Rachel Maddow says John Kerry and Apple computer are unpatriotic [Reader Post]

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From HuffPo:

Rachel Maddow: Romney Has ‘Issues Of Patriotism’ Due To Offshore Accounts

Now pay attention carefully. Maddow went after John Mica about Mitt Romney’s offshore accounts:

Rachel Maddow grilled Florida Congressman John Mica about whether Mitt Romney’s personal finances and work at Bain Capital were “unpatriotic” on Tuesday night.

and this one especially

Before the polls closed in the Florida primary, Maddow put Romney supporter Mica in the hot seat about another controversial aspect of Romney’s finances: his offshore accounts. She asked if he thought that the candidate’s holdings in “notorious tax havens” raised “issues of patriotism.”

Now let’s note that Maddow is specific- having offshore accounts is “unpatriotic.” It’s in the title.

OK, now who else has had offshore accounts?

1. John Kerry

Democrats were pushing for tax reform in 1984, and Lieutenant Governor John F. Kerry, candidate for US Senate, had some ideas.

“You need a major overhaul of the tax structure,” Kerry told a panel of reporters on a May 6 broadcast of WBZ-TV (Channel 4). “You need to close crazy loopholes that are non-productive.”

Though he did not share it at the time, Kerry had recently learned a costly lesson about loopholes in the tax code.

Weeks before that interview, Kerry, by his own account now, had jettisoned an investment of between $25,000 and $30,000 in an exotic tax shelter after his accountant questioned its legitimacy. In an interview with the Globe, Kerry acknowledged that fear of political embarrassment was a factor in his decision to swallow the loss.

Until now, Kerry has never disclosed details of this tax shelter, which utilized offshore companies registered in the Cayman Islands and a “straddle” scheme of forward contracts to buy and sell commodities, apparently worth up to $238,527.

2. Apple Computer

Apple (AAPL) has accumulated a whopping $54 billion of its $82 billion offshore. More startling, the company’s foreign coffers are increasing three times faster than its U.S. cash, and the trend is accelerating rather than plateauing. While nowhere near starving for capital, Apple’s growth potential is more constrained here than offshore simply because capital production is more efficient overseas. Apple’s wiser using pre-U.S. tax foreign money to make an investment than using its American cash. For example, it’s far easier for Apple to swallow ARM Holdings (ARMH) than Broadcom (BRCM) although both have similar market capitalizations.

3. Microsoft

Microsoft (MSFT) is even more lopsided in its cash position: $51 billion of its $57 billion in cash resides frustratingly offshore. In its 10K, the company explains its options to complete significant acquisitions or share repurchases: costly tax repatriations, debt or equity offerings. So far, Microsoft has not touched its foreign cash, opting to borrow $11 billion to fund its discretionary needs. The $51 billion sits tantalizing out of reach without incurring additional taxes. Microsoft may find itself struggling to increase its dividend without either borrowing money or accessing this offshore capital.

4. Cisco

Reportedly, when President Obama asked John Chambers how to jump start the economy, Cisco’s CEO suggested a tax repatriation holiday on overseas profits.

Indeed, for Cisco (CSCO), overseas cash is a big deal. Cisco holds a greater share of its money overseas than either Apple or Microsoft: $40.6 billion of its $44.6 billion cash.

Cisco has been quickly accumulating foreign capital: Since 2005, off-shore cash has risen almost four fold. Cisco’s approach to its foreign largesse: Hands off. The company meets its financial needs by borrowing money. In 2005, Cisco had no debt. Since, debt has increased to $16 billion. Cisco is a multibillionaire abroad, but here at home, it’s hungry for capital.

According to Maddow, John Kerry and these corporations are “unpatriotic.”

Not content to limit how big a fool she is, Maddow goes on to pound Romney for his taxes

Romney’s career and wealth, of course, have both been hot button issues in the campaign. The candidate released his 2010 tax return after much criticism about his reluctance to do so. The return revealed that he earned $21.7 million in 2010, and paid a lower tax rate than someone who earns $50,000 a year.

John Kerry paid a lower rate then Romney the year he ran for President.

What’s ever funnier is watching the creatures over at HuffPo twisting themselves in knots trying to assert that it’s different when these things are done by someone other than a Republican.

logic63

“we are talking about romney here. Kerry is old news and that was up to you to yell if you were opposed to him. Did you?”

htowncarrie

“Well, John Kerry didn’t become president and neither should Mitt.

