Understatement of the Year Award

From Bloomberg Business Week:

It’s a Great Time to Be Rich

“If the tax cuts become law, the next two years will be the best in living memory for many wealthy Americans to shield their income and fortunes “

A bonanza of new and extended tax benefits could make it as easy as ever for the rich to stay that way.

Under legislation approved by the U.S. Senate on Wednesday, Dec. 15, and now moving on to the House, savvy wealthy Americans would be able to capitalize on an environment in which their tax rates on income and investments remain at historic lows. Also, new rules would make it possible to pass on fortunes to heirs with less fuss and lower taxes than all but a brief period of the past 80 years. It’s a far cry from the 70 percent bite the federal government took out of the largest incomes and estates as recently as 1980.

“The climate we’ll have after this legislation is extremely favorable for wealthy families,” says Jeffrey Cooper, a professor at Quinnipiac University School of Law and a former estate planner who has studied the history of U.S. tax law.

The article goes on to list the incredible list of give aways to people that don’t need it in the Tax Cuts for Billionaires Act.    Here’s one salient point to think about while eating your daily gruel and waiting for the debtor’s prisons and poor houses to re-open so you’ll have some place to go when the banks seize your home illegally .

The good news for the rich starts with income tax rates, which for top income groups would remain 35 percent , a rate enacted by former President George W. Bush in 2003. Except for a period from 1988 to 1992, the top tax rate has never been this low since 1931.

Happy Days are here again if you’re part of the investor class too!  I’m getting nostalgic for Nixon.  That says something, doesn’t it?

For the country’s wealthiest families, income from wages can be far less important than income from investments. According to a Tax Policy Center analysis of 2006 returns, 18.1 percent of all Americans’ cash income comes from business ownership or capital investments, compared with 64.5 percent from labor. For those in the top 1 percent of earners, however, business and capital income make up 53.6 percent of income and labor accounts for 35.3 percent.

Thus, Cooper notes, taxes on capital gains and dividends can be far more important to the rich than income tax rates. The tax compromise extends a 15 percent top tax rate on long-term capital gains and dividends enacted in 2003, which is the lowest rate since 1933. The top capital-gains rate was 77 percent in 1918 and, since 1921, its highest point was 39.9 percent in 1976 and 1977—though certain gains could be excluded from taxation.

No wonder Charles Krauthammer’s red face is all aglow with the spirit of the season!!  It’s just not the prunes and the eggnog!!

How can any one defend this administration and its policies as being anything the worst of Reaganomics?  At a time when we are seeing record long term unemployment, record foreclosures, record numbers of home owner’s with underwater mortgages, this is what we get.  The same folks that benefited from all those bail outs from their failed business decisions and failed investment strategies are being subsidized again.

How can any Democratic congress critter go home and face any of their middle and working class constituents knowing full well they sold their souls to the Obama Company Store.  I’m more convinced than ever that this country is in banana republic territory.  Next step will undoubtedly be removing what little of the safety net was left in place after Reagan hit the country.   After all about one half of U.S. children will most likely be on food stamps at some point in their life. Afterall, they could be out selling matches in the street!!  And It’s Christmas time!  Why not recreate Dickensian poverty? I’m sure we could use a few child work houses too!  After all, it would contribute to the bottom lines of the people that really matter in this country!!


Friday Reads

Welcome back to the Gilded Age!!!
Well, it’s morning!

It’s more like a mourning morning than anything else.  If you ever needed more proof that voting for Democrats appears to be a waste of time any more, this is it.  Republicans have been overrun by Birchers and the Dems appear to be ready to let them get away with anything.  On top of that we have a president that appears to want to further enact Reaganomics.  It’s really a very sad situation.

Politico has an apt headline from last night’s gruel for every one else spending bill. You know those guys and gals that easily passed the Tax Breaks for Billionaires Bill?  The headline is ‘Democrats concede budget fight to Republicans’.  Senate Democrats don’t fight for the high ground and they sell out everything.

Senate Democrats abruptly abandoned an omnibus budget bill for the coming year, pushing major spending decisions into the next Congress and giving Republicans immense new leverage to confront President Barack Obama priorities.

The decision Thursday night sweeps away months of bipartisan work by the Senate Appropriations Committee which had crafted the $1.1 trillion bill to meet spending targets embraced by Minority Leader Mitch McConnell (R—Ky.) himself prior to the elections.

