Rep. Spencer Bachus (R-AL), who was the subject of allegations of congressional insider trading, has indicated that he will not seek to extend his term as chair of the House Financial Services Committee after 2012.

Bachus was one of several Capitol Hill leaders from both parties involved in insider trading, according to Breitbart editor Peter Schweizer, who raised the issue in his recent book, Throw Them All Out. Subsequently, President Barack Obama called on Congress this week to pass a law banning congressional insider trading–though the book also documented crony capitalism in the Obama administration’s green energy programs.

Bachus could have sought a waiver from the Republicans Party’s self-imposed six-year term limit on committee chairs, which includes time spent leading the minority as ranking members. However, he chose not to do so, though he has indicated that he wishes to play a role in selecting his successor.

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It’s always the little things that make me miss George W. Bush. Yes, his public profligacy gave us Obama, which in turn gave us the Tea Party. New York Times reporter Jodi Kantor’s book, The Obamas, makes me love him all the more. The book gushes a little much about Michelle Obama’s sense of style.

We learn, this, for instance:

[The First Lady] hired a wardrobe assistant; when she traveled abroad, she wanted to bring her own hair and makeup assistants; and to redecorate the private quarters of the White House, she passed over little-known designers in favor of Michael Smith, who had done houses for Steven Spielberg and Rupert Murdoch. (85)

(A few days after the inauguration we learn that Michael Smith had also redone the executive suite of John Thain, the fired CEO of Merrill Lynch, for $1.2 million after having gotten $20 billion bailout money.)

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One year ago, I wrote about how the French government was getting unexpected additional revenues following the implementation of lower tax rates.

This is the Laffer Curve in action, and it’s happening again in France, only this time because the government reduced the wealth tax.

Here’s part of the story at Tax-news.com.

France’s solidarity tax on wealth (l’impôt de solidarité sur la fortune – ISF), which was radically reformed by the government in June last year, has served to yield much greater fiscal revenues for the state than initially predicted. …the government agreed that the solidarity tax on wealth would in future comprise of only two tax brackets: a 0.25% tax rate imposed on individuals with net taxable wealth in excess of EUR1.3m (USD1.7m), and a 0.5% tax rate levied on individuals with net taxable assets above EUR3m. Previously, the entry threshold at which wealth tax was applied was EUR800,000, with the rates varying between 0.55% and 1.8%. To alleviate any threshold effects, a discount mechanism was also instated applicable to wealth of between EUR1.3m and EUR1.4m, as well as to wealth of between EUR3m and EUR3.2m. Although the new provisions provide for lower tax rates and for the abolition of the first tax bracket, effectively exempting around 300,000 taxpayers from the tax, according to latest government figures, the tax yielded around EUR4.3bn in 2011, almost EUR60m more than originally forecast in the collective budget.

This is not to say that France is an example to follow. There shouldn’t be any wealth tax, and income tax rates are still far too high.

And it’s also worth remembering that tax policy is just one of many factors that determine economic performance.

That being said, nations that shift from terrible tax policy to bad tax policy will enjoy better economic performance, just as nations that go from good policy to great policy also will reap benefits.

In other words, incremental changes make a difference. That’s even the case when the politicians impose a “Snooki tax” on indoor tanning services.

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The latest taxpayer-funded boondoggle to emerge from the Obama Administration’s infamous Energy Department grant and loan program has cost taxpayers $118.5 million, new bankruptcy filings by electric battery maker Ener1 reveal.

From Bloomberg News:

The company listed assets of $73.9 million and debt of $90.5 million as of Dec. 31 in Chapter 11 papers filed today in U.S. Bankruptcy Court in Manhattan. Ener1 has been affected by competing battery developers in China and South Korea, “which generally have a lower cost manufacturing base” and lower labor and raw material costs, interim Chief Executive Officer Alex Sorokin said in the petition.

Like Solyndra, Ener1 was a company touted by President Obama as being a shining example of his vision for taxpayer-subsidized clean energy.

The day following President Barack Obama’s 2011 State of the Union Address, Vice President Joe Biden toured Ener1’s lithium-ion battery system manufacturing facility in Greenfield, Indiana and said:

As you heard President Obama say last night, this Administration is forging a new path forward by making sure America doesn’t just lead in the 21st Century, but dominates in the 21st Century. We’re not just creating new jobs-but sparking whole new industries that will ensure our competitiveness for decades to come-industries like electric vehicle manufacturing.

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Here’s another example that shows just how ‘accepting’ liberals are of people from all walks of life.

High School teacher Al Levie refused to accept an MLK award from Rep. Paul Ryan because, well, Paul Ryan is a conservative no matter how Levie tries to frame it. Levie stated that “Paul Ryan has no business being at an MLK event.” That’s a pretty bigoted action.