LiberalDemIda

“Uh…is John Kerry running for president? No? Go play outside.”

If it wasn’t wrong for Kerry, it is not wrong for Romney either.

This really is hysterical. Once again it proves my axiom that liberals have zero long term memory. And they’re not very much for principle either.

DrJohn has been a health care professional for more than 30 years. In addition to clinical practice he has done extensive research and has published widely with over 70 original articles and abstracts in the peer-reviewed literature. DrJohn is well known in his field and has lectured on every continent except for Antarctica. He has been married to the same wonderful lady for over 30 years and has three kids- two sons, both of whom are attorneys and one daughter on her way into the field of education. DrJohn was brought up with the concept that one can do well if one is prepared to work hard but nothing in life is guaranteed. Except for liberals being foolish.

33 Responses to “Rachel Maddow says John Kerry and Apple computer are unpatriotic [Reader Post]”

  1. 27

    Snerd Gronk

    @Greg:

    Greg, Maddow has been calling for a parade for the returning vets, since December. FOX will do the same, once they can find the ‘hate Obama’ purchase in it ….

    Snerd

  2. 29

    Nan G

    In one way this is really weird and almost McCarthy-esque.
    Remember when Bush was president and ”patriotism,” was almost a dirty word?

    Then the rhetorical turnaround happened:
    There were people burning flags and holding signs against every Bush policy (aped by Obama in his 1st 3 years) while shouting,”Don’t question my patriotism!”

    With the McCarthy hearings it was not the term ”patriotism” that was tarred, it was the then-new term, ”un-American.”
    Now, to this day, the term un-American is the most derogatory term in politics.
    But catching up fast is the term unpatriotic.
    And Obama is doing his best to put ‘‘unfair” right up there, too.

    But, going back to that classic movie, The Princess Bride, Inigo Montoya said it all: You keep using that word. I do not think it means what you think it means.

    I do not question Rachel M’s Americanism, patriotism or even her fairness, I simply wonder if she knows what the words she uses mean.

  3. 30

    observer

    Facts are stumbling blocks to militant leftists like Maddow
    They are simple minded people with a simple minded view of the world and humanity in general.
    Thomas Sowell says they have an unconstrained vision of humanity as opposed to the conservative constrained vision which allows for more in the way of wishful thinking on the part of leftists and more in the way of realistic solutions to social and economic problems on the part of conservatives.

  4. 31

    Greg

    Patriotism was never a dirty word. Some people just deplore seeing patriotic sentiments being appealed to with ulterior motives. A lot of unworthy motives have been wrapped in the flag over the years in an effort to sell them to the public. The same thing is sometimes done with religion.

  5. 32

    anticsrocks

    @Gregie: You said:

    A lot of unworthy motives have been wrapped in the flag over the years in an effort to sell them to the public. The same thing is sometimes done with religion.

    You mean a religion like Anthropogenic Global Warming?

    Bill Nye ‘The Science Guy’ appeared Wednesday on MSNBC’s The Rachel Maddow Show and leveled some serious accusations against global warming skeptics. Nye said that not adhering to a belief in anthropomorphic global warming constitutes unpatriotic behavior and also that skepticism of global warming claims is equivalent to “denying science.” In the beginning of the interview Nye said that skepticism of global warming was “almost unpatriotic” and at the end he said he found skeptical behavior “inappropriate” and reiterated that his intellectual opponents are not sufficiently American. Host Rachel Maddow seemingly agreed with Nye, indicating that she shared his feelings on the matter. – Source

    “I thought it should look more modern instead of being retro, because the impacts of climate change are in the future,” Immen tells Co.Design. “I also wanted it to stand out and be visible from a distance, so I used bold colors inspired by the Obama campaign.” The hawk imagery was obvious enough: “This whole notion of ‘hawkish” references the military and patriotism, which are concepts that have become disassociated from the idea of taking climate change seriously”Source

    They also found that in climate change framing environmentalism as patriotic can be more effective than appealing to fear as a motive.Source

    One of their latest projects is the Green Patriot Bus Ads, designed by world-famous, Cleveland-born artist Michael Bierut. This month, more than 60 buses were released into the streets of Cleveland to encourage what they call “Green Patriotism”. – Source

    Hmm, seems you might be correct about patriotism being used to foist a false agenda upon an unsuspecting public…

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