America Does Not Need Another Bush at the Helm

nytimes.com

Jeb Bush acts suspiciously like someone shooting for a run at the presidency in 2016.  Buyer beware!  As the governor of Florida, he had one redeeming trait--the ability to handle storm emergencies effectively.  In his newly-released book,  Immigrations Wars: Forging an American Solution, Bush departs from his previous stance and argues, along with co-author Clint Bolick, that offering illegal immigrants a pathway to citizenship would serve to encourage more illegal entries to the United States.  As Florida's governor, he argued exactly the opposite.

His claims of successful education reform in Florida are at best, suspect, and at worst, outright lies.  Bush encouraged the proliferation of charter schools, some of which performed admirably, while most failed to meet the accomplishment of public schools in their areas.  According to Scott Maxwell's October 16, 2012 article in the Orlando Sentinel, one out of every five charter schools closes its doors, and charter schools accounted for 50% of F-rated schools in 2011, even though they constitute just 11% of the schools in the state.  Those statistics alone should raise eyebrows and call into question the accountability issue Bush touts as fundamental to success.  Apparently, charter schools get a free pass in his view, while public schools must adhere to strict standards.  As a whole, charter schools fall seriously short of educating students according to established standards.

Bush also pushed for the FCAT as a measure of not only of student success, but also of teacher success.  Forget the fact that not all classrooms are created equal in Florida.  He'd like us to forget that a huge divide exists in schools that serve the have's and those that serve the have not's.  Reality doesn't penetrate his view of what's best for Florida schools.

Beware of Bush's glowing assessment of his achievements as governor offered in Sunday's Tampa Bay Times.  Under his leadership, the seeds of the coming economic debacle were planted, and we are still experiencing the effects today.  Republicans dole out incentives for businesses to relocate to Florida as a means of increasing jobs, but the results never match the promises.  Instead, taxpayer money goes to companies rather than to Florida's citizens. 

In the same article, he states that "Americans need to re-establish that success is a good thing," implying that citizens no longer believe that.  Underlying that comment lies his insidious hidden agenda to continue and increase the huge gap between the wealthiest Americans and the shrinking middle class.  It's nonsense to ignore how the distribution of wealth has changed over the last 20 years.  We need substantive reform of the tax code and government incentives for improving education and restoring faith in those who choose teaching as a profession.  We don't need to spend money to attract business.  Businesses will choose Florida when evidence shows that we have a competitive educational system which produces clear-thinking graduates with a firmly-grounded work ethic.

President Obama is three months into his second term, and we're already seeing Bush's return to the limelight in preparation for the next election.  Please, give me a break!  The last election bombarded us for most of 2012.  Let's not start the next race already.  Maybe if we're lucky, the Supreme Court will overturn Citizens United, and we can return to a modicum of sanity during the election season.  I know.  Call me a dreamer!

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JP Morgan Severely Understated Losses in 2012

businessinsider.com

JPMorgan CEO Jaime Dimon almost looks chagrined in the above photo, as well he should.  The company lost $6.2 in trading losses last year and cut Dimon's salary in half.  The poor man wound up with a measly $11.5 million.  As the captain of the ship that hit the London Whale iceberg, he should have received nothing, in this blogger's estimation.  In fact, JPMorgan should take his salary until he legally recoups those losses for investors.  But wait, he can't.   Dimon doesn't work miracles, and his lax oversight illustrates the problem with large financial behemoths.   Banks give regulators false information when losses occur, and everyone except the executives lose money.  No one human in worth the $23 million dollar salary Dimon should have received in 2012, and he still prospers while trusting investors lose massive amounts.

JPMorgan reminds me of the story "The Little Boy Who Cried Wolf."  The bank's oft repeated apologies for losses fall on deaf ears because the public has heard the excuse too many times before.  The Senate panel that heard testimony about the scandal last Thursday blasted bank executives for misleading regulators and investors and questioned them Friday, pressuring them to "come clean."  Senator Carl Levin led the subcommittee as its chairman and labeled some of the bank's failures as "egregious."

I fail to understand why anyone would invest in a hedge fund because the only people to emerge unscathed are those who sell them and executives who enjoy annual salaries most people don't earn in a lifetime.  Remember those brave souls who started the Occupy Wall Street movement?  The leaders understood the machinations of those organizations and the effect their dealings have on the average citizen.  These behemoths bear responsibility, in part, for the widening gap between the richest and the poorest and the squeeze on those in the middle.

