Swedish Meatballs
15 hours ago
Gambling has tax implications. According to IRS Publication 17, "Your Federal Income Tax", 2007 edition, page 89 "Gambling Winnings. You must include your gambling winnings in income on Form 1040, line 21. If you itemize your deductions on Schedule A (Form 1040), you can deduct gambling losses you had during the year, but only up to the amount of your winnings." In other words, you can't subtract your losses from your winnings and just not report. You have to report the winnings, and then claim the losses.Read More......
But McCain's tax returns say nothing about gambling winnings or losses.
As a casino gambler, McCain is likely to have lost more than he won. But by not reporting his winnings, the different percentage calculations built into the tax calculation are thrown off, and if he gambled much at all, he has underpaid his tax. The amount of understatement of tax may be minimal, but that's not the point.
The real purpose of preparing his tax return and omitting the gambling winnings is so that people would not know how much he gambled. If he won $200,000 playing craps in Las Vegas, it would make a difference in the way voters viewed his suitability as a presidential candidate....
I think we are looking at tax returns calculated to hide an aspect of the candidate. My 35 years of experience in taxes tells me these tax returns are wrong, and we do not know the true scope of McCain's gambling or of his potential obligations to gambling enterprises.
Last night in Colorado (one of the key swing states we have our eyes on), the Democratic polling group Greenberg Quinlan Rosner brought together 40 undecided women voters to watch the vice-presidential debate....Read More......
Before the debate, only 10 of the women believed Palin was not ready to be vice-president or president; by the end of the evening more than half of them (21) shared that concern.
Alaska Gov. Sarah Palin fought to protest atrocities in Sudan by dropping assets tied to the country's brutal regime from the state's multi-billion-dollar investment fund, she claimed during Thursday's vice presidential debate.I guess by "barracuda" they meant "liar." Read More......
Not quite, according to a review of the public record and according to the recollections of a legislator and others who pushed a measure to divest Alaskan holdings in Sudan-linked investments.
"The [Palin] administration killed our bill," said Alaska state representative Les Gara, D-Anchorage. Gara and state Rep. Bob Lynn, R-Anchorage, co-sponsored a resolution early this year to force the Alaska Permanent Fund a $40 billion investment fund, a portion of whose dividends are distributed annually to state residents to divest millions of dollars in holdings tied to the Sudanese government.
In Thursday's debate, Palin said she had advocated the state divest from Sudan. "When I and others in the legislature found out that we had some millions of dollars [of Permanent Fund investments] in Sudan, we called for divestment through legislation of those dollars," Palin said.
But a search of news clips and transcripts from the time do not turn up an instance in which Palin mentioned the Sudanese crisis or concerns about Alaska's investments tied to the ruling regime. Moreover, Palin's administration openly opposed the bill, and stated its opposition in a public hearing on the measure.
"The legislation is well-intended, and the desire to make a difference is noble, but mixing moral and political agendas at the expense of our citizens' financial security is not a good combination," testified Brian Andrews, Palin's deputy treasury commissioner, before a hearing on the Gara-Lynn Sudan divestment bill in February. Minutes from the meeting are posted online by the legislature.
Gara says the lack of support from Palin's administration helped kill the measure.
"I walked out of that hearing livid," Gara recalled of the February meeting. Because of the Palin administration's opposition to the bill, "We could not get a vote in that committee," he explained. At no point did Palin come out in support of the effort, Gara said.
Unbelievable. Sarah Palin finished her closing remarks by quoting Ronald Reagan:At some point, Republicans need to stop equating feistiness with competence. Though honestly, I don't even think conservatives care about competence. It's all about selecting the next best figurehead. The man or woman who will make them feel young again, convince them that America's best years are ahead of her. It doesn't matter if their candidate is an idiot who will actually make America worse off. In conservatism, you don't have to make America great, you just have to say it. Kind of like their views on the Constitution and the flag. Much better to revere the symbol than the actual substance. Read More......It was Ronald Reagan who said that freedom is always just one generation away from extinction. We don’t pass it to our children in the bloodstream; we have to fight for it and protect it, and then hand it to them so that they shall do the same, or we’re going to find ourselves spending our sunset years telling our children and our children’s children about a time in America, back in the day, when men and women were free.When did he say this? It was on a recording he made for Operation Coffeecup — a campaign organized by the American Medical Association to block the passage of Medicare. Doctors’ wives were supposed to organize coffee klatches for patients, where they would play the Reagan recording, which declared that Medicare would lead us to totalitarianism.You couldn’t make this stuff up.