Levie’s speech can be found here.

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Kathleen Willey, the former White House volunteer who accused President Clinton in 1998 of sexually harassing her in 1993, is trying to expose potential robo-signing foreclosure fraud from her home state of Virginia–and she’s already gone on national television to get the word out to her fellow Americans.

Foreclosure proceedings were commenced against Willey in 2010, but Willey was able to stop the expedited 14-day foreclosure process by filing a fraud suit against her lender, One West Bank. In an exclusive telephone interview with Big Government from her Richmond based home, Willey told me the following:

I applied for a modification back in 2009. My bank was IndyMac, which was the very first bank the feds seized in 2008. Then they turned it around and sold it to George Soros and Larry Dell for a song. So, the two of them–big Obama contributors–they bought that bank.

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Tim Scott (R-South Carolina)

Earlier this week, Congressmen Allen West and Tim Scott, former congressman J. C. Watts, congressional hopeful Star Parker, and other prominent black conservatives held the Black Conservative Forum to discuss blacks and the Republican Party. The forum, broadcast by C-Span, was well attended, though neither Republican Senatorial Committee and the Republican National Committee bothered to show up. Rep. Jim Jordan of the Republican Study Committee showed up with only a few minutes to spare and Rep. Emanuel Cleaver, chairman of the Congressional Black Caucus, showed up late.

It’s a shame that the talent scouts in our party didn’t bother showing up. Had they, they would have noticed this exchange in which Tim Scott demolished the latest lie about school choice: that racist prep schools, are not intransigent prep schools, are the impediment to educational progress in the black community.

“There are still those schools that would deny access to African-Americans. They are fewer than when I was there, but they are still there.”

Scott quickly showed the silliness of Cleaver’s question by pointing out that waiting for mythical racist schools to become non-racist would mean waiting forever because they don’t exist.

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Following President Barack Obama’s self-congratulatory State of the Union address, Rep. Dave Camp (R-MI), chair of the House Ways and Means Committee, produced a simple chart that tells the real story of the Obama administration:

America Before President Obama Took Office and Now

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Democrats already know one issue upon which they have potential GOP nominee, Mitt Romney at a severe disadvantage, as Paul Begala points out: RomneyCare versus ObamaCare.

After 19 debates Mitt still doesn’t have a straight answer. Rick Santorum skillfully dissected Romney on the topic. If Romney is the GOP nominee, you can be sure Barack Obama will do the same.

Appearing to have been stuck in, you’re angry mode, a tactic Romney is deploying to target Newt Gingrich, it was all he seemed to have as a fall back when very effectively pressed on the subject by Rick Santorum in last night’s debate.

“We cannot give the issue of healthcare away in this election,” Santorum declared, striking a resonance with conservatives everywhere.

Based upon various Twitter accounts, conservative radio host Rush Limbaugh picked up on the topic this morning, stressing the importance of the exchange between Santorum and Romney. Liberal blogs and outlets such as Talking Points Memo and the Huffington Post are picking up on it with video, as is The Hill, among others.

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Imagine for a moment that you are a small-business owner looking to hire a new employee. As tough as the economy has been, you’ve managed to put your firm on track to expand.

Now imagine facing a lawsuit for requiring perhaps one of the most basic qualifications for job applicants – a high school diploma. You don’t have to imagine that last part. It’s now an unfortunate reality thanks to guidance recently issued by the Equal Employment Opportunity Commission.

The “informal discussion letter” states that requiring a high-school diploma as a qualification for employment may violate the Americans with Disabilities Act, which the EEOC enforces. Therefore, an employer must prove a high school education is “job related and consistent with business necessity,” or face potential fines or lawsuits brought under ADA.

Employers should take note. Despite this being an “informal” letter, EEOC investigators and trial lawyers will undoubtedly use this to their advantage. It continues an unfortunate pattern of federal agencies quietly making policy and stepping up enforcement on small businesses for the slightest missteps.

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On today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by Francis Cianfrocca to discuss the Fed’s interest rate announcement, the divided cultural experiences of America’s upper and lower class, and whether or not “the American way of life” still exists.

We’re brought to you as always by BigGovernment and Stephen Clouse and Associates. If you’d like to email us, you can do so at coffee[at]newledger.com. We hope you enjoy the show.

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Earlier today the Mitt Romney campaign released a video of the 1994 debate he had with Ted Kennedy where a younger Mitt Romney argues against a government takeover of health care.

