Category Archives: Economy
Donald Trump reached out to African American voters last week while visiting inner city churches in Detroit and Philadelphia. His message was, “Democrats aren’t helping you, why not give me a try?”
This enraged liberals who called his Philadelphia visit an “offensive gimmick.” The mayor of Detroit asked if Trump was just there “to use Detroiters as props in a re-imagining campaign?”
African American Voters
Jason Riley in the WSJ thinks Trump is finally on to something. He believes Democrat leaders are holding back minorities in the cities they run:
Democrats are calling Trump names because they can’t defend their record. Homicides in Philadelphia rose last year and are up 6% this year. In 2015 Detroit students scored the lowest among big-city school districts on national math and reading tests. Minority children with access to school vouchers and charter schools are narrowing the achievement gap, while Democrats and teachers unions are working hand in glove to limit school choice.
Meanwhile, Chicago logged its 500th murder of the year over Labor Day weekend.
Ireland has a 12.5% corporate tax rate. The US has a 39.5% rate.
So Apple moved its Intellectual Property operations to Ireland. And, due to a complicated 1990s agreement, the company doesn’t even pay the 12.5% rate. It’s more like .005%. (Apple did pay $3 billion in U.S. income taxes in the third quarter.) You can read how it works here, complete with a chart.
Ireland is happy with the arrangement. Apple has $200 billion parked there and employs lots of people.
EU Bite Of Apple
The U.S. is unhappy because it’s not able to take its full 39% bite out of Apple. The European Union is unhappy too.
So unhappy that it has ordered Ireland to collect $14 billion in taxes from Apple.
Now the U.S. is unhappy with the EU. The Treasury Department says the money grab damages U.S. – EU economic relations.
Reuters reports that Mylan will produce “the first generic version of its allergy auto-injector EpiPen.” The generic version will sell for $300. That’s half the price of the “branded product.”
This will be the first generic EpiPen because the FDA has dragged its feet approving any other generic version. So Mylan has a near monopoly on a life saving product. Now it also has a monopoly on the generic version.
That monopoly enabled Mylan to increase the list price of an EpiPen two pack from $100 in 2008 to $600 today. The company is offering the generic version in response to criticism of its price hikes.
Here’s a WSJ editorial blaming the FDA for the Mylan monopoly.
An AP story says 85 of 154 meetings Hillary Clinton had regarding private interests, when she was Secretary of State, were with Clinton Foundation donors.
Clinton Foundation Access Fit For A Prince
Some of those donors represented foreign interests too. Politico reported that the crown prince of Bahrain used his Clinton Foundation connection to get a meeting with Secretary Clinton. That was after he struck out going through “normal channels. So Clinton Foundation executive Doug Band emailed Huma Abedin with the request:
“Cp of Bahrain in tomorrow to Friday[.] Asking to see her[.] Good friend of ours,” Band wrote Abedin on her State Department email address on June 23, 2009.
Abedin responded the same day, a Tuesday, that the crown prince had asked to see Clinton through “normal channels” on Thursday and Friday.
“I asked and she said she doesn’t want to commit to anything for thurs or fri until she knows how she will feel. Also, she says that she may want to go to ny and doesn’t want to be committed to stuff in ny [sic],” Abedin wrote via her State account, following up that she meant “stuff in dc.”
Band responded to the first message, “Cool.”
Two days later, on June 25, 2009, Abedin wrote Band: “Offering bahrain cp 10 tomorrow for mtg [with ] hrc[.] If u see him, let him know.”
“We have reached out thru official channels,” Abedin added in the same message.
Band responded: “Nice[.] Abdullah is his guy[.] He’s great[.]”
Crown Prince Salman had committed $32 million to scholarships through the Clinton Global initiative.
Former House Speaker Dennis Hastert was busted for paying hush money by making cash withdrawals that would be difficult to trace. Never mind that he was a perv trying to hide the fact that he had molested a high school wrestler. It was violating the $10,000 cash withdrawal limit that got him busted.
“Hastert was indicted for two alleged felonies: 1) withdrawing cash from his bank accounts in amounts and patterns designed to hide the payments; and 2) lying to the FBI about the purpose of those withdrawals once they detected them and then inquired with him.”
Well, the WSJ reported yesterday that the Obama administration tried to hide a $400 million cash payment to Iran. And it tried to hide the purpose of the payment – ransom of five hostages.
The Justice Department opposed the deal.
Michelle Kosinski of CNN asked White House spokesman Josh Earnest if the hostages would have been released without the payment. He refused to answer. Actually, Earnest’s drawn out unrelated responses were kind of amusing. You can see the exchange at the -41:11 mark of this C-SPAN video.
The ransom was paid in Swiss Francs and Euros delivered by unmarked plane in the middle of the night. Since it’s against the law to trade dollars with Iran Dr. Krauthammer says the administration is guilty of money laundering.
Obviously, it wasn’t a coincidence. The reason that it was objected to by Justice, there is a statute that prohibits us from engaging in Iran dealing with dollars. So, they had to print the money here, ship it over to Switzerland, turn it into Swiss francs and euros and ship it over to Iran. If a private company had done this, this is called money laundering. The CEO would be in jail right now.”
He added, “The reason it was concealed is because it’s illegal. That’s why Congress wasn’t notified, because it’s scandalous for the administration to explicitly defy a law that says you can’t deal in American currency. And the second thing is, it isn’t only that it encourages terrorism in the future, it’s that the money is in cash. Why in cash? Because that you can’t trace it. It’s going to go straight to Hezbollah, straight to Hamas, straight to terrorists in Iraq.”
Andrew McCarthy in National Review maintains Obama committed a felony. He says the law restricts the transfer of value to Iran in any way.
By his own account, President Obama engaged in the complex cash transfer in order to end-run sanctions that prohibit the U.S. from having “a banking relationship with Iran.” The point of the sanctions is not to prevent banking with Iran; it is to prevent Iran from getting value from or through our financial system — the banking prohibition is a corollary. And the point of sanctions, if you happen to be the president of the United States sworn to execute the laws faithfully, is to follow them — not pat yourself on the back for keeping them in place while you willfully evade them. The president’s press conference is better understood as a confession than an explanation.