Political Malfeasance in Action

U.S. Senator Kyrsten Sinema (D-AZ) received nearly $1 Million in Wall Street contributions while killing a tax hike on certain Investment Bankers.

I grew up in the 1960’s in Buffalo, NY where it seemed that candidates for election to public office couldn’t get nominated until they could prove their ability to attract illegal political contributions. Over my professional career, I spent significant time in other northeast states, counties and cities where political corruption was often the norm.

Most of the corrupt elected officials I observed were guilty of getting their driveway paved; their house painted; maybe a new roof. Not good, not appropriate, and certainly, not acceptable.

The recent behavior of Sen. Kyrsten Sinema (D-AZ) relative to the Carried Interest federal tax loophole puts the actions and behaviors of these historic elected officials in NY and CT into the category of ‘fixing parking tickets’.

The despicable and nefarious posturing by Sen. Sinema has blessed Carried Interest, sometimes known as ‘the cockroach of tax breaks, allowing it to survive another potential assault by Congress.

The proposal to increase the holding period requirement to qualify certain income paid to investment bankers for the lower Carried Interest tax rate was removed from the landmark ‘Inflation Reduction Act’ of 2022 (H.R. 5376) recently passed by both the Senate and the House and signed into law by President Joe Biden on August 16, 2022.

The “compromise” to remove Carried Interest was demanded by Sen. Kyrsten Sinema (D-AZ) which she justified on a complex and convoluted set of criteria, and which potentially might be related to the $1 Million in campaign contributions she received over the past year from private equity professionals, hedge fund managers and venture capitalists whose taxes would have increased exponentially under the original plan.

The concept of Carried Interest dates back to the 16th century, when ocean-going ship captains would often take a 20 percent “interest” of whatever profits were realized from the cargos they carried. This approach is logical and defensible on the risks to life, property and personal capital undertaken by ship captains.

In 21st century America, the meaning of Carried Interest has evolved to describe a tax loophole — an income tax avoidance scheme — which allows some private equity and hedge fund investment bankers to classify large amounts of their compensation related to performing services (i.e. managing and/or investing other people’s money) as investment gains, which substantially lowers the amount they are required to pay in taxes.

Today’s Carried Interestis essentially a payment (bonus or commission) for investment services that is taken out of the profits of the money managed for investors. Private equity firms use pooled money from large institutional investors (pension funds, college endowments, ultra-high net worth individuals, etc.) to acquire controlling interests in struggling, underperforming or undervalued companies. When the investment are made, these acquired entities agree to pay the private equity firms Carried Interestout of the investment profits on top of management and other fees.

Under our current tax law, when the carried interest income is paid out of the private equity firm to individual partners, directors, etc. it is taxed at the preferential (‘capital gains’) rates granted to investment income, even though the income represents compensation for services. In all other contexts, compensation income – salaries, bonus, commissions, etc. – is taxed everywhere else as ordinary income.

Investment professionals often are required to contribute capital if they are eligible to receive carry, although it varies by firm and by position in the hierarchy (from 23% of associates/senior associates to 71% of managing partners). Essentially, the Carried Interest tax loophole acts as a magic wand to turn ordinary compensation income into preferentially-taxed capital gains income for a few thousand specially entitled individuals each year.

Private Equity (“PE”) is a $4.5 Trillion industry which tends to follow a predictable model: Use very high levels of debt to take control of underperforming (or undervalued) companies and then extract as much value as possible over a short- to intermediate time frame.

One of my favorite movies, “Other People’s Money” (1991: Warner Brothers [directed by Norman Jewison]; starring Danny DeVito and Gregory Peck) almost perfectly illustrates the potentially powerful impact of leveraged debt strategically deployed against a weak management team. In the film, the end result is: (a) closure and liquidation of New England Wire & Cable Company, a boring multi-generational family manufacturing business; (b) the loss of hundreds of decent jobs in a small American city; and (c) millions of dollars of ‘pirated booty’ transferred to anonymous private equity investors, with a mighty fine Carried Interest reward paid to Danny DeVito (the investment banker).

Zero value added to the overall U.S. economy.

Devastating value lost to a small American city, its residents and the regional economy.

Sure, the investment banker (Danny DeVito) took home a fine bonus. He probably was able to buy a nice airplane and maybe a vacation home in the Hamptons.