Yglesias: "I'm not sure if Gwen Ifill was cowed by the rightwing mau-mau brigade or what, but I thought Ifill's handling of the debate was pretty disappointing. Palin was clearly operating with a game plan that involved simply refusing to answer certain questions in order to drift over to her pre-prepared text, and Ifill didn't ask any followups or challenge either candidate to address the questions she was asking. Indeed, at times Ifill was barely even asking questions -- just suggesting topics."Read More......
Open Left's Matt Stoller: "Palin was able to filibuster and repeat talking points without being pressured by Gwen Ifill. I suppose the mau-mauing worked."
The Atlantic's James Fallows: "Ifill [was] terrible. Yes, she was constrained by the agreed debate rules. But she gave not the slightest sign of chafing against them or looking for ways to follow up the many unanswered questions or self-contradictory answers. This was the big news of the evening. Katie Couric, and for that matter Jim Lehrer, have never looked so good."
AMERICAblog's Joe Sudbay [I actually wrote this, not Joe]: "Gwen Ifill got bought off by McCain before this debate. He played her and she rolled over. What a sad excuse for a reporter. I've always liked Ifill in the past, but what has she done tonight that a 5th grader couldn't do? She read questions. That's it. Palin doesn't answer them, Ifill moves on to the next question."
Obsidian Wings' publius: "[Ifill]'s been absolutely awful. Her questions are terrible. And more importantly, she's let Palin ignore every single question. Just flat out ignore them. They got in her head."
The Atlantic's Andrew Sullivan: "There was only one loser: Gwen Ifill. She was intimidated, peripheral, neutered. The rules didn't help. But Ifill put in a dreadful performance."
With the economy on the brink and elections looming, Congress approved an unprecedented $700 billion government bailout of the battered financial industry on Friday and sent it to President Bush who quickly signed it....Krugman asks, "Has the bailout already failed?":
[T[he Dow Jones industrials, up more than 200 points at the time of the House vote, ended the day down 157.
The final vote, 263-171 in the House, capped two weeks of tumult in Congress and on Wall Street, punctuated by daily warnings that the country confronted the gravest economic crisis since the Great Depression if lawmakers failed to act. There were 58 more votes for the measure than an earlier version that failed on Monday.
OK, I know that’s premature. And I place no weight at all on the fact that the Dow plunged after the vote.Read More......
But it is interesting that short-term Treasury yields are down — only 0.13% on one-month — suggesting that the flight to safety continues unabated. Against this, John Jansen reports some signs that money markets are unfreezing, slightly.
We’ll learn more next week. But I have a prediction: well before January 20, Congress will be asked to vote on bailout 2.0.
No one really knows the extent of McCain's melanoma problems. What I do know is that of the more common cancers, melanoma and pancreatic cancer are the two most frightening to have. I do not personally know of a single case of melanoma that has survived more than a few years that was not apparently localized at the time of excision. McCain has had "four" surgeries for his cancer, so it would seem that it has spread. Why else would he have had follow up surgery? AND WE HAVE NOT A CLUE AS TO WHAT OTHER TREATMENT MODALITIES HE HAS BEEN SUBJECTED TO.Read More......
I think it is quite possible that amongst other areas of spread, he could have brain metastases and this could account for the neurological events we have witnessed. If such be the case...
I can not be absolutely certain of his condition as, not only have I never met the man, I have never seen his medical records, but neither has anyone else.
NBC's Tom Brokaw said, "I think they're wolfing it up in Alaska tonight and all the parties across the country for the McCain campaign. In terms of our theatrics and personal style out there, you can see why she's such a successful politician in Alaska." Palin "did herself a lot of good and probably her ticket some good as well."Keep in mind, the American people didn't share Brokaw's view per post-debate polling. Read More......
John McCain is angry.McCain is a warrior. When confronted with a problem, or a crisis, he declares war. It's in his nature. And it is extremely unsettling. Unless of course you want four more years of war with Iran, Syria, North Korea and everyone else who looks at John McCain the wrong way. At some point, the presidency - America - has to be about more than simply declaring war as a solution to every problem. Read More......