But in April 12, 2006 at a Faneuil Hall singing ceremony, Mitt Romney actually saluted Ted Kennedy, the very man he debated at Faneuil Hall in 1994 as a “parent” of healthcare. Then Romney celebrated Kennedy’s ability to get a federal monies for their signature health care bill. Now Romney makes a states’ rights appeal and says that the Massachusetts plan was for Massachusetts and didn’t involve the other states.

According to NBC News’ Michael Isikoff, White House visitors logs reveal that Romney’s health care advisers and experts repeatedly met with senior Obama administration officials in 2009, while Obama’s health care plan was being drafted.  Indeed when Mitt Romney argued that Barack Obama ought to have called him and asked him what worked and what didn’t, Romney neglected to mention that three of his own advisers decamped to Washington so Obama had little need to phone him.

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Fresh from his overwhelming re-election victory, Gov. Bobby Jindal has unveiled an audacious education reform agenda that built around an expanded school voucher program, new charter schools, a rigorous teacher evaluation system and a revamped tenure system. With the Louisiana state legislature set to go back into session this coming March, the governor is expected to win broad support for many of the proposed changes.

If so, the voucher program, which is now limited to New Orleans, would go statewide. Low-income families with a child enrolled in a school that has received a C rating or lower could use public dollars to cover the cost of private school tuition.

Jindal also favors using the new “value-added” teacher assessment to deny automatic tenure for teachers that do not received high marks. Beginning in the 2012-2013 school year, 50 percent of evaluations for teachers in academic classes will be based on the LEAP and iLEAP test scores, while the other 50 percent will be based more on subjective criteria built around classroom observations to determine how effective instructors are in motivating students. A pilot program that involves nine school districts and one of the charter schools is already underway.

“This is historic change and an important step forward for our education system,” said  Brigitte Nieland, vice-president and communications director of the Education and Workforce Development Council for Louisiana Association of Business and Industry (LABI). “For the first time, teachers will be evaluated based on how their students perform. This is about transparency and accuracy.”

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In a recent op-ed by Rep. Sean Duffy (R-WI), the freshman congressman said that while efforts such as the STOCK (Stop Trading On Congressional Knowledge) Act designed to stop members of Congress were commendable, ultimately, they will not work as intended.

Writing in the Wisconsin Rapids Tribune, Rep. Duffy said:

A few months ago, Breitbart News editor and author Peter Schweizer published a book titled Throw Them All Out which suggested that members of Congress were using their influence and access in the legislative process to fatten their investment portfolios.

A 60 Minutes piece followed which brought the issue to national attention and rightly caused Americans to wonder: “Is my representative using the power I’ve entrusted in him for personal gains in the stock market?”

As one of the 87 freshman legislators sent to Washington to clean up the mess, I think we owe it to the American people to do just that: clean up the mess. And that includes the reputation and perception that members of Congress operate above the law. Congress ought to hold itself to a higher standard.

Rep. Duffy says that while he personally has not seen any of his congressional colleagues engage in insider trading, he considers it the better part of reason to remove the possibility for the practice to occur. To accomplish that, writes Rep. Duffy, Congress must pass the bill he recently introduced, the RESTRICT (Restoring Ethical Standards, Transparency and Responsibility in Congressional Trading) Act:

The RESTRICT Act is the only way to stop any real or perceived insider trading by members of Congress.

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While many laughed off Occupy Wall Street and predicted it would not last, the puppet masters have made their next move. We now have the evidence to prove that the early phase of the movement was nothing more than a staging period to build an infrastructure that will culminate in a massive occupation of Chicago this May. The strategy to descend upon Chicago’s NATO/G8 Summits has now been made loud and clear, as evidenced from a recent call to arms for revolutionaries around the world to flock to Chicago in May, as well as details regarding Occupy Chicago’s internal communications provided to RebelPundit.

Yesterday, Adbusters.org, the originators of the initial “Occupy Wall Street” call-to-action, just released its “Tactical Briefing #25,” an international call for radical revolutionaries from around the world to set up a month-long “occupation” (tent city) against the backdrop of the international NATO/G8 Summit.

From Adbusters:

“On May 1, 50,000 people from all over the world will flock to Chicago, set up tents, kitchens, peaceful barricades and #OCCUPYCHICAGO for a month. With a bit of luck, we’ll pull off the biggest multinational occupation of a summit meeting the world has ever seen.

“And this time around we’re not going to put up with the kind of police repression that happened during the Democratic National Convention protests in Chicago, 1968 … nor will we abide by any phony restrictions the City of Chicago may want to impose on our first amendment rights. We’ll go there with our heads held high and assemble for a month-long people’s summit … we’ll march and chant and sing and shout and exercise our right to tell our elected representatives what we want … the constitution will be our guide.

