The New I-Bond Rate: 2% November 14, 2001February 20, 2017 Stephen Willey: ‘I bought a ton of the I-Bonds with my MBNA miles card with no interest till April and just noticed that the new rate is now 4.4%. If I understand correctly, the 5.92% rate that we got for purchases from May 01 to October 31 will fluctuate with the stated inflation adjuster, but the base rate of 3% never changes. Does this mean that the current bonds use a lower base rate and the same inflation adjuster?’ ☞ Exactly. The new rate is 2%-plus-inflation down from 3%-plus-inflation. Here’s the link that explains it very clearly. As a taxpayer, I’m pleased to see the Treasury paying as little interest as possible. As an investor, I’d like to see the highest rate possible. If these bonds sell briskly, even at this low rate, the Treasury priced them well. If most people stay away, then six months from now the Treasury is likely to set the new rate higher, to attract more buyers. There are no guarantees, but you might want to wait. Then again, when you think about it, a completely safe tax-deferred bond that insulates you from both inflation and deflation is not the worst way for the little guy to save some money. (The I-Bonds’ inflation protection is explicit and obvious. The deflation protection is less obvious but no less real. Let’s say we had serious deflation, meaning that things just got cheaper and cheaper. That almost surely will not happen – and ain’t nearly as much fun as it sounds – it’s called a depression – but if it did, stock prices and real estate values would plummet, wages would be cut, and the consumer price index would go down. Yet there you would be with the full value of your I-Bonds, which are guaranteed never to go down. In any six-month period, the worst that could happen is that they would not go up. Which is pretty good, because to keep full value when everything else is getting cheaper is actually to gain value.) So even 2%-plus-inflation, as pathetic as it sounds, is not nothing, under these circumstances. And it certainly beats losing 60% in some stock. Nor are you locked into the bargain for 30 years, even though Uncle Sam is. You can always redeem your bonds early, although you will be docked a rather mild three months’ interest if you do so within the first five years of purchase. (And, remember that interest accrues from the first day of the month, even if you buy on, say, the 29th day, and that if you put them on a credit card, you may have more than another month to pay for them before racking up any interest charges, so you can actually get much of that first three months’ interest ‘free.’) What does seem unfair, and may lead to enough of a drop in I-Bonds sales to push up the new rate six months from now, come May 1, is that just a few weeks ago TIPS were issued at auction to yield 3.4%. TIPS, you will recall, are Treasury Inflation-Protected Securities. They work somewhat like I-Bonds, without the tax advantages. They have risen in price a bit since then (unlike I-Bonds, they trade in the open market), and so yield a bit less than they did. But last I checked, they still yielded over 3%. With I-bonds, the little saver is taking a 100-basis-point haircut – getting 2% on I-Bonds instead of 3% on TIPS – in return for (a) the tax deferral and (b) the ability to buy $100 or $250 worth at a pop, say, rather than $10,000 or $250,000 worth. Not to mention those frequent flier miles you can get buying I-Bonds with a credit card that gives miles. Or the chance to avoid tax on your interest altogether if the bonds are used to pay for college or postgraduate tuition. (To do this, you need to attach form 8815 along with your tax return stating that you used the proceeds of the bonds in the year you cashed them in to pay qualified tuition expenses. You need to have turned 24 before the issue-date of the bonds. And the tuition tax benefit begins to phase out rapidly if your adjusted gross income exceeds about $54,000, filing singly, or $81,000, jointly.) As usual, the little guy doesn’t get as good a deal as the big guy – just as buying the 4-ounce size rarely gives you as good a value as buying the economy size – not necessarily out of malice, but because it costs more to sell to the little guy. I think the Dow is too high here and more likely to fall markedly than rise markedly in the short-term. (My opinion in such matters is worth precisely what you are paying for it.) In the short-term, therefore, I might grab my super-safe 2% from Uncle Sam rather than reach for AOL at 87 times earnings (yes, I know Harry Potter opens November 16th, and I can’t wait to see it, either, but still) or the Dow at 9750. That said, over the long run, stocks should beat inflation by more than 2%. So if you did buy these bonds, the time might come when you chose to cash them in early, pay tax on the interest you had deferred, and buy stocks or index funds instead.
