Showing posts from September 20, 2014

John Boehner’s Theory of the Leisure Class

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[You're all bums on welfare. *RON*]
Paul Krugman, The Conscience of a Liberal, New York Times, 19 September 2014

And, I’m back — I’ve been in a grueling battle against deadlines, which is not quite over, so blogging may remain scarce for a while longer. But I’m sticking my toe in for the moment — and whaddya know, oops, he did it again. John Boehner says that unemployed Americans are pretty clearly malingerers, bums on welfare who have decided that they don’t feel like working:
“This idea that has been born, maybe out of the economy over the last couple years, that you know, I really don’t have to work. I don’t really want to do this. I think I’d rather just sit around. This is a very sick idea for our country,” he said. “If you wanted something you worked for it,” Boehner said, adding, “Trust me, I did it all.” I could point to the overwhelming economic evidence that nothing like this is happening — after all, if what we were seeing was a m…

Alibaba’s IPO banks split $250m fee pool

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[I like how they say that China drives a hard bargain by only giving a 1% cut to the banks who did what, exactly, for their $250 million? Nada mucho. *RON*]

By Tom Braithwaite and Nicole Bullock, Financial Post, 19 September 2014

Banks working on Alibaba’s initial public offering stand to split fees worth more than $250m after a successful first day trading of the Chinese internet company’s stock.

The main fee pool was 1 per cent of the proceeds of up to $25bn, or $250m, a hard-driven bargain by Alibaba compared with typical fees of more than 5 per cent of the cash raised on many smaller IPOs, or 1.1 per cent for Facebook. Normally, the bulk of the fees would go to a couple of banks. But unlike most IPOs, Alibaba appointed five banks to lead the deal together – Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan and Morgan Stanley.

Each gets about 15 per cent of the fee pool, or about $37.5m. Other banks, which played a lesser role, get a smaller …

Did Corporate Tax Cuts Really Pay for Themselves As Harper Claims?

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[No, they don't. The fundamentals of Harper's publicly-stated ideology is based on lies, since the truth would have him out of office in a hot minute. These results should be shouted from the rooftops. *RON*]
Toby Sanger, Economist and writer, Huffington Post, 19 September 2014

In a little noticed comment, Prime Minister Stephen Harper was recently reported to say:
"Dropping our tax rate has not caused the government's corporate income tax revenues to fall, which indicates that it does in fact attract business." No one seems to have questioned his statement, even though it was made on the same day Canada dropped to 15th place on the World Economic Forum's index of global competitiveness from 9th in 2009. These rankings show corporate tax rates bearing little relationship to measures of global competitiveness.

Harper's statement puts him squarely in the company of the "Lafferites" and neo-conservatives who cla…

John Baird Likens ISIS Fight To Struggles With Communism, Fascism, In UN Address

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[John Baird just itches for the good old days of the Cold War, when men were men. (E.g., see how something that happens a half dozen times every year is suddenly 'news'.) Uh, except when there's a buck to be made by rich friends of the Conservatives at the expense of the majority of Canadians, as is the case with the FIPA agreement with communist China, of course! *RON*]
By Mike Blanchfield, The Canadian Press, Huffington Post, 19 September 2014

OTTAWA - American praise for Canada as one of its strongest allies in the fight against militants in Iraq and Syria wasn't enough to conceal sharp differences Friday over the role of Iran in potentially helping the cause.

U.S. Secretary of State John Kerry told a special ministerial meeting of the United Nations Security Council that "our near neighbour to the north" was making one of the strongest contributions in the battle, prior to an address by Foreign Affairs Minister John…