Separation of Church & State

So, I got into a discussion about this at the gym yesterday. What was I thinking? How is it that no one seems to know this stuff?

Despite popular belief, the separation of Church & State clause is no more in the constitution than the Santa clause. In 1947 a progressive Supreme Court justice, Hugo Black (appointed by the evil Franklin Roosevelt), somehow found it in the First Amendment establishment clause. You know it. “Congress shall make no law respecting the establishment of religion, or prohibiting the free exercise there of.” Black evidently saw something the founders didn’t & said, “ The first amendment has erected a wall between church & state. That wall must be kept high & impregnable. We cannot approve the slightest breach”. Kind of like the fence at our southern border, eh? It’s funny how judges refuse to look for our framers original intent. It’s not hard to find. I did. Thomas Jefferson explained it as a prevention of the establishment of a national religion. I understand that, but then I’m not a justice. Let’s see what James Madison said. You know, the guy that wrote the Constitution! He said, “ The people fear one sect might obtain a preeminence, or two combine together, and establish a religion to which they would compel others to conform.” How about we just go back to the constitution & stop relying on case law.

Soros Hedge Fund

So George, call me Jepedo, Soros has decided to take his Quantum Hedge Fund private. Wonder why he’s doing that? Well, the explanation is that new financial laws will cause conflicts of interest & investor reporting problems with the SEC. The new law reguires hedge funds to report outside investor information. Why would that be a problem? Why would an investor not want people to know he was invested in “The Devil’s” hedge fund? I, for one, would love to know who’s in bed with that evil bastard. I’m just sayin.

Republican spending cuts are Draconian

So I just heard Speaker Boehner touting the latest “Compromise”. It will cut spending by a whopping 1 trillion dollars (over 10 years). That’s a lot of money. Can we handle such deep & radical cuts? Not according to the dems. But a real quick & honest calculation will show us the following: 1 trillion over 10 years = 100 billion a year. We are currently borrowing between 100 & 140 billion per month (not per year). So the big spending cuts for the whole year will be absorbed in the first month they take place. UGH!

Lockout as Good as Over! (bout time)

The NFL lockout is finally coming to a close. The plan is for the 13 man Executive Committee to vote on the contract today. Then the 10 original plaintiffs will sign off on the deal. After that the 32 team player reps agree to it & then the vote by the balance of the players would take place. A simple majority would certify the contract.

Tuesday would see team facilities open & the signing of draft picks & rookie free agents. Teams could begin speaking with free agents on Tuesday & free agency would begin Friday evening. Some teams would begin camp on Wednesday, some Thursday, Friday & Sunday.

Subsidizing Big Oil

 

So let’s take away the subsidy (definition below) the government provides to the evil oil companies. There’s a problem though. The government doesn’t do that. They do, however, provide them with tax deductions. You know, the kind that allowed GE to pay less in taxes than the average welfare recipient. Here’s a summary of the tax deductions the oil companies are afforded.

1. Intangible Drilling costs — this is merely a deduction for 100% of the exploration costs in the year they are spent. It’s only 70% for big oil companies in the first year.

2. Foreign tax credit — allows companies to offset taxes paid to other countries.

3. Domestic Manufacturer’s Deduction — allows a deduction of 9% of income earned from anyone manufacturing, producing, growing or extracting in the United States except for oil companies. They only get a 6% deduction.

4. Depletion allowance — available to oil and mining companies and is a deduction of a percentage of the gross income from a well or mine to take into consideration that the well or mine will eventually run dry. Not available to companies that refine and market it, i.e., the big oil companies.

5. LIFO — last in first out is an accounting practice that provides that companies sell the most recently acquired inventory items first. Profits are reduced by the cost of the goods sold, and the higher the cost the lower the taxable profit. Companies in industries experiencing rising prices generally prefer LIFO accounting.

6. Expensing tertiary recovery injectants — companies are currently allowed to treat as an expense the cost of the stuff they pump into the ground to break loose trapped oil and gas.

7. Geological and Geophysical costs — small companies can expense exploration costs over two years, big oil companies can do it over seven years.

8. EOR and Marginal well credits — apply only when oil prices are much lower than they are now, $42 for EOR credit and $27 for marginal well credit, and were implemented to encourage production when oil prices are low.

 sub·si·dy

 /ˈsʌbdi/ Show Spelled[suhb-si-dee] Show IPA

–noun, plural -dies.

1.

a direct pecuniary aid furnished by a government to a private industrial undertaking, a charity organization, or the like.
2.

a sum paid, often in accordance with a treaty, by one government to another to secure some service in return.
3.

a grant or contribution of money.

John Daly

John Daly of golfer, gambler, booze-hound fame has actually strung enough rounds together to actually contend for a win in The Canadian Open today. He is tied for fifth at 2 under going into the final round. I used to love this guy play. Then the wheels came off & he fell apart. Too bad. He could have been one of the greats.