Meanwhile, the wire and cable products formerly supplied by the now defunct domestic company now are being sourced from a foreign firm. The American city where the former Wire and Cable business was located lost tax revenue which had formerly been used to support local schools and public works. And, local families abruptly lost their incomes, and their homes potentially went into foreclosure.

Most alarming: U.S. taxpayers subsidized the whole mess because of this crazy, foolish and irrational tax break known as Carried Interest.

Some will say that the movie, “Other People’s Money” is a 1991 dinosaur which has no relevance in 2022.

Yet, the devastation continues. In our current environment, retailers are particularly vulnerable to leveraged buyouts, and they provide the most visible examples of companies which have been acquired, pillaged and wrecked by private equity firms.

In January 2020, the New York grocery chain Fairway filed for its second bankruptcy in less than four years and announced plans to sell off its stores, due to several efforts by PE firms to extract value from the franchise. The Fairway failure joins a long list of casualties that includes: Sears; Toys R Us; Payless ShoeSource; and Sports Authority, among many others.

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In theory, PE firms snap up underperforming companies using ‘patient capital’; they bring in professional managers to revamp current operations; and then sell the companies through a Public Offering to generate a healthy return.

In practice, the PE industry revolves around deals known as leveraged buyouts, where the PE investors put up a small amount of their own money to purchase a company and borrow the rest. The acquired business becomes responsible for repaying the debt, which puts an immediate strain on cash flows.

In their quest to generate cash and improve operational efficiency, PE firms often: lay off workers, and cut pay and benefits to remaining workers; they sell off owned real estate and lease back; they sell trademarks and other ‘off balance sheet assets’.

PE firms sometimes extract cash using “dividend recapitalizations” where they use the acquired company to borrow additional money which is then used to pay investors. Beyond that, they often charge the businesses they acquire millions in ‘management fees’.

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Shifting the treatment of so-called Carried Interest income from capital gains to ordinary compensation income could raise between $1.4 Billion and $18 Billion annually from income tax on a very small number of investment bankers.

Most informed Americans refer to the lower tax rate on Carried Interest as a loophole that allows already wealthy private equity, hedge fund and other investment managers to pay a lower tax rate than the majority of their employees and other American workers. Once they are fully informed, a significant majority of voters across the political spectrum support legislation that would close this loophole.

“It’s a real rich benefit for the wealthiest of Americans,” said Steve Rosenthal, a senior fellow at the Urban-Brookings Tax Policy Center. “Why should a private-equity manager be able to structure his or her compensation with low-taxed gains? That seems wrong.”

Sen. Sinema was elected to the U.S. Senate by voters in Arizona to represent their interests.  It’s hard to see how continuing this awful Carried Interest loophole is in the best interest of anyone in Arizona, other than to Sen Sinema herself because it seems to provide a rich and reliable source of political contributions to help ensure her continued reelection.

And that also seems wrong.

I don’t either.

Ryan, Trump and McConnell: These were our leaders on January 20, 2017: Inauguration Day

Just because you and I don’t remember the 2020 Recession, that doesn’t mean it didn’t happen.

The official arbiter of recessions — the Bureau of Economic Research — says there was one.

When Donald Trump took office in January 2017, he inherited an economy in its 91st month of economic expansion following the end of the Great Recession in June 2009. That expansion continued into 2020, becoming the longest on record, peaking at 128 months in February 2020.

The National Bureau of Economic Research officially recognized the Recession of 2020 as the shortest on record at just 2 months, with the trough of that recession occurring in April 2020.

One milestone which helps to mark the 2020 recession is the price of oil. During the month of April 2020, the price of a barrel of West Texas Intermediate was absolutely erratic, actually closing Negative at (Minus $37/bbl) on April 20, 2020. [Was gasoline free that day? I don’t recall.]

Back to January 20, 2017, Trump’s Presidential Inauguration Day.

Paul Ryan, a Republican from Wisconsin, was serving as Speaker of the House.  Mitch McConnell, a Republican from Kentucky, was the Senate Majority leader.

Ryan was first elected to the House in 1998 at age 28. He developed a reputation as a no-nonsense deficit-hawk fully focused on reducing entitlements and reducing taxes. Ryan had been serving as Speaker of the House since 2015.

The 2017 Tax Cuts and Jobs Act (TCJA) was Paul Ryan’s swan song, eagerly supported by Trump and most congressional Republicans.

