Yesterday, Halliburton announced that it would be moving its corporate headquarters from Houston to Dubai. Reincorporating in Dubai would mean that Halliburton — which earned $2.3 billion in profits last year — “will be paying less taxes to the U.S. Treasury, even as it collects billions from government contracts.”
The article is called “Cheney’s betting on bad news” and provides an account of where Cheney has socked away more than $25 million. While the figures may be estimates, the investments are not. According to Tom Blackburn of the Palm Beach Post, Cheney has invested heavily in “a fund that specializes in short-term municipal bonds, a tax-exempt money market fund and an inflation protected securities fund. The first two hold up if interest rates rise with inflation. The third is protected against inflation.”
Cheney has dumped another (estimated) $10 to $25 million in a European bond fund which tells us that he is counting on a steadily weakening dollar. So, while working class Americans are loosing ground to inflation and rising energy costs, Darth Cheney will be enhancing his wealth in “Old Europe”. As Blackburn sagely notes, “Not all ‘bad news’ is bad for everybody.”
This should put to rest once and for all the foolish notion that the “Bush Economic Plan” is anything more than a scam aimed at looting the public till. The whole deal is intended to shift the nation’s wealth from one class to another. It’s also clear that Bush-Cheney couldn’t have carried this off without the tacit approval of the thieves at the Federal Reserve who engineered the low-interest rate boondoggle to put the American people to sleep while they picked their pockets.
While chiding Democrats such as Senator Hillary Clinton for proposing a $1 billion federal bailout fund for homeowners at risk of default and foreclosure, the Journal goes on to channel Barbara Bush’s flash of morality when speaking of homeless Katrina victims — “No one wants to see someone lose his home to foreclosure. But many of those most at risk bought their homes with little or no money down, and so have very little at stake economically. Bringing in the feds to bail them out would send precisely the wrong message — that risky or overly aggressive borrowing will be rewarded by the government rather than punished in the marketplace. To the extent that bad loans were made, the market needs to clear, not be propped up by federal-aid programs.”
Unfortunately, despite what the Journal and the endlessly bleating “Money Heads” on TV would have you believe, millions of Americans are in deep trouble. CNBC’s Jim Cramer “flipped out” last week in a torrent of truth about the current economic situation.
Walrath agrees, and says if we continue in the direction we’re headed, Bush’s “boom” will make the Savings and Loan bail-out look like a Girl Scout Cookie Sale.
If you want to watch Cramer really lose his nut, watch that video. It’s so fucking crazy. The comments are worth a look as well.