You can feel it in the clenched muscles in his throat, the narrowing of his eyes, the controlled tone with which he handles a question he doesn't like, as if struggling to contain something that might spill out. We've seen that body language on TV. But around a Des Moines Register table Tuesday, the anger and tension were palpable. And unsettling.
McCain's volatility has been written and whispered about by staff and Senate colleagues: the mercurial temper, the quixotic outbursts of reproach, then jocularity. But those alleged episodes were behind the scenes. The combative, prickly McCain we saw was seeking the Register's endorsement. He already got it in the caucuses.
He took frequent offense at questions, characterizing them as personal viewpoints of the questioners rather than legitimate topics. True, he was asked some tough, pointed questions about his running mate and his honesty. But America is having those discussions, and you'd expect he'd be ready, not defensive. It takes a thick skin to be president.
McCain says he is angry because "people are angry." But his behavior suggests it's more than that. Maybe it's because his poll numbers are falling, his running mate is being ridiculed and his attempt to play fixer on the bailout failed to launch. Or maybe, a more worrisome prospect, this is the real McCain - who can't deal with stressful situations without feeling attacked, who lashes out when he feels threatened....
Newspapers regularly put candidates in the hot seat. Some playfully disarm the questioner. Some deflect the question. The confident relish the chance to make their case.
McCain seemed put out.
The presidency requires a special temperament. It demands statesmanship with foreign leaders, persuasiveness with Congress and calm assuredness with the public. If McCain is so flustered in an editorial meeting, how would he guide a nation in crisis?
ABC News' George Stephanopoulos reports: A top House official is confident House leaders have enough votes to pass the financial rescue package, which is expected to be voted on later today.Read More......
A top House official tells ABC News they have at least 230 votes for the bailout package - 150 Democrats and 80 Republicans.
The House of Representatives needs 218 votes to pass the bill.
After a week of tumult on Wall Street and Washington, the House moved toward a final vote Friday on a $700 billion bailout of the financial industry, an unprecedented government intervention designed to steady an economy on the brink.Eight more years, eight more years! Read More......
Congressional leaders expressed quiet confidence they would have the votes to send the measure to President Bush for his signature by day's end, four days after an earlier version was rejected....
The Labor Department said initial claims for jobless benefits had increased last week to the highest level since the gloomy days after the 2001 terror attacks. That came on top of Thursday's Commerce Department report that factory orders in August plunged by four percent. And the government reported Friday that employers slashed 159,000 jobs from payrolls in September, the most in five years.
Employers cut 159,000 jobs in September, more than twice as many as in August or July, the Labor Department reported. It was the biggest decline since 2003, when the economy was still losing jobs in the wake of the 2001 recession.McCain has no idea what to do. He continues to tell us that tax cuts for the wealthiest, most privileged Americans - his country club friends - is what we need. If only he was joking, but he's serious.
Economists had been expecting a loss of about 100,000 jobs in September.
The new number was especially worrisome because the government conducted its survey during the week of Sept. 8, before the credit crisis took a new turn for the worse on Sept. 17.
“Today, Americans woke up to the sad news that 159,000 jobs were lost last month alone, making September the ninth straight month of job loss. With three-quarters of a million jobs lost this year, and millions of families struggling to pay the bills and stay in their homes, this country can’t afford Senator McCain’s plan to give America four more years of the same policies that have devastated our middle-class and our economy for the last eight. Instead of Senator McCain’s plan to give tax breaks to CEOs and companies that ship jobs overseas, I will rebuild the middle-class and create millions of new jobs by investing in infrastructure and renewable energy that will reduce our dependence on oil from the Middle East. I also call on Congress to pass an immediate rescue plan for our middle-class that will provide tax relief, save one million jobs, and save our local communities from harmful budget cuts and painful tax increases,” said Senator Barack Obama.Read More......
California Gov. Arnold Schwarzenegger, alarmed by the ongoing national financial crisis, warned Treasury Secretary Henry M. Paulson on Thursday that the state might need an emergency loan of as much as $7 billion from the federal government within weeks.Read More......
The warning comes as California is close to running out of cash to fund day-to-day government operations and is unable to access routine short-term loans that it typically relies on to remain solvent.
The state of California is the biggest of several governments nationwide that are being locked out of the bond market by the global credit crunch. If the state is unable to access the cash, administration officials say, payments to schools and other government entities could quickly be suspended and state employees could be laid off.