Unfortunately, it was exactly the wrong time to enact this complex piece of legislation, primarily because it relied on untested assumptions at a point in time when the U.S. was riding the tail end of the longest economic expansion in history. It created massive increases in our national debt; it favored investment increases in oil and related industries (which to some appeared to be a means to curtail pending increases in oil prices); and exuberant expectations that repatriation of corporate profits parked offshore would be used to create domestic jobs turned into a massive stock buyback across the market.

In early February 2018, Paul Ryan began to reflect on the true consequences of the TCJA. He tweeted, “Julia Ketchum, a secretary at a public high school in Lancaster, Pennsylvania, said she was pleasantly surprised her pay went up $1.50 a week. She didn’t think her pay would go up at all, let alone this soon. That adds up to $78 a year, which she said will more than cover her Costco membership for the year.”

In April 2018, Ryan announced his intention to retire from Congress on January 3, 2019 — the end of his current term — thus ending a 20-year career representing his constituents in Wisconsin — so that he could spend more time with his family.

Left to its own devices, the 2017 TCJA may have created an unchecked economic calamity.

Then came the Covid-19 Pandemic which turned into an unforeseen international societal and economic tragedy – and clearly was the trigger which caused the 2020 recession. Yet, the impacts of Covid didn’t begin to surface until 1st quarter 2020, so there is a 24 month period following the January 2018 introduction of the TCJA which economists are now examining to help create real context around current (mid-2022) economic uncertainties.

Even a neophyte like me can add the 2022 Russian invasion of Ukraine to: (a) the long-term economic damage created by the TCJA; (b) the Covid wild card; and (c) the economic devastation of Trump’s tariffs, particularly on our agriculture sector. When we spread the numbers, we can begin to see an almost perfect recipe created under Trump’s watch sufficient to decimate any economy.

Despite the open hostility and recalcitrance of elected Republicans currently serving in Congress, I must give Joe Biden and the Democrats a 5-Star rating for refusing to capitulate, and for keeping the ball moving forward.

Chair of the Select Committee Rep. Bennie Thompson (D, MS) & Co-Chair Rep. Liz Cheney (R, NV).

Today is June 9, 2022, the first day of a series of public hearings convened by the House Select Committee to Investigate the January 6th Attack on the U.S. Capitol, Chaired by Thompson, with Co-chair Cheney.

They are an Unlikely Duo, truly polar opposites in most ways, yet bound together by at least one common thread: an oath of office where they individually affirmed a solemn promise to “support and defend the Constitution of the United States against all enemies, foreign and domestic…”.

Thompson began his service as a Member of Congress in 1993 representing the 2nd Congressional district of Mississippi.  He is a black male; currently age 74; born, raised and still a resident of Bolton, MS: a small, rural and hard-scrabble town in Hinds County, approximately 20 miles from Jackson, the state capital.

Thompson’s voting record has been solidly ’liberal’. His legislative platform is and has been focused mainly on agriculture and rural issues; civil rights; homeland security; equal education; and health care reform.  He is a founding member of the Congressional Progressive Caucus.

Cheney began her service as a Member of Congress in 2017, representing the Wyoming at-large Congressional district. She is a white female; a lawyer; age 55; 3rd generation Wyoming resident on her mother’s side. Her father, former U.S. VP Dick Cheney, represented WY in Congress for 10 years.

Cheney is known as an “ideological conservative”, and a solid representative of the Republican establishment, noted for her focus on national security; support for the U.S. military; a pro-business stance; hawkish foreign policy views; and fiscal and social conservatism.

Prior to her ‘fall from grace’ for refusing to capitulate to the “stolen election theory”, Cheney chaired the House Republican Conference, the third-highest position in the House Republican leadership.

It seems perfectly clear from watching and listening to this first public hearing jointly moderated by this Unlikely Duo that the January 6th Insurrection is a seditious conspiracy against the Constitution of the United States.

It seems entirely plausible that House Republican leader Kevin McCarthy and Senate Republican leader Mitch McConnell have continued to advance and support blatant political lies — fully disproved by both facts and the courts —aimed to support what has come to be known as the “Big Lie”: an imaginary alternative outcome from the 2020 presidential election.

Are Kevin and Mitch potentially guilty of Sedition themselves, or merely complicit in their disruptive and subversive actions?

Most sad:  Rod Serling could have produced an entire season of The Twilight Zone off the McCarthy/McConnell fabrications.

