Is this a great country or what?
PNC Financial Services Group of Pittsburgh rides to the "rescue" of National City Corp. in a taxpayer-financed $5.6 billion deal.
Then comes word that PNC will get a tax break for the deal that could hit $5 billion -- yes, that's billion with a "b" -- and might not have to pay federal income taxes for the next six years. (PNC disputes the number.)
This is the same PNC, flush with billions of dollars in profits, that demanded and received a $48 million taxpayer subsidy to help build its now-under-construction Three PNC Plaza skyscraper.
What's wrong with this picture?
The taxpayers' teats are raw. It's time to turn off PNC's milking machine.
There was a woefully underreported spate of commonsense fiscal advice last week from former U.S. Treasury Secretary Paul O'Neill. The one-time Alcoa boss who still calls Pittsburgh home says it's time to return to the days when lenders required 20 percent of a home's purchase price for a down payment.
You can bet Dimmycrats and their acolytes who effectively made it discriminatory for lenders to deny mortgages to those without the wherewithal to afford those mortgages are aghast at Mr. O'Neill's following and most incendiary statement:
"If you can't afford a home mortgage, we shouldn't give you one."
Ahem.
It's not just the money that's represented in a 20 percent down payment but the principles behind it. If you can scrape and scrimp and save for a down payment, you likely have the discipline required to make smart choices, make your mortgage payments and actually maintain your home.
Novel concept, eh?
The hottest race of this election locally has been the 39th Senatorial District contest between Republican Kim Ward and Democrat Tony Bompiani. It's the Bob Regola seat. And there's been a pretty significant October surprise.
Turns out the Big Bomper hasn't filed the required campaign finance disclosure statements since May. But, rest assured, says Mr. Bompiani, "We're not trying to hide anything."
But by flouting the law, he is.
Bompiani says the disclosures haven't been filed because his campaign wants answers to some reporting questions. The real kicker is that Bompiani is all too willing to pay the fines -- $20 for the first six days post-deadline and $250 daily after that -- to keep his benefactors hush-hush until, of course, after the election.
So much for transparency.
Those currying the favor of opinion scribes at election time surely must think they have some of the shortest memories on record.
To wit, both Tim Murphy and Melissa Hart, Republicans running in the 18th and 4th congressional districts, respectively, had promised to start asking questions about the Port Authority of Allegheny County's wholly bogus methodology for calculating the benefits of mass transit projects in pursuit of federal dollars.
That challenge was issued specifically regarding the North Shore Connector, that under-the-Allegheny River boondoggle that's bringing light-rail service to the near North Shore with wildly overstated ridership claims, as long has been the authority's standard operating procedure.
But has there been a single peep about it in the current campaign⢠Nope.
One of the persistent myths of the presidential campaign has been the Democrats' contention that the incomes of middle-class Americans have taken a significant hit. It's the ultimate "pocketbook issue," of course.
But its pure shibboleth.
From Terry Fitzgerald, senior economist at the Minneapolis Federal Reserve:
"Careful analysis shows that the (inflation-adjusted) incomes of most types of middle-American households have increased substantially over the past three decades."
How much⢠Between 44 percent and 62 percent. Factors contributing to the increase include shrinkage in the size of the average household and increases in non-wage compensation.
A tip of the hat to Professor Don Boudreaux, chairman of the economics department at George Mason University and Trib columnist, for the tip about Mr. Fitzgerald's assessment.
A final thought as you contemplate which politicians to reward or punish on Tuesday, from President Grover Cleveland, perhaps the last good Democrat:
Good government, and especially the government by which every American citizen boasts, has for its objects the protection of every person within its care in the greatest liberty consistent with the good order of society, and his perfect security in the enjoyment of his earnings with the least possible diminution for public needs.
Oh, to have at least more than a precious handful of our political "leaders" subscribe to this philosophy.