Mike Bloomberg, New York’s Mayor-Elect November 13, 2001February 20, 2017 Jeff Bauer: ‘Here’s a link to Warren Buffett’s chat with 300 students at Dalton State College on November 7th. He said an economic stimulus package should be focused on low-income individuals. ‘You want to get money in the hands of people who’ll spend it,’ he said. ‘It’s the right thing to do fiscally and socially.” This sort of flies in the face of the Republican approach we’ve been discussing – big retroactive tax cuts to companies that don’t need them and won’t hire new people because of them. (Incidentally, to all those who’ve written in over the past year lambasting Buffett’s ‘hypocrisy’ for decrying the repeal of the estate tax – at the very same time as he will himself be avoiding the tax almost entirely by giving his estate almost entirely to charity – I would just point out the obvious. By giving it all away to his fellow man, Buffett will, in effect, tax his estate at a 100% rate, rather than the current 55%.) The good news, from a partisan point of view (a point of view I would be the first to agree should not be all-consuming; but that I would argue, when the leadership of the two parties stand for such starkly different things, should not be entirely ignored either), is that, despite the President’s well-deserved sky-high approval rating in the wake of September 11, it’s not as if Democrats can no longer hold their own at the ballot box. Both gubernatorial races last Tuesday, in Virginia and New Jersey, saw red turn to blue, as Democrats regained the statehouse; and thus far in 2001, Democrats have won 32 of the 34 major mayoral races . . . or 33 of 34 if you count Mike Bloomberg of New York. For partisan reasons and because Mark Green and his family are such terrific, talented, nice people – and because Mark has devoted his life to public service – I would have liked to see him win last Tuesday. But Mike Bloomberg is a pro-choice, pro-gay “Republican” who gave more than $200,000 to the Dems in recent years, maxing out to, among others, Al Gore, Bill Bradley, Chuck Schumer, Barbara Mikulski, John Corzine, Chris Dodd, Bob Torricelli, Tom Harkin and Jerry Nadler. So it’s not exactly as if he’s a Trent Lott / Jesse Helms / Dick Armey Republican. Mike did switch parties in order to become mayor, but he has described himself as a liberal. In any event, he is clearly more interested in results than in party labels. If you saw him on ‘Meet the Press’ Sunday, you probably came away with the feeling that New York City will be in good hands. Go get ’em, Mike. In any event, whether the Democrats won 32 of 34 mayoral races in 2001 or 33, the point of all this is that – even with the country quite properly rallying behind President Bush in response to September 11 – there is plenty of room for the Democratic message to succeed in 2002 and gain some ground from the conservative wing of the Republican Party, which for the first few months of the year, until Senator Jeffords made his switch, controlled the whole shooting match: the House, the Senate, the White House and, some would argue, the Supreme Court. Raymond Dumont: ‘At a time when we are spending money that a few months ago we were told the country couldn’t afford, it doesn’t seem appropriate to give money back to some of the world’s most profitable corporations. Perhaps you could explain the reasoning behind the Republicans’ making the corporate alternative minimum tax retroactive to 1986.’ ☞ Nope. Not me. Tomorrow: The New I-Bond Rate
John Adams with Bose Speakers November 12, 2001February 20, 2017 But first: Michael Craft: ‘I don’t think that I will have enough money in the coming years to contribute the new maximum IRA limits [$3,000 in 2002, or $3,500 if 50 or older, rising to $5,000, or $6,000 if 50 or older, in 2008]. In your opinion, would it be wise to sell stock or mutual funds held outside of an IRA in order to contribute the maximum to an IRA?’ ☞ Yes. Especially if you have shares on which you can take tax losses — but, generally, even if you’d have gains on which you’d have to pay tax. And it’s generally a Roth IRA you should favor with the proceeds, as being even better than a traditional IRA. And now: Flynn Monks: ‘I just finished the John Adams book you referenced Friday and it just keeps getting better as you read – especially the chapters on Abigail and Adams’s retirement in Quincy. You write of the struggles they had in that time; try getting through the last chapter or so without shedding a tear. On TV is a PBS show called The 1900 House, in which a modern day family has to live completely as a family in 1900. Their difficulties just getting through a day are something to behold. I can’t even imagine what it must have been like in 1776!’ Mark Kennet: ‘Three items (in addition to a good novel) that make even an eight-hour flight in the middle seat in coach more or less bearable: 1. A quality inflatable pillow from an outdoor goods store, like REI. Don’t get the cheap ones, such as those available in airport travel-goods stores. 2. Noise-canceling headphones, such as those sold by Bose. 3. A ‘Palm theatre’ DVD/Video CD player, such as that sold by Panasonic. ‘The first one makes sleeping in an upright position possible without the legacy of a stiff neck. The headphones make listening to music or movie dialog possible without turning up the volume, which can have unbelievable effects on your mood and attitude when you land. (You might try these for subway rides, also.) The DVD player gives you the option of watching whatever movie you want; of course, you will need to rent or purchase that movie in advance, but with used DVDs available from Half.com or other outlets, this cost can be quite low (and to make it even lower, you can resell!). ‘I still prefer to get an aisle seat if I have to travel coach (i.e., when I’m paying), but with these three ‘toys’ my quality of flying life has been improved immeasurably. If you add up the cost (about $20 for the pillow, $300 for the headphones, $600 for the DVD player, and $15 for the DVD itself) and allocate it in its entirety to a single flight, it is still way cheaper than the business-class ticket. And once you travel a whole lot, as I do, the costs become insignificant.’ Jackie Lamtec: ‘I’m reading a biography of Alexander Hamilton. And John Adams has just flipped out into the utmost pettiness and vanity. Despite the hard won victory against the British, our founding fathers almost blew it all with vanity and ego and bickering amongst themselves.’ ☞ How modern.