When I was growing up in Buffalo, we learned about current events from regulated media sources, including radio and television broadcasts.  These entities were regulated by the Federal Communications Commission (FCC), an entity which was created by the federal Communications Act of 1934 which combined and organized federal regulation of telephone, telegraph, and radio communications.

One of the critical purposes of the Communications Act pertained to national security, law enforcement, and intelligence activities.

In my household, we also subscribed to morning and evening print newspapers which were privately owned, independently distributed by subscription only, yet still subject to some limited oversight and regulation by the FCC.

The Telecommunications Act of 1966 updated much of the Communications Act of 1934 to encompass technology changes to include broadcast television and cable stations which had not been subject to laws governing the public airwaves.

Today, the FCC regulates interstate and international communications by radio, television, wire, satellite and cable in all 50 states, the District of Columbia and U.S. territories.

The FCC is an independent U.S. government agency overseen by Congress which serves as the primary authority for U.S. communications law, regulation and technological innovation, and it continues to serve as a primary resource for national security, law enforcement, and intelligence activities.

No one could argue that technology has evolved exponentially since 1966, with digital technology transforming the business of news, including profound implications for information dissemination, publishing and operations.

The most dramatic impacts on operating models have been in production and distribution, transforming from a single product to a multi-products array of channels and formats, such as:

  • Desktop, tablet, mobile and watch sites/apps;
  • Channels, including on-platform owned products; and off-platform (email, Facebook, text); and
  • Third party, off-platform (Snapchat, Apple news, Yahoo) formats: Video, interactive graphics, messaging, podcasts, and many more.

This shift in distribution flows through to production, including the shift from a process geared around the “daily miracle” of a print newspaper to a 24/7 digital news cycle and the use of data & analytics to assess performance and make decisions on both content and delivery.

How can it be that the FCC has been unable to adapt to these rapidly evolving technology changes?  The FCC failed us by not identifying, encompassing and including new and emerging means of mass communication delivered on the internet, including such social media platforms as Facebook, YouTube, LinkedIn and Twitter.

Virtually all of the dangers the FCC was intended to protect us from have been incubated and nurtured on the internet, including: (a) promotion and amplification of conspiracy theories; (b) empowerment of fringe groups; (c) foreign influences into American politics; (d) infusion of false narratives into current events; and (f) cyber-attacks on electric-grid and other crucial infrastructure which have been confirmed in the US, the Middle East, Germany, Ukraine and Azerbaijan.

Our national well-being depends not just on our confidence in our government but also on the integrity and reliability of private companies through which we lead our digital lives.

Recently, hundreds of armed, self-proclaimed militiamen converged on Gettysburg after a single Facebook page promoted the fake story that Antifa protesters planned to burn American flags there. Prior to the 2020 Presidential election, e-mails and videos which eventually were attributed to the Iranian government were sent to voters in Arizona, Florida, and Alaska, purporting to be from the Proud Boys urging recipients to “Vote for Trump or we will come after you.”

A physical wall along our southern border with Mexico is a great soundbite, but the 21st Century threats to our national security have little to do with migration of aggrieved and oppressed people who are clawing for survival and self-sufficiency.

The real threats to our national security are from conspiracy theorists; fringe groups; foreign influencers; religious extremists; the infusion of false narratives into current events; and cyber-attacks on infrastructure similar to those which have been confirmed in the US, the Middle East, Germany, Ukraine and Azerbaijan.

Our Congress needs to shift its primary priorities toward critical strategic issues (i.e. regulatory oversight of national security issues), and to put less critical – but still important – issues into a secondary status.

Twitter currently has almost 400 Million users, about half of whom use the platform on a daily basis.

The announcement that Elon Musk will acquire Twitter is a wakeup call to our Congress.

This is no reflection on Elon Musk:  No doubt his intentions are honest and pure.  But:  What if the next entity which steps in to acquire a virtually independent and unregulated key strategic asset in our emerging 21st century communications infrastructure is a foreign entity, perhaps a foreign oligarch?

When will our elected officials draw a line between focusing on false narratives and trivia, and focusing in on critical national security issues?

Yes folks, it seems to be true. Ron has apparently changed his name to ‘Gaston’

Florida Governor DeSantis recently signed into law a “Parental Rights in Education” bill, dubbed the “Don’t Say Gay” bill by opponents. It was based on highly speculative and obscure ideas; it prohibits classroom instruction on sexual orientation or gender identity in kindergarten through 3rd grade.