Plans by several state and local governments to borrow in recent days have been upended by the credit freeze. New Mexico was forced to put off a $500-million bond sale, Massachusetts had to pull the plug halfway into a $400-million offering, and Maine is considering canceling road projects that were to be funded with bonds.
California finance experts say they know of no time in recent history when the state has sought an emergency loan of this magnitude from the federal government. The only other such rescue was in 1975, they said, when the federal government lent New York City money to avoid bankruptcy.
On Wednesday, Nart Villeneuve at the University of Toronto revealed that a Chinese version of Skype's application is being used for wholesale surveillance of text messages.Read More......
The software is distributed by Skype's Chinese partner, Tom Online Inc. Skype has acknowledged since 2006 that this version looks for certain sensitive words in text chats, and blocks those messages from reaching their destination.
What Villeneuve found was that the Tom-Skype program also passes the messages caught by the filter to a cluster of servers on Tom's network. Because of poor security on those servers, he was able to retrieve more than a million stored messages. The filter appears to look for words like "Tibet," "democracy" and "milk powder" — China is in the throes of a food scandal involving tainted milk.
This directly contradicts a blog posting on Skype's Web site, which says that the software discards the filtered messages, and neither displays nor transmits them anywhere.
A Skype spokeswoman was not available for comment Thursday. Skype has earlier given contradictory statements on the eavesdropping issue.
It has told The Associated Press that it "cooperates fully with all lawful requests from relevant authorities." But when asked by CNET's News.com in June whether it could accommodate a wiretapping request, it said it could not, because of the way its system works: Skype calls are encrypted, and only the two computers at each end have the keys to decrypt them.
Yet both Schneier and Simson Garfinkel, an associate of the School of Engineering and Applied Sciences at Harvard University who has studied Skype's security, believe it would actually be trivial for the company to listen in on conversations.
Ed Mierzwinski, consumer program director for the U.S. Public Interest Research Group, said account holders should pay careful attention to the paperwork they receive from their new banks. Existing accounts at the banks that are taken over will be converted into new accounts at the parent, he said. "And most of the time the new account has higher fees and fewer features."Read More......
It's also important for consumers to keep track of online banking, direct deposits and other electronic transactions, because there have been cases where two banks had difficulty merging their computer systems, Mierzwinski said.
"It's turned out in many mergers there were a lot of burps involved," because the computer systems were not compatible, he said. "If your account number changes, your whole electronic banking world could have trouble."
Government data show orders to U.S. factories plunged by the largest amount in nearly two years as the credit strains are hitting manufacturing with full force.Read More......
The Commerce Department reported Thursday that orders for manufactured goods dropped by 4 percent in August, compared to July. That's a much worse performance than the 2.5 percent decline that economists had expected. It was the biggest setback since a 4.8 percent plunge in October 2006.
The weakness was led by big declines in orders for aircraft, down 38.1 percent, and autos, which fell by 10.6 percent, the worst performance in nearly six years.
In the end, the debate did not change the essential truth of Ms. Palin’s candidacy: she can learn her talking points and make a good impression under controlled circumstances. But Mr. McCain made a wildly irresponsible choice when he picked someone with far too little experience or evident knowledge for the post. That choice shattered the image that Mr. McCain created for himself as the tempered, seasoned, experienced man of principle and judgment. Picking Ms. Palin was either an act of incredible cynicism or appallingly bad judgment.Read More......
The ensuing weeks cemented those images in our minds. Ms. Palin initially injected some energy into the McCain campaign, especially among members of the right-wing Republican base, who never liked or trusted the Arizona senator — and still do not. Then, she began lurching from one embarrassing public appearance to another, culminating in her shocking performance in interviews with Katie Couric. In those exchanges, Ms. Palin was inarticulate and shockingly unable to answer the most basic questions about government policy and even her own political philosophy.
The Republicans have tried to present the negative reaction to Ms. Palin as a matter of liberal elites sneering at someone who does not share their privileged backgrounds. That is a distraction. The problem with Ms. Palin’s candidacy, which she underscored in her appearance at the debate on Thursday night, is not that she didn’t attend a fancy school or go backpacking in Europe after college. It is her disdain for knowledge, education, experience and contemplative leadership.
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