What — No Upgrade? November 9, 2001February 20, 2017 I’m up to the part of the John Adams biography where he has set sail for a winter’s North Atlantic crossing to France, a truly hazardous six-week passage in the harshest of conditions — even harsher for the crew — and it makes me think how we dread being assigned a middle seat in coach for the eight-hour flight. And how often is the movie one we actually want to see? A chapter or two earlier, Abigail is described, alone with the children, giant snow drifts outside their home, not having seen her beloved husband in many months. With word of Washington’s ragtag army enduring barely imaginable hardship, underfed in sleet and snow, Abigail writes John: “Posterity, who are to reap the blessings, will scarcely be able to conceive the hardships and sufferings of their ancestors.” I think she means us. And I think she is right.
Used Books November 8, 2001February 20, 2017 This column was supposed to run September 14. It got preempted. But books – especially used books – are timeless. Nancy Tindle: ‘My husband found this one the other day, and it allows you to quickly comparison shop between new and used discounters: addall.com. Dorothy Mallonee: ‘There’s only one source for used books today, in my not so humble opinion: abe.com. It is, from what I can see, a ‘clearinghouse’ in which used book sellers can upload their databases to abe.com’s database. Essentially, when you go to their site and use their very powerful search engine, you’re searching the inventories of hundreds of used bookseller all over the world – for my purposes, primarily in North America and the UK. Not surprisingly, sellers in Canada often have wonderful deals for US buyers because of the exchange rate; most seem to accept checks drawn on US banks in US$. Yes, even I, the die-hard Amazon.com maven, don’t use Amazon for used books. Amazon tends, in my experience, to be expensive and not particularly enthusiastic about finding used books for customers.’ Les Rosenbaum: ‘I can chime in with a comment about half.com. As far as selling items, no problem. It works quite nicely. Buying is quite another matter, however. One of the items I ordered never arrived. Another was heavily damaged. The problem is that it is such a pain to get your money back from Half.com. Multiple e-mails to get refunds is not fun. I can understand dishonest or stupid sellers, but I can’t understand why Half.com makes it habitually difficult to get refunds.’ Greg Curry: ‘I’ve been a buyer and seller on half.com and have had no problems whatsoever. I only buy from people with very high ratings (4.8 or above), which is probably why I haven’t had any problems like those described in today’s column. In one instance, when I was displeased with the quality of a CD I purchased (and said so in my seller feedback), I received a full refund for my purchase price from the seller (way beyond the call of duty, IMO). I think that if you stay with highly rated sellers, you probably won’t have any problems. As a seller, half.com has always remitted to me very punctually through a direct deposit into my checking account.’ Karen Tiede: ‘You ask whether the library is really worth it, given the travel cost and, especially, the time. Well, the library’s on my way home, across the street from the grocery store. No additional travel. The time spent in a library (for a book I know I want to read) is probably the same as what I’d spend on-line deciding if I really need the book, so count ‘time invested’ as a wash. And then there’s the on-line catalog, so I can do a ‘hold’ from home and they call me to tell me when the book’s ready for pickup, so no time lost looking for a book, either. Net: a $25 investment for my out-of-county library card, approximately 20 books a month, assume $20 each, $400 x 12 = $4800 savings (not counting shelf space as noted by other writers) . . . do I have this right – a 19200% return?!?’ ☞ And for free books in the public domain, there’s always Project Guttenberg. CAVEAT PAYOR Mike Lynott: ‘In keeping with your recent theme of keeping more of your own money, I would like to encourage my fellow readers to review their credit card bills each month. I’ve had two double-charges appear on my Amex and one on my Visa in the last two months. Both vendors moved quickly to correct the error, but of course I was the only one (or at least the first one) to find it.’