Sen. Robert Bennett (R—Utah), an old McConnell friend, worked actively to round up as many as nine potential Republican votes for the compromise, but these numbers rapidly evaporated amid personal attacks and the uproar this week over spending earmarks in the package.

McConnell, embarrassed by reports on his own earmarks in the omnibus, went to the Senate floor Thursday to propose a one page, “clean” two month extension of the current stop gap funding resolution that has kept the government funded since Oct. 1. And as if caught with their hands in the cookie jar, he and other top Republicans vowed to do everything in their powers to kill the omnibus to square themselves with their tea party backers.

It keeps getting worse. This is also from Politico: ‘Democrats keep ‘don’t ask’ on wish list’. Wish list?  They’ve got enough votes to repeal DADT. WTF is holding them up?

Senate Democrats on Thursday moved one step closer to repealing the Pentagon’s “don’t ask, don’t tell” policy, with Majority Leader Harry Reid (D-Nev.) scheduling a key vote Saturday on a bill to end the ban on openly gay service members.

But Democrats are bracing for an enormous backlash from repeal advocates if they fall short again.

As time runs out on the 111th Congress, top Democrats are pointing fingers at Republicans for stalling Senate action, saying if the buzzer sounds before Congress ends the policy, the GOP will be to blame. Still, there are at least four Republican senators on the record saying they’ll vote to repeal “don’t ask” under the right procedural circumstances.

Democrats also are reminding gay-rights activists that they — not their Republican counterparts — have been fighting to overturn the 17-year “don’t ask, don’t tell” policy.

One Republican senator suggested “he was going to do everything he could to run out the clock,” Reid, a Nevada Democrat, told reporters. “I don’t think that’s really what the American people want — to run out the clock. I think what they want is for us to get things accomplished.”

They frittered away two years of a supermajority when they could’ve really accomplished things instead of  following–at best–a Reagan/Dubya Democratic president.  Obama’s re-election strategy is going to be to basically run as a Republican.  I hope all those Dems that supported his vanity agenda that gave tons of money to the corporate plutocracy get thrown out of office next time.  At the very least, some special hell realm should await them.

Here’s more information on the passage of the Tax Breaks for Billionaires Act. It also zoomed through the House.  Thanks a lot Nancy!  You are sooooo gonna get lumps of coal in your stockings for the rest of your life!

Congress passed the most far-reaching tax bill in a decade late Thursday, averting across-the-board tax increases, enacting new breaks for individuals and businesses and laying a marker for how Washington might work in an era of divided government.

The bill goes to the White House for President Barack Obama’s signature after the House overcame persistent liberal opposition and passed it with an unexpectedly large bipartisan majority of 277-148. The measure passed the Senate earlier in the week also with an overwhelming majority.

The bill reaches deeply into the life and economy of the U.S., more so than might have been expected when Congress first started tackling the matter. Wage-earners will get a new payroll tax break; wealthy heirs get a lower estate-tax rate; and businesses gain an unexpected plum—a big tax write-off for new equipment purchases.

I don’t want to hear any of these jackasses talk about the deficit if they can justify signing this kind of disastrous economic policy.  It’s tax pandering and pork squandering at its absolute worse. There’s absolutely  no economic justification for this.

So, at least one piece of good news is coming out from the Fed. Yup, that’s the FED that all the tea partiers love to hate. The Dodd-Frank Law that extended the FED’s ability to regulate credit is actually having an impact.  If you give the Fed the power to do things, they will do it.  They’re reeling in the extraordinary profits from VISA and MasterCard.

Visa Inc. and MasterCard Inc. may face permanent damage to the fastest-growing part of their business after the Federal Reserve proposed rules that could cut debit-card transaction fees by 90 percent.

“It is negative all around,” wrote Scott Valentin, an analyst at FBR Capital Markets, in a note to clients. “This significantly impacts the business model for the networks.”

Visa and MasterCard, the world’s biggest payment networks, plunged more than 10 percent in New York trading yesterday after the Fed proposed capping so-called interchange fees at 12 cents each. Currently, the networks charge merchants an average of 1 percent of the purchase price, regardless of cost, and pass that money along to card-issuing banks.

