Shout Out to Dr. John Spry

The good Dr. Spry, who frequently rises on the floor of the Antient and Honourable John Adams Society did an outstanding job yesterday explaining the recommendations of the Governor's 21st Century Tax Reform Commission to the Senate Tax Committee.

A Non-Socialist Proposal to Help Recapitalize the Financial System

Give new equity investments in banks made over the next 30 days a guaranteed zero percent tax rate for the next 20 years.

Given our relatively high rates of capital taxation, the IRS already is a “silent” partner as it retains a significant fraction of the upside of equity investments. Instead of, or at least before launching Mankiw’s 100% match of new equity investments in banks with government money, while retaining high rate rates on the private equity investments in banks, first eliminates the taxes on new equity issued by banks.

The 30 days limit of the proposal it to encourage banks to raise equity through new stock offerings soon, while allowing the time to issue new stock. I agree with Mankiw that new private equity investments in banks would be just wait the “economics” doctor should prescribe. This plan lets market differential the sound banks from the “zombie banks” like the Mankiw plan, but without the government ownership of private bank stock

Central Banking Explained -- Aussie Style

Bernanke Resigns; Asks Ron Paul to Finish out his Term

Today's Banking Committee hearings:


Okay, so Scribbler is fantasizing again. Bernanke does admit that inflation is a tax. Good morning, Einstein.

Pondering Ventura

Taking a temporary break from thoughts of what in the world a Neopopulist is and after listening to the Honorable Sometime Society Chairmen on the radio discuss Economics found myself watching Jesse Ventura on Larry King to make his non-announcement of a run for the U.S. Senate and somewhat shattering thy dim glimmer of hope that I could bring myself to vote for a candidate on the ballot this November. One might consider pondering whether Jesse will find religion before the 5:00 filing deadline as he stated would determine if he will run.

Tis the somewhat pondering question of will the knuckle glass be half full or half empty this November or will it simply come wrapped in a pink boa?

Juan McCain

It occurred to me that I had been hearing little to nothing about immigration from Republicans lately when it was ALL anyone was talking about six months ago, the ONLY issue that mattered, so I went in search of some blog trending analysis. Instead I stumbled upon this radio ad, which essentially answered my question:

Wednesday, May 21, Resolved: Juan McCain

The John Adams Society

Marianne Stebbins, Chairman
David Schilling, Secretary
G. Larry Colson, Chief Whip
Mark Sanquist, Chancellor


May 2008

“Our legislation does account for people who are here illegally, it does have an employment verification system, and it weeds out those who shouldn't be here, and it gives others a chance to remain in this country. Look, this is a national security issue first and foremost. What we have done is come together with the President and the leaders of both parties, and sit down and figure out an approach to this problem. It is a serious national security problem. We need to act, and if someone else has a better idea, I'd love to have them give it to us.” - Senator John McCain



FEW ISSUES on the political landscape raise as much controversy as illegal immigration, particularly the waves of people entering from Mexico and other Central American countries. On one side, the argument is simple: those who are here illegally need to be deported. At the exact opposite end are those who say illegal immigrants just want a better life here and shouldn’t be denied that right just because of some arbitrary bureaucratic regulations. Elected officials, and those seeking office, carefully attempt to address the problems illegal immigration creates without appearing to be ‘anti-Hispanic’ and offending an ever growing group of voters.

Presumptive Republican Presidential nominee Senator John McCain is no exception. Rather than address the source of the problem, he attempts to cure the symptoms with more government and more regulation on business. His recent legislation proposal, thankfully shot down after a popular uprising, would have given amnesty to illegal aliens, and required companies to verify the citizenship of their employees – with heavy fines for those evil businesses that employ non-citizens. Given the recent technology debacle with the Bureau of the Census, one can safely be skeptical of the accuracy of a illegal alien tracking system developed by that same government.


ON THE OTHER HAND, one could view Senator McCain’s approach to the immigration mess as a more realistic way of dealing with a problem that has gone unchecked for too long. From a sheer numbers perspective, there aren’t enough INS agents, buses, trains, planes or ships to transport the estimated 14 million undocumented aliens back to their country of origin. And let us not forget about the burden that would be placed on the courts, as there surely exists a legion of lawyers who, for a government subsidized fee, will represent each alleged illegal immigrant. With Senator McCain’s ideas, we at least begin the process of putting the ‘undocumented’ population on a road towards tax paying and voting citizenship.

The Chairman, who believes that good fences make good neighbors, has called for a debate to settle the question:

Resolved: JUAN McCAIN


The Debate will be held on Wednesday May 21st, 2008 at the University Club, 420 Summit Avenue, in Saint Paul. The Chancellor will preside over drinks beginning at seven o'clock p.m. The debate will begin at half past seven. While there is no dress code for attendance, gentlemen who wish to speak must wear a tie; ladies should adhere to a similar sartorial standard. For those gentlemen who arrive tieless yet wish to speak, fret not: the Purveyor of Ties will keep on hand at least one of his quite remarkable ties for just such an eventuality. Questions about debate caucus procedures or about the John Adams Society itself may be directed to the Chairman at (952) 470-8090 or the Secretary at (952) 210-2448.

www.johnadamssociety.org