The Tax Tirade November 7, 2001March 25, 2012 Let me put it this way. We are under attack by fanatic, delusional mass murderers. American workers are being laid off by the hundreds of thousands. Small and shaky enterprises (albeit not the IBMs, GMs and GEs) are in peril of going under. This must be our finest hour. Nothing less is called for. The leaders of the House of Representatives, Dick Armey, Tom Delay, Bill Thomas, et al, convene to focus on the emergency. Every tax-dollar is precious. And so, in order to get Americans back to work and relieve the suffering, they conclude: Let’s send $1.4 billion to IBM. They don’t need it, they won’t hire a single new worker because of it, but let’s do it anyway. And let’s send $833 million to GM. They don’t need it, either. They won’t hire a single new worker because of it, either. Let’s send $671 million to GE. GE earned more than $13 billion in the last 12 months, so they don’t need another $671 million. But what else do we have to spend it on? Emergency loans for small businesses? Tax incentives to start new ventures? Renovating schools? A prescription drug plan for the elderly? Nah – not priorities. Let’s send $572 million to ChevronTexaco (now that we’ve halved the budget for alternative energy research). ChevronTexaco doesn’t need it and won’t hire a single new worker because of it, but it’s the right thing to do (for ChevronTexaco). And let’s not forget $254 million for Enron. They might need it to pay the lawyers retained to defend them from the charges the S.E.C. has leveled. Virtually every Democrat voted against this bill and even the Wall Street Journal editorialized against it, but virtually every Republican voted for it and the White House cheered them on. How much clearer can it get? Of course, there is more to the Republican bill than its retroactive repeal of the corporate Alternative Minimum Tax. There is also the provision to extend a tax break for companies that keep their profits abroad rather than investing them here at home. How would that perk up our economy? And there is a tax break for new investments made within the next three years. But experts suggest that by making it three years instead of one, you give business an incentive to hold off making investments. (Why risk the investments now, when demand is low? Better to wait a couple of years. No rush to pump money into the economy now – the tax incentive will still be there.) So, c’mon. Is this tax bill really the best we can do? Does it make you feel more confident about the prospects for your own finances?
Go, Cisco! Go vote! November 6, 2001February 20, 2017 Breaking News from the Borowitz Report: ‘Controversy-seeking newsman Geraldo Rivera, who left his perch at CNBC to cover the war in Afghanistan for Fox News, became part of the story today when his ninety-foot-long luxury trailer knocked out all of the power in Afghanistan, tilting the war effort decidedly in the United States’ favor. ‘Cisco – a bargain? According to our little market-cap SCALE (thanks again to Marc Fest for helping me bring it to life), CSCO is currently valued at more than Ford, GM, FedEx, the New York Times Co., Toys R Us, Yahoo, Amazon, Apple and Hitachi combined. So – although off more than 75% from its peak – CSCO stock may not yet be completely a bargain. Samsung’s 19-Inch TV/VCR combo. I’m sorry, but this one’s a winner. I know it won’t exactly turn your living room into a home theater, as one pal of mine did for just $42,000. But at about $229, depending on how aggressively you shop, it could sure make someone happy this Christmas. No cables; stick a tape in and it turns itself on and starts playing; one-touch recording; turbo rewind; even an alarm clock. I love mine. Here are the specs. Nobody for Mayor! I was struck by an item on CNN that ‘no one is running for mayor of Mechanicsville, Iowa, so the election is all by write-in.’ Granted, Mechanicsville is not Chicago or New York. But it made me think of something that had been running through my mind earlier in the day: namely, how fortunate we are that people – most of the ones I’ve encountered, good people – are willing to run for, and then hold, public office. What if they were not? Don’t forget to vote. [The Tuesday Tirade, as you can see, has been put off to tomorrow.] TRAVEL FEEDBACK Wayne Arczynski: “You wrote: << Just bring … your ID, empty all your pockets … and be prepared to be frisked … take off your belt and your boots. But it’s basically no big deal. >> NO BIG DEAL? I must disagree and say this is a great big deal. The idea of submitting to a search and interrogation, strictly for the privilege of flying for 2 hours versus driving for 10 to 12 hours, is beyond comprehension for many people. There is always a possibility of embarrassment due to an overzealous security person. Not to mention the fear of being humiliated in front of your children. No, Andy, I believe people are not so much afraid of dying in an aircraft as they are of being placed