The change, if approved by the Fed after a public comment period, would wipe out most of an estimated $15 billion in annual revenue for U.S. lenders that issue Visa and MasterCard debit cards, including Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co.

“These credit-card giants and banks are imposing fees that are in no relation to the actual cost of processing, and the retailers and merchants have no way to bargain or even resist these increases,” U.S. Senator Richard Durbin, the Illinois Democrat who pushed for the caps, said in an interview. “This new law brings the Federal Reserve into the picture and changes that dynamic.”

Couldn’t happen to a nicer group of plutocrats!   Here’s a somewhat depressing headline from The Daily Mail :  ‘We’re living longer… but not healthier: Children born today will suffer an extra year of disabilities than those born three decades ago’.

Living longer is not necessarily a bed of roses – it may mean more years spent struggling with disability, researchers say.

Figures show life expectancy is rising but that in return people born now will have to cope with disability or a long-term illness for an extra year compared with those born 30 years ago.

The gender gap is also closing, with women losing their traditional advantage in having better health for longer as they enjoy greater life expectancy.

There is some especially bad news for elderly women.

Men born in 2007 are likely to spend an even greater proportion of their life in poor health, 8.7 years compared with 6.4 years in 1981.

Women today spend 11 years in poor health compared with 10 years in 1981, according to figures from the Office of National Statistics.

Most of these problems will be due to obesity, an increase in hypertension and high cholesterol, more cancer, and more diabetes and cardiovascular disease.   Lifestyle and eating habits as well as exercise are more important than ever.

The Independent has a article up about a new threat to Polar Bears from climate change.   Scientists believe that there will be polar bear-grizzly bear hybrids as the two species have to change their habits to survive the immense loss of habitat.  Polar bears are especially endangered.

The first polar-grizzly hybrid to be spotted in the wild was shot by hunters in 2006. It was a white bear with brown patches and DNA tests subsequently confirmed that it was the result of cross breeding between the two species.

Although hybrids were known from captive bears kept in zoos, none had been confirmed in the wild. However, earlier this year another hybrid was killed by a hunter in the western Canadian Arctic and tests confirmed that it was a second-generation hybrid – the offspring of a hybrid female and a pure-bred grizzly bear male.

Scientists said that more cases of polar-grizzly bear hybrids are probably out there waiting to be discovered because of the change in behaviour of the polar bear brought about by climate change. They are spending more time on shore waiting for the sea ice to form, bringing them into close contact with grizzlies.

Brendan Kelly of the US National Marine Mammal Laboratory in Juneau, Alaska, led a study that found 34 possible hybridisations between discreet populations or species of large mammals living in or near to the Arctic. Twenty-two of these cases involved isolated populations at risk of intermixing.

“The Arctic Ocean is predicted to be ice-free in summer before the end of the century, removing a continent-sized barrier to interbreeding. Polar bears are spending more time in the same areas as grizzlies; seals and whales currently isolated by sea ice will soon be likely to share the same waters,” Dr Kelly and his colleagues report in the journal Nature.

It looks like its going to be one of those days where I’d just like to pull the covers over my head and stay asleep.  A recent report on the war in Afghanistan shows very mixed results.

Already, parts of the country with fewer troops are showing a deterioration of security, and the gains that have been made were hard won, coming at the cost of a third more casualties among NATO forces this year.

Then there are the starkly different timelines being used in Washington and on the ground. President Obama is on a political timetable, needing to assure a restless public and his political base that a withdrawal is on track to begin by the deadline he set of next summer and that he can show measurable success before the next election cycle.

Afghanistan, and the American military, are running on a different clock, based on more intractable realities. Some of the most stubborn and important scourges they face — ineffectual governance, deep-rooted corruption and the lack of a functioning judicial system — the report barely glanced at.

“We have metrics that show increased progress,” said a Western diplomat in Kabul. “But those positives are extremely fragile because we haven’t done enough about governance, about corruption. 2010 was supposed to be a year of change, but it has not changed as much as we hoped.”

It’s not known as the grave yard of empires for lack of evidence, that’s for certain.

Anyway, hug your  loved ones and appreciate the local if you can, because, all I can say is we are so f’d on the national level.