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President Barack Obama has a problem, a problem much bigger than his plummeting poll numbers among black voters, the ever-worsening housing market, or the chronically high national unemployment numbers. Although these are all bad and must be weighing down on him—whether he admits it or not—they are minor compared to his deeper problem, which is his inability to handle criticism, his inability to handle the truth.

We first saw this when Obama was starting to run for president and he put reporters “on notice” regarding comments about the size of his ears. Since then we’ve seen it in the way he locks out reporters who ask hard questions and, most recently, in the way he appears to have lodged a complaint with Gov. Jan Brewer regarding her criticism of the way he has gone to war with Arizona to keep that state from defending its southern border.

If you’ll recall, in December 2006, after New York Times’ reporter Maureen Dowd had written about how Obama’s “ears stick out,” Obama tracked her down at a speaking engagement and said: “I just want to put you on notice. I’m very sensitive,” adding, “I was teased relentlessly when I was a kid about my big ears.” (Rush Limbaugh was then criticized for seizing on that comment and warning people that it demonstrated Obama’s skin was too thin for the rigors of the presidency. And in retrospect, Limbaugh was right.)

Perhaps you remember the April 2011 exchange that took place between Obama and Dallas news reporter Brad Watson, during an interview wherein Watson asked the president pointed, probing questions instead of the kind of light and fluffy stuff a CNN reporter asks when he or she gets the chance. For example, as the two sat face to face, Watson looked right at Obama and asked: “Why do you think you’re so unpopular in Texas?” And when Obama tried to make it look like he wasn’t that unpopular in Texas, saying he’d only lost in 2008 by a “few percentage points,” Watson countered: “Well, you lost by about 10%. 55 to 44.” And because Obama can’t handle criticism, he became noticeably bothered as the questions continued. When the short interview was over, an angry Obama whispered to Watson: “Let me finish my answers next time we do an interview.”

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This past weekend marked the two-year anniversary of the U.S. Supreme Court’s ruling in Citizens United.  Protesters, dubbed Occupy the Courts, gathered at the Court to voice their disapproval of the decision:

As Institute for Justice campaign finance expert Paul Sherman explains in the video above:

The irony of those protests is that you had groups of people getting together to speak out against a Supreme Court decision that protected the right of people to get together and speak out.

Indeed, people should not lose their right to free speech simply by exercising their right to freely associate.   And when people group together—be it on the steps of a courthouse, in the form of a trade union or as a corporation—they don’t lose their freedom to speak out.

Occupy the Courts protesters also mistakenly believed that the Citizens United ruling held that “money is speech.”  In fact, the Court never said that.  Rather, it ruled correctly that money facilitates speech.  And if the government has the power to control how much money you can spend speaking, then it effectively can control your speech.

Importantly, the law in question in the Citizens United case empowered the government to fine and even imprison ordinary people for engaging in certain types of speech.   The government argued in court that it had the power to ban videos and books.  I don’t believe that many Americans, including the Occupy the Courts protesters, think the government should be in the business of banning books.

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Today, in 1973, the Paris Peace Accords were signed, ending America’s involvement in the Vietnam War. Of course, the war in Vietnam would continue condemning millions of people to decades of totalitarian rule.

Alex Marlow, Managing Editor, Breitbart.com:

New, aggressive Mitt Romney, who debuted in the goofy Brian Williams quasi-debate last week, was out in full force tonight and he was very, very good. Romney needs to be ready for a fight if he’s to go toe-to-toe with Obama, and the former Massachusetts Governor is finally showing some grit. Rick Santorum drew some blood on him in a heated exchange on healthcare, but Mitt has sworn he’d repeal Obamacare, and that should mitigate many voters’ concerns about his sub-par record on that issue.

Newt Gingrich is most effective when he’s bashing the media and taking the fight to the left (as opposed to strictly Obama), and he wasn’t able do much of either tonight. He called moderator Wolf Blitzer on one “nonsense question,” which was fun, and was able to shoe-horn in one Alinsky reference (which he didn’t have the chance to flesh-out), but those high-ish-lights weren’t enough to make up for an otherwise pedestrian performance.

Rick Santorum spent the first two thirds of the debate yelling at people—though his talking yelling points were generally quite good—and then got sweet and sensitive for the latter third. I like my President cool, calm, and collected, and Santorum needs work on that front.

Thanks to Ron Paul for the comic relief.

As usual, the real winner tonight was President Obama and his palace guards we call the mainstream media. While Wolf Blitzer wasn’t overtly partisan, he was able to keep the focus off of the failure currently occupying the White House or left-wing values and on moon colonies and which wife is best.

Mike Flynn, Editor, BigGovernment:

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