Ham on Wry calls for action on the part of investors to limit the compensation of CEO's and other top executives who gain great wealth at the expense of people who can ill afford to lose their money.  These so-called leaders always emerge relatively unscathed when these huge losses occur.  That must change.  We need honesty and integrity in the people who lead public companies and have suffered myriad examples of highly-paid executives reaping benefits when their organizations fail.  Readers can demand change by placing their faith in financial institutions that have proven their worth and withdrawing money from those that don't.  Do it before another meltdown occurs!

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Republicans Focus on Deficit Erroneously

Reuters/Gary Cameron

Paul Ryan, Chairman of the House Budget Committee, released a budget that places heavy emphasis on reducing the deficit, which President Obama firmly believes will not solve the most important problems facing the United States today.  This blogger agrees wholeheartedly with Obama's stance after reading countless studies that affirm his position.  I now consider Paul Ryan akin to Public Enemy Number One status, along with his band of faithful Republicans who have turned a blind eye to the plight of the rapidly-shrinking middle class.

Republicans falsely accuse Obama of wanting more tax cuts when he asks, instead, to close loopholes in the tax system.  Those loopholes allow the wealthy elite to flourish with the many tax breaks afforded them while the rest of us founder in a sea of rising costs and dwindling salaries.  As an example, Mitt Romney paid 15% on his investment income of over $14 million in 2010, the one tax return he released during his run for president.   Others who earned their money in salary or earned income paid the highest rate, which was 35% in that year, and the vast majority earned well under $1 million.  Does that make sense to readers?

Given that the wealthiest 1% had 288 times the net worth of the average American in 2010, an increase of more than twice as much as 1962 when it pegged at a multiple of 125. that group needs no help in their financial status.  Several studies show that the top 1% have 40% of the wealth, leaving the remaining 60% unequally distributed to the other 99%.  Even more disheartening, the top 20% claims 84% of wealth, which leaves crumbs for the other 80%.  Something smells rotten in all of this, and Americans must wake up from their long slumber to realize that members of Congress have created laws and a misguided tax code that has contributed to this vast disparity.

Ham on Wry urges all readers to contact their representative in Congress and demand that they close tax loopholes.  This does not constitute tax increases, as it will not affect the tax rates.  It can, however, make a difference in the wealthiest Americans paying a fairer share of taxes more proportionate than the current system, which allows them deductions for which most Americans don't qualify and encourages offshore accounts.  Silence in not golden in this case.

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Marco Rubio Spouts Nonsense about Health Care

thinkprogress.org

If Marco Rubio represents the best hope for the Republican Party, we have real problems in America.  With a population of approximately 315 million people, we must have other Republicans who would better represent the voters who don't fall on the extremities of a bell curve.  He offered the following statement Thursday on a conservative radio program:  "I'll vote to shut down the government unless Obamacare is completely de-funded."  Now that is a wonderfully enlightened point of view from an elected official.  Essentially, he reminds me of a pouting child whose only answer to any suggestion posed is, "NO!"  Take a close look at the picture above and tell me if he doesn't resemble a two-year-old in tantrum mode.

We have reached a point of absurdity in our political process, and I have grown weary of the ridiculous grandstanding and pandering to wealthy interests who provide funds through organizations that mask their real purpose, which is to manipulate the uninformed.  Americans can't afford to sit back and let someone else do the work of keeping politicians on track.  The only legal means citizens have to fire a member of Congress occurs at the voting booth.

Rubio claims he's worried that the Affordable Care Act, which many Republicans denigrate by referring to it derisively as Obamacare, will adversely affect the economy.  He should worry, instead, about the effects of not insuring all citizens.  Uninsured people are subject to greater health care risks starting at birth and continuing through their entire lifespan.  Let's get real about this.  We spend more money on prescription drugs than any other developed country, yet our life expectancy sits at 16 out of the 17 developed nations studied.  Our cost of health care is the most expensive in the world, but the results of spending such astronomical amounts fail to meet expectations.

Rubio and his ilk should pay more attention to the welfare of this country's citizens instead of focusing on the economy.  If our citizens are paid living wages, have access to effective educational processes and adequate health care, our economy will boom.  Our history reflects a robust entrepreneurial spirit and a can-do attitude. It is not the government's job to handle all of the factors that contribute to a sound economy. 