Oh, there’s one thing I’m kind’ve giggling about.   The Obamas are not on the Wedding list for the Prince William/Kate Middleton merger. Next time, some one should tell FLOTUS she’s not to touch the Queen and tell POTUS it’s totally tacky to return a present like a bust of Churchill.  Saying you didn’t know who it was makes the return even worse.

Oh, the humiliation. Once not so long ago one of the world’s top celebrities in his own right, Barack Obama and his wife Michelle did not make the cut for invitations to the royal wedding in London next spring.

On April 29 in Westminster Abbey with all the grace and pageantry sure to capture international imaginations, commoner Kate Middleton will marry Prince William, son of Princess Diana. And don’t forget the horsedrawn carriage perhaps.

But the current residents of the White House will not be there, according to the Daily Mail.

The official excuse provided to the British paper by royal sources is that the royal couple wants to share their special nuptial moment with ordinary citizens. Anyway, it is not an official state event, they said. And, you know, Westminster only seats 2,000.

Nice try.

So then how to explain the invites to French president Nicolas Sarkozy and his wife Carla Bruni?

What goes around eventually comes around.  Karma will out.

What’s on your reading and blogging list today?

Only Bad lawyers and the Certifiably Insane wind up in Congress

I went to Memorandum today to see what was up with the votes on the DADT repeal, the Tax Giveaways to Billionaires Act, and the START treaty.  It’s one of the first places I go in the day because it usually groups the day’s relevant economic and political topics and it covers blog reactions from all sides of the political spectrum.  I just wanted to know when the votes would be. What I saw was a bunch of headlines that lead to the thought  you see above.  I don’t even know where to start with this conglomeration of links, but they all seem connected to my hypothesis above.

It’s not that all of us outside the Beltway don’t recognize that there’s very few real people with functional brains in Congress.  The proof for that is right there in the middle of the Memorandum page too.

From Gallup Polls:

Congress’ Job Approval Rating Worst in Gallup History :

Thirteen percent approve of the way Congress is handling its job

That headline is coupled with this one from WAPO:  Washington Post-ABC poll: Public is not yet sold on GOP

These poll results are fully explained by evidence through out the page.  Try these on for size.

From The Hill: DeMint will force readings of START Treaty and omnibus bill

For some reason, the 2000 pages of the Tax Bonuses for Billionaires plan isn’t germane to discussions of deficits and national security but the START treaty and the ominibus spending bill are fodder for ideological  temper tantrums.

From TPM: Kyl: Reid Disrespecting Christians By Suggesting Post-Christmas Senate Votes

(Psst Kyl:  the Reason for the Season is Mithros’ the Bull God’s birthday.   Read your Roman History.  The reason for Sunday services is The Sun God.  Read your Roman History. You were had a long time ago by Constantine and the Nicene Council. Read the historical records of the Council set up by Constantine to establish a Roman religion and get off your friggin, butt and do your job!)

Oh, speaking of mythology, try THIS one on for size from the NYTimes:   G.O.P. Panelists Dissent on Cause of Crisis.  I’m going to spend some time on this because it’s just the best example of what is wrong with POLITICIANS.  Congress was completely duplicitous in the crisis and yet, all the want to do is blame Federal Regulators.

Democrats have emphasized factors like fraudulent practices by mortgage lenders and reckless risk-taking by Wall Street banks and other financial institutions, while Republicans have focused on poor oversight of Fannie Mae and Freddie Mac, the entities that supported the secondary market for mortgages, and decades of government efforts to encourage homeownership.

“While the housing bubble, the financial crisis, and the recession are surely interrelated events, we do not believe that the housing bubble was a sufficient condition for the financial crisis,” the document states. “The unprecedented number of subprime and other weak mortgages in this bubble set it and its effect apart from others in the past.”

Unbelievable.  Yes, that happened. Yes, it was a problem.  But what drove the demand for subprime and weak mortgages was the demand for those wacky unregulated credit derivatives. It was all part of the same pattern of negligence and wishful thinking.   You can’t unlink the systemic problems and the symptoms.  Fannie and Freddie got into those things and drowned, but it wasn’t exactly their idea to begin with.  Congress should’ve stopped them from going there.  But the driving factor was still the demand for credit derivatives.  Every institution was churning those things out in this country and in others.  The delusion is worse than I thought.

