In an Albuquerque Journal story today from Marketwatch on the early termination fees that cell phone companies require, we learn that the companies want the Federal Communication Commission to retain regulatory power rather than let states get into the act.
My comment: It is easier to deal with one regulator than 50. And the telecommunications industry already dominates the FCC.
Also on today’s business page, Winthrop Quigley reports that a presidential panel headed by former IRS boss Charles O. Rossotti will offer several ideas for reforming the tax code, including wiping out the alternative minimum tax. Also, some form of a flat tax and "ideas for a consumption tax."
My comment: Erasing the AMT to eliminate its unintended consequence - penalizing middle-income taxpayers - also will erase its intended consequence, to make sure that the richest pay something.
Also, every idea in Quigley’s story involves reducing the progressivity of federal taxes. something the story ignores. And it describes Rossotti as a senior adviser to the Carlyle Group "a Washington, D.C., private equity investment firm," without pointing out that the first President Bush has solid ties to Carlyle.
Finally, the Journal reports on the same page that four New Mexico companies will split a bit less than half a million dollars in state job training funds.
My comment: This is the free enterprise system at work; my tax money and yours subsidizing private businesses.
So why am I telling you all this?
To make the point that, without context, these stories come out slanted. And that - with noteworthy exceptions like the Wall Street Journal and New York Times - this is the way the business pages of local newspapers are, biased in favor of business.
And everybody shrugs.