in a position that questions their character and invades their privacy.” ☞ In my experience the security people have been polite and the passengers have seemed to accept this is a necessary nuisance. But I know you are not alone in feeling this way. Dick Maynard: “I must agree there has never been a better time to travel. We just spent 5 weeks in the Southeast and in New York City. Hilton Head was a ghost town. The Robert Trent Jones golf trail in Alabama was akin to having some of the world’s most beautiful golf courses all to yourself. Florida, Ocala, Highway A1A and Boca Raton all have tables waiting. We just stumbled into the Disney resort north of Vero Beach and received a 30% discount for approaching the registration desk. And New Yorkers are nice. They could not have been more accommodating. Tickets for “The Music Man” and “42nd Street” were 50% off at the little ticket stand in Times Square. There was an absolutely amazing free Halloween party for kids in Central Park. Not that we have kids, ours are grown but other people’s children are more fun to watch than raising your own. Parents at the Central Park party had to lug home a free pumpkin and once there probably had to carve a jack o’ lantern. We, on the other hand, ended our Central Park wanderings by stopping at a pub for a pint of Guinness. We did not realize the Staten Island Ferry is now free. Thank you, Mayor Giuliani. What a bargain riding the subway to Battery Park and taking the ferry past Ellis Island and the Statue of Liberty to Staten Island and back. And Jet Blue is a wonderful airline. $54 from Ft. Lauderdale to JFK. $99 from JFK to Denver. The seats are first class wide and you have a TV set to watch the World Series as you fly home through the night. Much different from United Airlines, where they are either whining that they are about to go broke or whining why the pilots and flight attendants need more money. Jet Blue employees actually seem to appreciate your business. All in all it was a wonderful trip but I do have a problem keeping a straight face in explaining, ‘My wife and I are doing our patriotic duty and helping America. How? Why, by playing golf and attending Broadway musicals – that’s how. We all have to sacrifice and do our part.’”
Travel Advisory November 5, 2001February 20, 2017 With regard to Friday’s column, Richard McIntyre (promising never to return to this page again) writes: ‘It is a grand time to terminate your tiresome tirades.’ But Roger Anderson takes a different tack. ‘I don’t often share your political views,’ he writes, ‘but believe that if we are to remain a vigorous democracy we need to constantly question the underlying assumptions upon which we base out present policies.’ And Craig, wondering about the identity of the mysterious ‘George B’ – who set off my tirade in the first place – asks: ”George B.’ wasn’t George W., was it?’ (Mmmm . . . no.) I will have another tirade tomorrow – fair warning – but for now let me issue a travel advisory. And it is this: TRAVEL! I can’t believe how many people are still nervous about flying. Since September 11, I’ve flown in and out of Washington’s National Airport twice, to Detroit, to San Antonio, to New York, to Miami, to Dallas, to LA and to Jacksonville. In that time, sadly, literally thousands of Americans have died on the nation’s highways, with thousands more gruesomely injured. Yet people continue to drive without giving it much of a second thought. Yes, there is always the chance a plane will crash, just as there always was. But air travel remains safer than just about anything else you can do. Air fares are incredibly low. And my most recent trip cost me just 15,000 frequent-flier miles instead of the normal 25,000. What’s more, I was willing to settle for a three-star hotel (because where I was going I doubt there is a four-star hotel anyway), so I decided to offer $49 for the room via Priceline instead of my usual $79 – and, sure enough, ten minutes later I had my $180 room for $49. As to delays, I have seen some horrendous lines to check baggage, so I carry mine on. And I do get to the airport even earlier than I used to. But I bring a lot to read, because I am inevitably through security with an hour to spare. Just bring a printout of your e-ticket to show at security along with your ID, empty all your pockets before going through that thing you go through, and be prepared to be frisked. It all takes a little longer than usual, and you may have to take off your belt and your boots. Perhaps even leave your nail clippers behind. But it’s basically no big deal. Is there a chance that the day you fly some scare or snafu will cause massive delays? Sure. But it’s not much different from the chance that fog will cause massive delays. On rare occasion, these things happen. Life goes on. In short: this is a great time to travel. And I’m not being patriotic, I’m being my normal scheming, selfish self. What’s that? You’ve never been to Hawaii? It’s so beautiful!
