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Friday, July 16, 2010 ISSUE #612
 

Wall Street reform, carbon taxes and the Constitution
July 16, 2010

    COLUMBUS: The big financial reform bill passed Congress. This is the Dodd-Frank bill I told you about last month. I thought they had passed it at 5 in the morning, but that was only a preliminary bill. They took another three weeks to see how much more they could pile on to it.

    They got the bill up to 2300 pages, but they still could not find room for even a paragraph on Fannie Mae and Freddie Mac. How can they claim to reform Wall Street and prevent another financial catastrophe when the main culprits are left alone? That’s like saying, we will stop illegal immigration by patrolling the Mexican border, except for Arizona.

    Next they are going to take on the electric power companies. See, this oil spill down in the Gulf made Congress so mad at Big Oil they are getting even by attacking Coal. Senator Kerry says we can’t tax the carbon in oil and gasoline now, so we’ll tax the carbon in coal. I guess he figures we would gripe if we see the price of gasoline increase at the pump, but an increase in the electric bill will slip through. 
   
    It appears that BP has capped the well. Once we know for sure there is no more oil leaking into the Gulf, vacationers will return to the beaches. There will still be millions of gallons of oil floating in the water, but people will react to a few tar balls the same as they do to jellyfish: we’ll put up with a little annoyance to enjoy the water and sandy beaches.

    The heat has been in the news, and not just the Heat in Miami that signed LeBron James. It’s been so hot across the country Al Gore wishes he had scheduled a Global Warming conference this month. He could gather his doubters in a big convention center, turn off the air conditioning, and start talking. By supper time they would all be persuaded. And talking all day, Al would sweat so much he could go straight to sleep without need of a massage.

    The NAACP is angry at the Tea Party, and the Tea Party is upset about the Black Panthers. The Constitution is in the middle, and you wonder how many have read it.

Historic quotes from Will Rogers:

    (Many folks say) "‘Leave the Constitution alone.’  And that's mighty good logic.  But here's something they forget.  You or I can rightfully say we got where we are by these laws, but there's a lot of folks that haven't got anywhere under ‘em, you know.  And the prospects ain't any too bright for 'em to get any further.  So they might not be averse to some small change in the Constitution.  They might say, ‘Yes, give us what you've got, and we'll say it's a perfect Constitution, too.’  See?
    So it all gets back to just how good has the Constitution been to you?  That's all it is.  And nobody can answer that question but yourself.  I would say that to the big majority, almost a unanimous majority over a long course of years, it's been a mighty fine old document, and any person will think mighty serious before he'll vote for any change in the Constitution."
Radio,  July 9, 1935


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