In an ironic twist, it was reported that Gaston LeGume, the egotistical misogynist and racist villain from Disney’s Beauty and The Beast, recently assumed the identity of Florida Governor DeSantis.

No longer content merely to be the handsomest most admired man in town and everyone’s favorite guy, Gov. Ron “Gaston” DeSantis now seems to be on a quest to punish his creator – The Walt Disney Company — for gross intransigence.

Last week, DeSantis announced a move to take away Disney’s independent special district, the Reedy Creek Improvement District, created in 1966 as a Florida Special Taxing and Governance District.

Gov. Gaston went on to say, “When Disney denounced Florida’s “Parental Rights in Education” bill, they crossed the line. As a family-friendly business it should understand parents not wanting young children taught about gender identity in public schools.” <Gaston then publicly abdicated any and all personal rights of succession within the Disney Empire.>

The Walt Disney Company responded quickly. “We are dedicated to standing up for the rights and safety of LGBTQ+ members of the Disney family, as well as the LGBTQ+ community in Florida and across the country” they said. “It is clear that this is not just an issue about a bill in Florida, but instead yet another challenge to basic human rights.”

Last seen in The Villages, Gov. Gaston DeSantis proclaimed, ‘I am The Governor. Any and all executive orders, proclamations, and rules I proclaim shall have the full force and effect of law. There is no place in a civil and just society for elementary math textbooks which indoctrinate elementary school students with concepts like race essentialism. Furthermore, although the Citizens United decision gives corporations and certain special interest groups the right to unlimited spending on most political issues, it does not give any rights to corporations to create a regional environment virtually free of crime, mosquitos, weeds, trash and potholes which attracts tourists from international destinations.’

DeSantis further stated, ‘It is patently clear that The Disney Company operates in a physical environment which is well above the Florida ‘status quo’, much of that due to The Reedy Creek Improvement District which owns its utilities; administers its planning and zoning; defines its building codes; employs the inspectors; and maintains its own fire department, roadways and highways. It even has the authority to levy taxes.’

Currently, Florida has term limits for some elected officials. The Governor is limited to two 4-year terms.

The Walt Disney Company has served as an important magnet for tourism and economic development in Florida since it opened in 1971, and it has no term limits.

Florida’s tourism industry suffered an estimated 60.5% drop in visitors as the coronavirus pandemic hit hard during the 2nd quarter of 2020, with international travel off more than 90%. Disney World has mostly recovered, trending back to 50 million tourists a year and generating more than 70,000 jobs directly, making it the biggest single-site employer in the U.S. The millions of tourists visiting Disney World not only spend money at the resort but also across the Orlando region and the entire state of Florida.

We can pause and pay our respects to Florida’s elected officials – including the Governor[i] – who lost millions in potential political contributions from Disney when the Company decided to cease making political contributions in Florida. <In fact, ‘pay to play’ is illegal for very good reasons.>

Gov. Ron ‘Gaston’ DeSantis and his cronies have devolved into the Boss Tweed era of Tammany Hall, and it’s time that we stop them in their tracks.

“No one’s slick as Gaston; No one’s quick as Gaston; No one’s neck’s as incredibly thick as Gaston; For there’s no man in town half as manly”….

Ron “Gaston” DeSantis is an uncouth and unprincipled bully who has no place in public office.

[i] Disney Worldwide Services, Inc. made four contributions to the Friends of Ron DeSantis PAC from May 2019 to March 2021 for a total of $106,809.38.

Sarah Palin announces run for Congress

We currently have an excess supply of Wombats, Obstructionists, and probable Seditionists serving in Congress.

Some of these characters include: Marjorie Taylor Greene of Georgia; Jim Jordan of Ohio; Lauren Boebert of Colorado; Matt Gaetz of Florida; Madison Cawthorne of North Carolina; Louie Gohmert of Texas; Paul Gosar of Arizona; and several more.

These are folks who were nominated by their Party and encouraged to run for public office; and who were then elected to represent their constituents in Congress.

These also are the same folks who live large in public media, seemingly hell-bent on destroying the foundations of the American political system and American political values.

We recently learned of the death of Don Young of Alaska, a highly respected and the longest-serving Republican in the history of the U.S. House of Representatives.