Taunt? Theme? Refrain? Lament? November 2, 2001February 20, 2017 George B: ‘It’s your site and I figure suffering your political views is the subscription price – fair enough. But I just want to say I am *really* tired of ‘It is a grand time to be wealthy and powerful in America.’ It’s a taunt, not an argument, and I find it annoying and offensive, and I think it detracts from your attempts at rational argument.’ ☞ It’s not meant to be a taunt, it’s meant to be a theme. Especially with so many conflicting claims, it’s hard to make sense of the world. So where important patterns emerge, as I think they have in this instance, it’s helpful – or I hope it’s helpful – to try to point them out. It’s basically shorthand for saying, ‘Hey — Is this really what we want? To shift the balance of wealth and power further toward the wealthy and powerful? I am a huge fan of the wealthy and powerful. I have some wealthy and powerful friends myself. I truly wish them well. But I don’t think their plight tops the list of priorities. Yet judging from their legislation, that does seem to be the undeclared view of the Republican leadership.’ Halving the budget for alternative energy research instead of tripling it? That’s great for the Texas oil companies, but . . . but . . . Returning to deficits (and thus, down the road, higher interest rates and mortgage payments for the middle class) in order to provide huge tax rebates to oil companies and cut the tax on America’s top 1%? That’s great for the oil guys and the top 1%, but . . . but . . . Lacking the resources to renovate dilapidated schools and provide life-saving, pain-killing drugs to seniors because we’ve dedicated a chunk of the fast-dwindling surplus to cutting the estate tax on America’s 4000 wealthiest families from 55% to zero? That’s great for the wealthy, but . . . but . . . Or take my home state of Florida, which already has a 0% income tax, and lots of social problems like oppressively overcrowded classrooms. Jeb Bush halved the ‘intangible property tax’ on the wealthy from a very modest two-tenths of one-percent (applicable to only some assets, and federally tax-deductible) to just one-tenth of one percent. Great for the wealthy; but when was the last time you saw a middle-class tax halved? And what about those oppressively overcrowded classrooms? This is not trivial stuff. Gary Condit gets far more attention, but, taken together, this is our future, the direction of our nation. The fiscally conservative balance that seemed to work so well during the eight Clinton/Gore years has been abandoned. Our lovely little prosperity machine? Yes, it served the wealthy and powerful very well. Just not well enough, apparently. So it’s not a taunt, George, it’s a refrain. Or, really, a lament.
Stimulating Tax Cuts November 1, 2001February 20, 2017 The Paul Krugman column in yesterday’s New York Times continues his examination of the Republican stimulus package. I know we get numb to the transfer of billions of our tax dollars to Texas energy companies – it can’t possibly be as important as the $30,000 real estate investment a recent President made that we spent $40-odd million and several years investigating – but maybe instead of getting numb we should get . . . annoyed? As Arianna Huffington writes in her latest column, ‘All you really need to know about the true nature of this bill can be found in a largely unnoticed provision that makes permanent a gaping tax loophole that was about to expire. It allows multinational corporations such as GE and Ford to avoid paying taxes by shifting profits to their offshore subsidiaries — but only if those profits remain overseas. Tell me, how exactly is providing incentives to keep money out of our economy supposed to stimulate our economy?’ Just about everyone has ridiculed the House bill, from our unlikely Secretary of the Treasury, Paul O’Neill, to the conservative Wall Street Journal editorial page. (‘The Ways and Means bill was so chock full of corporate goodies and feckless rebates,’ opined the Journal, ‘that both liberals and supply-siders felt compelled to throw tomatoes. …Meanwhile, Americans watching this stimulus ‘show’ in Congress should demand to have their tickets refunded. It ain’t worth the time or money.’) But responding to that criticism, House Majority Leader Dick Armey told Tim Russert on ‘Meet the Press’ this weekend, ‘It’s a very thoughtful piece of work, and I’m very proud of what the committee did.’ And the White House has apparently reined in the Secretary of the Treasury – the administration likes the bill, too. It is a grand time to be wealthy and powerful in America. If you have time, read the Krugman piece.