Items of Interest:
Michael Finnegan / Los Angeles Times:
California voters exercise their power — and that's the problem — Residents relish their role in the lawmaking process, but they share the blame for the state's severe dysfunction. — Californians are well known for periodic voter revolts, but on Tuesday they did more than just lash …
Tim Cavanaugh / Reason: Massive California ballot initiative failMichelle Malkin: California to tax-and-spenders: No, no, no, no, and hell no.Jillian Bandes / Townhall.com: California Voters Were Remiss In Not Voting For Higher TaxesDownWithTyranny!: CA-32 Looks Like A Progressive Victory— Judy ChuPilgrim / Say Anything: LA Times: California Is An Economic Basket Case - And It's The Voter's FaultSteven L. Taylor / PoliBlog: Line of the Day: CA Voters and America's Political PsycheDonald Douglas / American Power: Hunh? It's the Voters' Fault?
Carol Platt Liebau / Townhall.com: Slaughter the Sacred Cows!Nita Lelyveld / L.A. Now: Morning Scoop: Bye-bye budget measures, taco trucks, education mayor?John / Power Line: California Rejects Tax IncreasesKevin Drum / MoJo Blog Posts: Fantasyland — Well, Californians basically rejected …William M. Welch / USA Today: Calif. voters say no to taxes as deficit cureMaggie M. Thorton / Right Pundits: California Voter Revolt: Schwarzenegger Budget Propositions DefeatedConn Carroll / The Foundry: New Progressive America or Tea Party Nation?Allahpundit / Hot Air: California tax revolt: Voters crush Schwarzenegger's budget proposals at the pollsRachaelworkman / The Page: The Budgetnator — Gov. Schwarzenegger to launch a series …Sara K. Smith / Wonkette: Californians Vote Against Almost EverythingLex / Neptunus Lex: Revolt — Even after his allies outspent opponents ten to one …Dan / Riehl World View: All The Taxes Money Can't Buy
Rob / Say Anything: New York Times: California Voters Refuse To Keep State SolventBrent Baker / NewsBusters.org: ABC Regrets California's ‘Unwillingness to Raise Taxes’Dday / Hullabaloo: The California NightmareSusan Duclos / Wake up America: California's Budget Proposal Goes Down In FlamesSteve / Sweetness & Light: NYT Upbraids Irresponsible CA VotersShelby Grad / L.A. Now: Schwarzenegger defends trip to Washington on election dayMichelle Malkin: California: The poster child for dysfunction
The Campaign Spot: What Can We Learn From the California Propositions' Termination?John Cole / Balloon Juice: Let It Burn — Sorry California, but the rest of us are tired of your BS:Jennifer Rubin / Commentary: California Dreamin' — Mainstream media coverage of the …Mitch Berg / Shot in the Dark: The “C” Word — The dominant sentiment among Minnesota's left …Randall Parker / ParaPundit: Megan McArdle Sees California Doomed To BankruptcyGateway Pundit: California Voters Reject New Tax Hikes
ADIOS, NEW YORK -- TAXED OUT OF THE STATE -- I LOVE New York. But how much should it cost to call New York home? Decades of out-of-control budgets, spending hikes and relentless borrowing have made New York simply too expensive.
Politicians like to talk about incentives -- for businesses to relocate, for example, or to get folks to buy local. After reviewing the new budget, I have identified the most compelling incentive of all: a major tax break immediately available to all New Yorkers. To be eligible, you need do only one thing: move out of New York state.
Last week I spent 90 minutes doing a couple of simple things -- registering to vote, changing my driver's license, filling out a domicile certificate and signing a homestead certificate -- in Florida. Combined with spending 184 days a year outside New York, these simple procedures will save me over $5 million in New York taxes annually...
discussion:Michelle Malkin: Billionaire to New York: Screw you
The Success of the Great Depression Tax Revolts [PDF] --
And the taxpayer, not content with thus ruining political science, added insult to injury by damning all its chief ornaments as thieves, and by swearing that he would never let them rook him again. His bellow was now for the most rigid economy, and he swore that he would have it if the heavens fell. There was no holding him while the fit was on him. In many American cities public expenditures were actually reduced.The existence of tax revolts throughout America during the Great Depression is news to most people. Even trained historians are surprised to learn the about the existence of such tax revolts. American history textbooks and vehicles of popular culture such as motion pictures and novels are devoid of any information about such tax revolts. The Great Depression is generally thought of as a period of personal sacrifice, patriotism and comradely, not tax revolts.
Historians tend to downplay the role of tax revolts in history and even Charles Adams, the great historian of tax revolts, overlooks the tax resistance movement of the Great Depression...
Consumers Are Dealt a New Hand in Credit Cards -- At first glance, the sweeping credit card legislation that passed the Senate on Tuesday looks like a huge victory for consumers. The bill, after all, contains relief from penalty fees and certain interest rate spikes.
But for people who pay off their bills each month, and milk the card rewards programs for everything they’re worth, there is some cause for concern...
David Lazarus / LA Times: Credit Cards: Hurting the Good to Help the Bad
A delinquent spike -- So, by the end of Q1 this year, almost 8 per cent of all US single family mortgages were classified as delinquent. That’s up from 3.73 per cent year-on-year - and a jump from 1.6 per cent at the end of Q1 2006.
Note that this spike is in spite of all the housing relief measures introduced by the US Treasury - and is happening at a time when official US rates are close to zero...
Residential Rental Market and Inflation -- Goldman Sachs tracks the rents at a large number of apartment REITs - and rents are now falling (excerpted from research report with permission):
REITs tend to adjust more rapidly to changing market conditions than the typical landlord, so changes in their behavior are useful signals of turns in the market ... Public REITs typically report the rent increases they have achieved on a year-over-year, comparable-unit basis with each quarterly filing. ... [the tracked] REITS managed 300,000 units that were comparable to the year-before period in the first quarter of 2009 ... In the first quarter of 2009, the major REITs collectively reported an outright decline in rents for the first time since 2004...
- Capitalism and the Cheating Ethic - Steven Malanga, RealClearMarkets
- Capitalism Is Dead; Long Live Capitalism - Martin Wolf, Financial Times
- Make or Break Time for the Stock Market - Todd Harrison, MarketWatch
- Keep Emotion Out of Your Stock Portfolio - James Stewart, SmartMoney
- Economists Stuck In 30s Need a Decade Update - Caroline Baum, Bloomberg
- Is the Federal Reserve Overreaching? - Thomas Cooley, Forbes
- Why Gov't Can't Run a Business - John Steele Gordon, Wall Street Journal
- Why Is Obama Getting Creamed On the Budget? - Jonathan Chait, TNR
- Budget Scolds Block Health Reform - Steven Pearlstein, Washington Post
- Obama & Co. Must Get Tough On Tax Havens - David Cay Johnston, Nation
- Is Housing Actually Recovering? - Ben Steverman, Business Week
- In Japan, Secure Jobs Have a Cost - Hiroko Tabuchi, New York Times
- The Man with a Trillion-Dollar Price on His Head - Tim Rayment, Times
- What Will Change About Credit Cards? - Chris Good, The Atlantic
- Can We End the Recession Simply by Trying Harder - Daniel Gross, Slate
- Jamie Dimon on the ‘Traumatic TARP Experience’ - Dealbook
- David Rosenberg Is Up To His Same Ol' Gloom - Joe Weisenthal, Clusterstock
- The Latest Inflation Readings Are Up. Should We Worry? - The Stash