From Yves at Naked Capitalism:

This whole line of thinking is garbage, the financial policy equivalent of arguing that the sun revolves around the earth. Yes, the US and other countries provide overly generous subsidies to housing, and curtailing them over time would not be a bad idea. But that’s been our policy for decades. Calling that a major, let alone primary, cause of the crisis, is simply a highly coded “blame the poor” strategy, In reality, both the runup to the crisis and its aftermath were on of the greatest wealth transfers from the citizenry at large to a comparatively small group of rentiers in the history of man. (If you want to read the long form debunking of this thesis, go straight to Barry Ritholtz, a Republican who has shredded this brand of class warfare, or as he calls it, “one giant clusterfuck of imbecility,” repeatedly on his blog.)

The intent is pretty transparent: to discredit an effort at fact finding into the roots of the crisis, what was hoped to be a Pecora Commission, by making it appear partisan and launching an alternative narrative to muddy the waters. And the reason is clear. Even though FCIC is certain not to have the same effect that the Pecora Commission did, of discrediting major financial services industry figures and exposing various forms of chicanery, it appears that even lesser forms of criticism of the banksters must be sandbagged (the bizarre part of this drama is that at least some Democrats and very selectively, Republicans in office are willing to call out the predatory, extractive behavior of the large banks. But no one has the guts to buck an industry that is a major paymaster in a very serious way).

From HuffPo:

Experts agree that while Fannie and Freddie and the federal government’s push to encourage homeownership played a significant role in causing the crisis, actions by Wall Street magnified the fallout and caused a crisis that led to the Great Recession. Economists from the Federal Reserve, as well as bank regulators first appointed by Republicans, agree that the Community Reinvestment Act played virtually no role in causing the financial crisis.

But the Republicans’ report will largely focus on the role played by the federal government. It will note that a crisis was averted after the government bailed out Bear Stearns and facilitated its absorption by JPMorgan Chase, according to people familiar with the matter. The crisis roared back after the government allowed Lehman Brothers to fail, scaring nervous investors. A bigger and more protracted downturn was avoided when policy makers essentially bailed out the entire financial system.

Exactly. It’s never EVER been the Community Reinvestment Act and to even insert it into the report is odious and false.  I never got how the CRA got connected to the Fannie/Freddie mess from the outset other than through political memes.   I remember getting blog wacked by some from the left because I said Fannie and Freddie were part of the problem.  I never ONCE mentioned the CRA; only that Frannie and Freddie did what all the financial instituions did except on a much larger scale.  They packaged and sold poorly underwritten mortgages that were eventually going to make some one homeless sooner or later.  Fannie and Freddie’s roll was complicit and huge only because of their size and importance in the mortgage market.  They’d have never dreamed of doing what they did if it wasn’t for the fact they could package and sell the things–just like Countrywide and a bunch of other now defunct private entities–to stupid investors who were mislead by high ratings and the belief that due diligence was done on mortgage underwriting. The deal is that Congress could’ve stopped all of that–especially Fannie and Freddie–but they did nothing.  They could’ve prevented the underwriting of many of those predator loans.

Couple that with this travesty via the Birmingham News and AL.com.

Bachus, in an interview Wednesday night, said he brings a “main street” perspective to the committee, as opposed to Wall Street.

“In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks,” he said.

In his quiet campaign for the chairmanship, Bachus promoted an agenda to end taxpayer subsidies for mortgage giants Fannie Mae and Freddie Mac, repeal those parts of the Wall Street reforms that he thinks still leave the door open for taxpayer bailouts of financial institutions or their creditors, and increase oversight of President Barack Obama’s administration.

Then, we have Congressman Out-of-touch-with-reality Ron Paul who will be in charge of the subcommittee in Congress that deals with the FED. This is another example of putting some one in charge of oversight that want’s to just plain abolish the reality.  He’ll be so stuck in ideologue land that oversight will just go by the way side.  It’s like putting a Flat Earther in charge of NASA.

In a move that may seem to some like putting the fox in charge of the hen house, Rep. Ron Paul (R-Texas) has been named to head the House subcommittee that oversees the Federal Reserve.

Paul, 75, is a longtime critic of the central bank and, as Bloomberg pointed out, has even written a book called “End the Fed.” He will lead the domestic monetary policy subcommittee of the House Financial Services panel.