A special election to fill his vacant seat will be held August 16, and the winner of the special election will finish the remainder of Young’s term, which ends in January 2023.

Former Alaska Governor Sarah Palin has announced her intention to run for Congress to replace Don Young.

In her announcement, Palin said our nation “is at a tipping point,” and she spoke of the need to address “out-of-control inflation, empty shelves, and gas prices that are among the highest in the world.”

“I’m in this race to win it and join the fight for freedom alongside other patriots willing to sacrifice all to save our country,” Palin said.

Sarah certainly knows the right words to say; she only lacks the knowledge and abilities to deliver on whatever promises she intends to make.

We’ve seen enough of Sarah Palin’s wisdom, experience and character from her run as the VP candidate under John McCain in the 2008 presidential election.

We certainly don’t need Sarah Palin in Congress to further degrade and destroy the foundations of our American political system and political values.

Florida Governor Signs Financial Literacy Bill

Here is a summary of the recent Florida Financial Literacy announcement as I understand it,

‘On March 22, 2022, Florida Gov. Ron DeSantis signed Senate Bill 1054, titled the Dorothy L. Hukill Financial Literacy Act, which will require high school students to take a financial literacy course to receive a standard high school diploma.

The legislation will officially become a graduation requirement for students who enter high school in the 2023-24 school year, and will not affect students currently enrolled in high school.

“Financial literacy is an important life skill for a student to have,” said DeSantis. “Ensuring our students have the skills to manage their finances – and perhaps one day own a business – will pay dividends for our state. I am proud to sign this bill to support the future of Florida’s students and ultimately their families and communities.”

Students will be required to earn one-half credit in personal financial literacy and money management, including instruction on types of bank accounts, credit scores, taxes and managing debt.’

During my career in banking and financial services, I spent over 2 decades seeking solutions to our national intellectual deficit in the area of personal economic and financial literacy.

Much of what I learned relates to relevancy. Young people who grew up in a household where Amscot was the financial provider of choice won’t relate to traditional banks.  And, a young person with no job and no viable prospects for a future career which will generate a reliable income stream isn’t a good candidate for learning about bank accounts, credit scores, etc.

What I found in my practical research was that the very best solution to engaging students – probably beginning at middle school, and certainly at the high school level – involves thoughtful inclusion of economic concepts into the social studies curriculum.

Virtually everything in the history of mankind involves an economic component which can be carefully woven into the history itself.

The feudal system, which flourished in Europe until about 1500, continues to exist in the U.S. and other nations, disguised by new labels and promoted by clever marketing schemes.

Then, there was slavery. The underlying reason for the extraordinary prosperity of plantation owners in the southern U.S. states producing cotton, tobacco, rice, and sugar wasn’t due to their intelligence: it was completely due to slave labor.

Today, we have the overarching issue of student debt. Those who have been educated and informed about ‘opportunity costs’ are (at least) inoculated against the commissioned charlatans who offer promises of obscene salaries for completion of certain certificate or degree programs — with no real supporting facts – “just sign on the dotted line and you will never regret it”.

Today, we have a financial sector (“Wall Street”) which extracts tremendous costs out of each and every financial transaction. For virtually no value-added, an investment bank transaction takes at least 25% off the top, providing immediate (and arguably excessive) financial rewards to certain economic pirates — analysts, associates and managing directors — while adding zero benefit to our overall economy.

The recent ‘Great Recession’ (2007 – 2009) was enabled by a broad contingent of economically illiterate consumers who were duped by an equally inept cohort of financially and economically illiterate brokers. The common theme:  A relatively small group of mathematical practitioners – economic pirates — who created theoretical models which proved to be defective in practice.

The current frenzy centered on Cryptocurrency is likely another economic trap conjured up by economic pirates.  The underground economy has been somewhat stifled by a 1969 decision of the U.S. Treasury to discontinue $500 and $1,000 bills. Can you just imagine an illicit $500,000 cash transaction conducted using $100 bills?  Laundered money, converted into cryptocurrency, is the perfect medium through which to consummate the transaction.  Drugs? Weapons? Real Estate? The sky is the limit.

Best I can tell, nothing in the Florida bill addresses the basic issues which American adults need to be aware of.  A good understanding of fundamental economic principles is the foundation of a comprehensive financial and economic education, and I don’t think those concepts are imbedded anywhere in this Florida legislation.

