor of giving taxpayer dollars to multi-millionaires who gambled and lost in the financial markets, but turns a cold shoulder to middle-class Americans struggling to hang on to their jobs and support their families.

Of course, no one thinks the auto bailout is a perfect piece of legislation. It's a stop-gap measure meant to help American automakers survive long enough for the Obama administration to find a better solution next year. But those 2-3 million auto industry jobs are worth saving. Letting GM, Chrysler, and Ford collapse would send shockwaves through our devastated economy.

Apparently Buck isn't satisfied with the current Republican recession. He's willing to drive us into another depression.

For what? A discredited ideology? Revenge against unions? Knee-jerk obstructionism?

What the hell is this man thinking?

Of course, former banker Buck McKeon pretends to sympathize:

“Employers and families across America are struggling to meet their financial obligations and remain prosperous at a time when the economy has weakened to recession levels,” McKeon said. “The auto industry in particular has been hit by low consumer confidence and spending, which has in turn created a spiked decrease in automobile manufacturing. The consequences to a failed auto industry are dire, to be certain, based solely on the potential for job losses in a massive production environment. While it is clear something must be done to restructure the automobile industry, I don’t believe a taxpayer-funded bailout is the answer, so I voted against the bailout legislation.”

Crocodile tears.

Auto workers are not responsible for the collapse of the auto industry. Consumers have stopped buying cars because they can't get credit. They can't get credit because the banks won't loan. The banks won't loan because they don't trust each other. They don't trust each other because no one understands the shadow banking system. No one understands the shadow banking system because of deregulation. Deregulation is the result of...

...guys like Buck McKeon.

Buck McKeon voted in favor of socialism for the rich. But he won't lend a hand to hard-working Americans. Once again, Buck gives the middle class the middle finger.

Gas Bag

2008-11-25T21:55:00.000-08:00

Back in May, when the average nationwide price for a gallon of gas was $3.94 and Santa Clarita residents were paying north of $4 per gallon, professional bloviator Buck McKeon blamed Democrats for the rise in prices.

Now that gas prices in Santa Clarita are below $2 again, will McKeon give Democrats credit?

Fat chance.

As reported in the The Signal (5/29/08):

Under the Democrat plan, McKeon stated that gas prices would only be cut five cents.

But McKeon claimed he had a better idea:

The plan, which calls for bringing deepwater oil drilling online and onshore oil drilling online in Alaska, building new refineries and cutting earmarks to fund the gas tax holiday, would lower gas prices by at least $1.98 per gallon.

In truth, neither plan went into effect, and yet gas prices were cut in half.

Hmm.

If Democrats can't take the credit for falling gas prices, then maybe they shouldn't get the blame for rising gas prices.

The senior congressman did, however, make an interesting historical comparison:

"When I was young, I paid 25 cents per gallon for gas," McKeon said.

Okay, Buck, we get it. You're really, really old.

Buck McKeon was born in 1938. So he would have started buying gas as a teenager in the mid 1950s. And indeed, the average gas price in the 1950s was 29 cents per gallon.

How much is that in inflation-adjusted dollars? $2.17 per gallon.

How much is gasoline in Santa Clarita today? $1.89 per gallon.

Wow. In the last fifty years, inflation-adjusted gas prices have dropped nearly 30 cents per gallon.

So if, as Buck McKeon implies, Democrats are responsible for gas prices, then Democrats rock!

Buck McKeon tax plan: no gain, no pain

2008-11-22T20:12:00.000-08:00

Republicans have long wanted to eliminate the capital gains tax. This will, they promise, encourage investment, stimulate our economy, and provide bottled hot water to dehydrated babies. Now that the invisible hand of the free market has reached out touched us all with its middle finger, the stock market crash has done for the grand old party what decades of political corruption could never achieve. Republicans have finally eliminated the capital gains tax — by eliminating capital gains.

Representative Buck McKeon, however, hasn’t quite figured this out. He’s a little slow on the uptake. Grand old dinosaur that he is, McKeon lumbers about the halls of congress bellowing the same tired nonsense.

Here, for example, is a hilarious bit from a recent email titled “The road to financial recovery,” which Buck sent to his constituents:

At a time of economic uncertainty, Congress should do everything in its power to encourage investment to help spur economic growth. To that end, this plan immediately and completely suspends capital gains taxes for individuals and employers on newly acquired assets for the next two years. This will not only encourage investment, but it will boost the value of sagging 401(k) accounts on behalf of workers and retirees.

It’s nice to know Buck can still warble the golden oldies.

Unfortunately, suspending the capital gains tax will do nothing to boost 401(k) accounts, which are now crashing in sympathy with the stock market. As the L.A. Times reports:

So far this year, the average worker’s 401(k) account balance has dropped between 21% and 27%, depending on the worker’s age and time with his or her employer, according to the Employee Benefit Research Institute.

People invest in stocks because they think they’ll make money. If they believe a stock is declining in value, they won’t invest. And today, the stock market is crashing like a junkie:

click to enlarge (image from dshort.com)

No capital gains tax reduction will restore investor confidence until stocks find a bottom. Sometime next year, or the year after, stocks will reach their nadir, the lowest circle of this free market hell. Then begins the anabasis, the long climb back up. Investors once again will profit — at least those with substantial cash reserves, like Andrew Carnegie and John D. Rockefeller did after the Panic of 1873, buying up rival companies at fire-sale prices. The future captains of industry who profit from the coming misery can, must, and will pay capital gains taxes on those profits.

Of course, everyone hates taxes. That’s perfectly understandable. We love our freeways, but don’t want to pay for them. We admire public school teachers, but hope someone else will cover their wages. We support our troops, but please, God, not with our tax dollars. Yes, someone needs to pay our troops a decent salary, arm them with the equipment they need, and provide full health benefits to veterans, but does it really have to come out of our hard-earned taxes? Can’t we just let Chinese and Saudi investors pay for our military?

What? We’re already doing that?

Hmm.

Oh wait, I know, let’s just put magnets on our cars and call ourselves patriots.

We long for the easy way out, the free ride, something for nothing. For most of us, its human nature. For Republicans, it’s the party platform.

I agree with Joe Biden: paying taxes is an act of patriotism.

But here’s the thing about Republicans and taxes. Business conservatives are okay with taxes as long as the government doesn’t tax rich people or the companies they own.

Republicans love to tax work more than wealth.

What do I mean by that?

If you’re an average Joe earning your living through a salary, you pay federal income taxes of up to 35%. But if you’re a wealthy Joe making your living by chatting with your broker, you pay a long-term capital gains tax of 15%. Nice work if you can get it.

The capital gains tax is a regressive tax because it's lower than the tax on ordinary income: the more money you make, the lower your effective tax rate. The tax burden is shifted from the rich to the poor.

Warren Buffet (whom I greatly admire) didn’t get rich from any salary, but from investments. The source of his income gives him a huge tax break compared to most of the working world. And he knows it, too:

Last year, Buffett said, he was taxed at 17.7 percent on his taxable income of more than $46 million. His receptionist was taxed at about 30 percent.

But a 17.7% tax on wealth is still too much for for that rich man's lackey, Buck McKeon. He doesn’t want wealthy people to pay any taxes.

Remember, billionaires get most of their money from investments, not salary. It’s not ordinary income, but extraordinary income. If you reduce the capital gains tax to zero, you’ve essentially eliminated income taxes for the rich.

Coming soon: Buck McKeon’s plan to eliminate the sales tax on yachts and Learjets.

Agree? Disagree? Please leave a comment.