This blogger is fed up with whining politicians, which brings to mind Rubio's colleague in the House of Representative, John Boehner.  When I see Speaker Boehner flanked by his fellow Republican representatives, they remind me of a gang of thugs ready to create mayhem.  An old adage springs to mind when considering the state of affairs in Congress--"Put up or shut up!

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Fired Groupon CEO Refreshingly Candid about Departure

Gerry Images

Who knew a wealthy CEO could deliver an honest assessment of the reasons for his ouster?  Andrew Mason, who was fired the last day of February, left Groupon with a grand total of $378.36, half of his annual salary.  Don't shed a tear yet.  Prior to Groupon's IPO in 2011, Mason sold $28 million in shares and still had stock valued at $1.3 billion after the IPO--not a bad haul for a man in his early 30's.  Readers should note, however, that the value of that stock significantly decreased after the IPO under Mason's leadership.

Here's the kicker!  Mason actually came clean about his role in Groupon's falling revenues in an online farewell letter to employees.  He stated that he chose to post it online because it would be leaked anyway.  Starting with the salutation, "People of Groupon," he continued, "After four and a half intense and wonderful years as CEO of Groupon, I've decided that I'd like to spend more time with my family. Just kidding - I was fired today. If you're wondering why... you haven't been paying attention. From controversial metrics in our SI to our material weakness to two quarters of missing our own expectations and a stock price that's hovering around one quarter of our listing price, the events of the last year and a half speak for themselves. As CEO, I am accountable."

That admission and acceptance of responsibility stands out as decidedly different from the typical CEO departure that includes a golden handshake, a golden parachute, and no requirement to take responsibility for the company's failings.  Given that the average CEO in America earns 380 times more than the company's average employee, most CEO's have no reason to pay close attention to the daily operations of the company or worry about losing their livelihood.  Mason will not suffer financial hardship, but he did open himself to embarrassment about his failure to maintain profits.

He closed his letter with a bit of wisdom to which every CEO should adhere.

"If there's one piece of wisdom that this simple pilgrim would like to impart upon you: have the courage to start with the customer. My biggest regrets are the moments that I let a lack of data override my intuition on what's best for our customers. This leadership change gives you some breathing room to break bad habits and deliver sustainable customer happiness - don't waste the opportunity!

I will miss you terribly.

Love,

Andrew"

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Blame Republicans for Future Air Traffic Delays

FAA Chief Michael Huerta/Carolyn Kaster AP

Ham on Wry warns readers today about the disastrous effects air travelers will experience after the FAA is forced to cut $600 million from its approximate $16 billion dollar budget based on sequestration slashing.  FAA Administrator Michael Huerta's testimony before the House Transportation and Infrastructure Committee fell on deaf Republican ears Wednesday.  Huerta warned committee members that the budget cuts would impact major airports adversely and might cause the north runway at Chicago O'Hare International Airport to shut down because of a lack of enough controllers to meet minimum staffing requirements to keep all runways open.

In typical GOP fashion, Republican committee members made light of Huerta's dire predictions.  Representative Sam Graves of Missouri questioned the truth of Huerta's statement that the cuts would leave a budget running at 2008 levels.  Graves countered that claim by saying, "We're not going back that far.  The sky isn't falling.  We're not going to have any meteors hit because of sequestration."  Graves obviously doesn't understand the restrictions FAA has in determining where cuts can be made.  Huerta clarified his position by explaining that 85% of FAA's employees work in the field and would face the majority of the cutbacks because the agency has little flexibility of what to ax.

Representative Bill Shuster, committee chairman, in his infinitive wisdom counseled Huerta, "We believe you have the flexibility within those lines of business to save money."  Frankly, belief doesn't enter into the equation, Shuster.  Here's an example of yet another Republican posturing rather than studying facts before he opens his mouth.  Transportation Secretary Ray LaHood offered the same chilling predictions that Huerta did in predicting delays of as much as 90 minutes during peak travel time because fewer controllers will be working.

I am sick and tired of obtuse politicians playing Chess with our lives.  If these idiotic Republicans cause us more headaches than already exist at busy airports, let them put up or shut up.  They should be required to man the customer service counters to handle disgruntled passengers.  I have lived long enough to see a massive change in the Republican Party, and it isn't pretty.  Their statements sound robotic and tiresome.  Voters, remember this in the next election.  Get rid of this dead weight and elect Representatives with fresh ideas and a willingness to work with all members of the House.

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