Sadism in Tallahassee

March 5, 2022

Elected Officials Running Amok

Today, Florida is the third most populous state in the U.S.:   21.5 Million and growing.

Florida has an elected, part-time legislature that seems to evoke the historic governance needs back when Florida had a post-WWII population of 2.5 Million.

How can it be that a particularly malignant cabal of ignorant, callous and wicked creatures was elected to state office in Florida in 2021?

Satan apparently had a mission for them:  Enact atrocious legislation to further torment Florida residents who are poor and/or downtrodden.

The Florida Legislature meets in session every year for sixty consecutive days. That’s it.

In contrast, Tennessee has a population of about 7 Million, with an elected legislature that meets for 90 session days over a two-year period.

Arkansas, with a population of 3 Million, closely mirrors the Florida model, except it has a much broader scope of representation per capita.

The Florida Legislature managed to propose and pass a number of specious bills during their 2022 Reign of Error.

One of the most egregious bills passed by the Florida Legislature in its 2022 session – known as CS/HB 5: “Reducing Fetal and Infant Mortality” – is a clever ruse orchestrated by hard-core religious zealots which will primarily have adverse impact on socially and economically disadvantaged women, generally members of a protected class.

Florida Governor Ron DeSantis is a cum laude graduate of Harvard Law School, so it seems clear he is aware of the focus Harvard Law has placed on Reproductive Rights.  Through his legal education, he has been exposed to a deep and intimate knowledge of Disparate Impact, the legal theory which helps to examine the effects of laws or practices which appear on the surface to be nondiscriminatory, but which have in practice a disproportionately negative effect on members of legally protected groups.

Certainly Gov. DeSantis is entitled to embrace his own personal values, beliefs and opinions.  But, he is not entitled to use his position as an elected official to impose his personal values on the people of Florida.

We would expect that if CS/HB 5 <or a similar bill> should come to him for approval, he would veto it.

Yet, as of this writing, media sources predict that Gov. DeSantis will sign the bill into law.

Ron DeSantis: ‘We are right, and they are wrong.’

Ron DeSantis is a bully, and he has proved to be an awful Governor.

DeSantis thrives on political theatre, and he specializes in public events which use inflammatory tactics to rally a base of confused, uninformed and/or angry voters.

Since taking office in January 2019, DeSantis has:

  • Signed a sweeping voter suppression bill into law, citing baseless claims of fraud in the 2020 election.
  • Proposed a special police force to oversee state elections — the first of its kind in our nation — intended to protect Florida from nonexistent threats.
  • Opened pop-up COVID-19 vaccine sites in wealthy Florida neighborhoods where his donors live.
  • Let nearly a million COVID-19 tests expire.
  • Appointed a science and medical contrarian (Lodapo) as Florida’s Surgeon General.
  • Occluded Florida COVID-19 data by firing DOH scientist (Jones), then sending armed tactical police to raid her personal residence.
  • Actively promoted the use of monoclonal antibody treatments as an alternative to vaccine.
  • Consistently refutes FDA guidance creating confusion and putting Florida residents at increased risk from COVID.
  • Orchestrated a fundraising tour across America while the Delta variant sickened and killed Floridians.
  • Signed laws restricting abortion access (2020).
  • Supports an oppressive abortion bill (SB 146 and HB 5) like the one in Mississippi.
  • Urged the U.S. Supreme Court to overturn Roe v. Wade.
  • Refused to accept that climate change is an existential threat to our state.
  • Failed to prepare Florida’s coastal communities for rising sea levels and stronger hurricanes.
  • Ignored the “red tide” algae bloom that scares off tourists, risking the engine which supports 1.6 million jobs and contributes over $96.5 Billion to the Florida economy.
  • Actively and aggressively created tension in our public education system resulting in a mass exodus of teachers and staff from Florida schools beginning in spring 2020.
  • In 2021, he targeted eight large school districts for defying his order prohibiting schools from enforcing mask mandates, helping to create toxic conditions for school district superintendents. This led to highly politicized and public confrontations and an unusual exodus of qualified and experienced leadership.

This is Ron DeSantis. He currently is Public Enemy Number One in the State of Florida.

During my college years, I was introduced to the writings of Franz Kafka; that may help explain my rather bizarre sense of humor.

Day by day, week by week: The behaviors of many of these elected officials devolves toward the bottom, the base, the nadir.