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The Tea Party Millionaires

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http://blogs.reuters.com/great-debate/2011/08/19/of-the-tea-party-by-the-tea-party-for-the-tea-party/

Because while the campaign that brought them to power channeled the frustrations of some economically distressed voters, the Tea Party freshmen class comprises mostly millionaires, with a dozen or so reported to own assets valued into eight figure territory in financial disclosure forms:
  • Richard Hanna of upstate New York’s 24th district is worth between $11 million and $33 million amassed in the construction business.
  • Norfolk Marine-turned-Volvo dealer-turned-restaurateur-turned-congre ssman Scott Rigell of Virginia reports a fortune worth between $11.6 million and $48.2 million.
  • Nursing home operator and serial entrepreneur Rep. Jim Renacci of Columbus, Ohio has assets worth between $17.6 million and $39.9 million.
  • Nan Hayworth of New York and Diane Black of Tennessee are both former medical professionals whose husbands got rich in the health care business; Scott Hayworth (HHNW: $9.5 – $23.3 million) runs the dominant medical group in upper Westchester County and Black’s (HHNW: $14.7 – 84.1 million) runs the country’s preeminent drug testing lab.
  • North Dakota’s Rich Berg is a commercial real estate tycoon ($19.3 – $59 million) who served in the state legislature since 1985 before being elected to Congress.
  • Two oilmen in the freshmen class are also filthy rich: New Mexico’s Stevan Pearce ($8.4 – $38 million) and the Lone Star State’s Blake Farenthold ($10.4 – $31.4 million).

But treat those disclosures as “living documents” since this Congressional class has a record of underestimating its own wealth. Back in 2002 Pearce sold an oil services firm he had valued at $1 – $5 million for $12 million, then under-reported the value of that sale by about half. Berg’s forms list his interests in dozens of commercial real estate properties but left out 46,000 shares he owns in an oil services investment firm in which he is a director. (Among other things, Berg supports allowing oil companies to drill in state parks to pay for Social Security.) Last year an Ohio judge ruled that Renacci had under-reported his 2006 income by some $14 million.

Even the Tea Partiers who claim to be broke don’t apparently mean that literally; after reporting personal assets worth zero dollars, Tennessee’s Stephen Fincher made headlines for having received $3.34 million in federal agriculture subsidies in recent years; eventually he amended the form to include his cotton farm as an asset, estimating its value at $500,000. (South Dakota’s Kristi Noem has also collected more than $3 million in farm subsidies over the past decade, but her form only lists five assets worth somewhere between $33,000 and $145,000.)

It’s not hard to guess what these people see in Tea Party politics. Here is a movement united around an unfailing support of tax cuts for people like them, at a time in which poll after poll (23 polls, by one count) reveals the American electorate to be united by unprecedentedly broad-based support for doing the opposite. But there also more specific interests at play: the wealthier freshmen generally made their livelihoods in one of three economic sectors—health care/insurance, real estate and energy—whose profit margins not too long ago appeared particularly vulnerable to Obama’s policy goals.

Who'd have guessed.

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Well, of course. Thats why Karl Denninger and the other original ones seem to have distanced themselves from it.

The new improved Tea Party, otherwise known as the Republi-crats.

Any positive political movement, as the TP originally was, must be quashed. First they called them racists, that failed, so now theyve filled them with clones of themselves, whilst retaining the name, giving people the illusion of choice.

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Well, of course. Thats why Karl Denninger and the other original ones seem to have distanced themselves from it.

The new improved Tea Party, otherwise known as the Republi-crats.

Any positive political movement, as the TP originally was, must be quashed. First they called them racists, that failed, so now theyve filled them with clones of themselves, whilst retaining the name, giving people the illusion of choice.

They are headed though by some people who are either very stupid or outright liars.

I was reading a quote from Bachmann claiming that she would bring US petrol prices down to $2 a gallon by investing in shale oil (which ain't economic at $5 a gallon :lol: )

Also curiously, that the last swine flu outbreak occurred under a Democrat (Carter) - draw what you will from that - a democrat plot no doubt!

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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