In announcing Paul’s appointment Thursday, chairman-elect Spencer Bachus (R-Ala.) said the Texan would add to the team that “crafted the first comprehensive financial reform bill to put an end to the bailouts, wind down the taxpayer funding of Fannie Mae and Freddie Mac, and enforce a strong audit of the Federal Reserve.”

Paul told Bloomberg last week he plans to call for hearings on U.S. monetary policy and will continue to press for a full accounting of the Fed’s functions. In the past, Paul has introduced legislation to abolish the central bank.

There are a lot of people realizing that Congress is not acting in the interest of the American people.   The American Interest journal has a series of articles–including an important one on Income Inequality by Tyler Cowen–on inequality and democracy.  The front page of the Magazine–featured and linked to on the right–asks the most relevant question I can think of today. “Are Plutocrats Drowning our Republic?” A subsidiary question could well be “Why is every one in Congress intent on helping them do it?”

Congress did not get the message from this election.  Here’s a clue from another link at that AI site. They just seem intent and recreating the same scenarios and the same problems over and over and over again.

Many Americans are still furious that their government helped the rich and politically connected few while leaving the rest hung out to dry. The government bailed out Wall Street financiers who live in the top tenth of the top hundredth of the income distribution. Meanwhile, almost one quarter of families with mortgages remains stuck with negative equity in their homes.

Let’s return to that bit on the Republicans on the crisis panel.  I’ll borrow some analysis from Paul Krugman in his blog thread:  ‘Invincible Ignorance’.

So Republican members of the Financial Crisis Inquiry Commission are going to issue their own report, placing primary blame on the government — because it’s always the government’s fault.

And according to reporting at the Huffington Post,

all four Republicans voted in favor of banning the phrases “Wall Street” and “shadow banking” and the words “interconnection” and “deregulation” from the panel’s final report, according to a person familiar with the matter and confirmed by Brooksley E. Born, one of the six commissioners who voted against the proposal.

Yep. It was all Fannie and Freddie, which somehow managed to cause housing bubbles in Ireland, Iceland, Latvia, and Spain as well as the United States; and the repo market had nothing to do with it.

And bear in mind that this wasn’t one Republican; it was all of them.

We consistently get people in congress that appear to live in a reality of their own making.  They ignore science.  They ignore history.  They ignore economics.  They ignore nearly everything to push partisan power, curry favor with the donor and the bonus class, and spin tails to deluded followers that have no basis in fact, evidence, or theory.  They even run campaigns based on denying scientific theories that are well prove–like evolution–and promoting failed hypothesis–like all of Reaganomics–even when the majority of people who would know try to give them the facts.

What is it about our political process that seems to put policy in the hands of complete whack jobs and unemployable lawyers?   My one dash at the Nebraska Unicameral convinced me that only pathological narcissists and liars and ideologues capable of denying reality can get through the process.  Those folks are surrounded and supported by equally pathological narcissists, liars, and ideologues and they’re all bought up by a plutocracy that pays to play.

We are so F’d.  I am so frightened for and disheartened about  the future of this country.  How is it that Congress can get such low approval numbers but go right back to ruining the country in the same manner post-elections?  Both parties have their on unique style that achieves the same end.  What can we do to stop this?  It has to be the gerrymandered districts and the money.   But, how can we change the laws when the foxes are in charge of all the hen houses?

UPDATE: Senate approves tax cut deal; House Dems weigh amending estate tax

The Senate on Wednesday approved a sweeping tax package negotiated by the White House and congressional Republicans, and House leaders – who were looking to amend the measure in a way that would satisfy liberals without unraveling the deal altogether – said a House vote could follow as soon as Thursday.

The Senate passed the package by a vote of 81 to 19.

Before senators began debating the $858 billion package in late morning, President Obama urged lawmakers in both houses to pass it “as swiftly as possible.” He called the plan “an essential ingredient in spurring economic growth over the short run.”

Speaking before a meeting with business leaders, Obama said: “I am absolutely convinced that this tax cut plan, while not perfect, will help grow our economy and create jobs in the private sector.” He acknowledged that lawmakers of both parties object to different aspects of the plan but said, “That’s the nature of compromise.” He added that “we can’t afford to let it fall victim to either delay or defeat.”

In other news:  Obama announces his Faith Based VooDoo economics initiative based on advice from the ghost of Ronald Reagan … We are still so F’d.

that is all.