|
|
|
|
 email to friend
The Frugal Investor
Anchor Bay Capital's monthly eNewsletter
Beware Santa’s Secret Legislation
History tells us that this time of year has become famous for secret legislation.
It’s no secret this time around, but once again we see the unseemly prospect of a select group of key legislators staying up all night and delaying their Christmas break long enough to muscle-through some controversial legislation before the close of the year. In doing so, they are continuing a grand tradition. December 23 or 24 has been a great time to pass controversial laws, while nobody’s watching too closely. Here are a few examples of what skullduggery the President and/or a few loyal Congressmen have enacted on December 23 or 24 in history:
On December 23, 1975: President Ford signed the Metric Conversion Act, still a controversial law, and still widely ignored 34 years later.
On December 23, 1982: Congress passed an unpopular five-cent-per-gallon Gas Tax increase, on the premise that would nobody would notice the nickel, or the secret vote.
While those items might seem trivial and harmless in the rear-view mirror, some of the worst legislation in American history was also hatched on Christmas Eve:
On December 24, 1827, a group of Congressmen under the control of Andrew Jackson drafted a tariff bill so outrageously protectionist that it was later dubbed “The Tariff of Abominations.” It didn’t pass until the next Spring, but it had the intended outcome of helping Jackson oust John Q. Adams in the 1828 election – and alienating the South.
On December 23, 1913, Congress passed the Federal Reserve Act, President Woodrow Wilson’s economic initiative for the creation of a national bank to match those in Europe, President Wilson quietly signed the Federal Reserve into existence on Christmas Eve, while most of the press was on holiday break, ignoring the epochal news.
And on December 24, 2009, a massive new healthcare bill is likely to pass, one for which the recent head of the Democratic Party, Howard Dean, said that he would NOT vote.
Merry Christmas to all and a Happy New Year.
Scott Spiering
Principal
|
|
| FINANCIAL |
The cost of college is rising much faster than the rate of inflation, and you are becoming increasingly concerned that when the time comes, you won't have the money you need. There are many options for saving for college, including the popular 529 plans. But as with any savings plan, the earlier you start, the better. READ MORE...
|
|
|
|
|
| FINANCIAL |
Late December is about more than holiday parties -- it is the time to make sure you have tied up all your financial loose ends before the calendar turns to a new year. READ MORE...
|
|
|
|
|
| FINANCIAL |
Holiday tipping and gifting can be confusing in the best of times. In economic times like these, it really can make you feel like Scrooge. Here's some guidance for spreading the cheer. READ MORE...
|
|
|
|
The holidays are here, with their lights and presents and getting together with friends. But don't let disaster wreck your season.
Practice fire safety. If you use candles for decoration, don't leave them unattended or put them close to anything flammable. Unplug outdoor lights when you are not home, and don't leave your tree lit unless you are nearby.
Be careful about drinking and driving. The combination of winter weather, busy roads and lots of people celebrating can be lethal. Don't drink and drive, and don't drive when you are tired or distracted.
Don't make your house an invitation to intruders. Burglars know that lots of people are away during the holidays. If you are gone, leave lights on, have your paper and mail taken in, and ask a neighbor or friend to check in on your house periodically. You also might want to let the local police know you will be away.
Finally, let your insurance agent know if you have something very valuable under the tree. That diamond necklace, for example, should be covered from the time you leave the shop; don't wait until Christmas morning.
|
You are receiving this newsletter because you provided your email address to receive electronic communications from Anchor Bay Capital, Inc. Please click on "Manage Your Profile" above to leave this email list or modify your profile. Thank you.
|
|
|
|
