If, like me, you’re not a stranger to scanning through the meager offerings on late-night TV, you will more than likely recognize TV pitchman Don Lapre, whose numerous get-rich-quick ads became so infamous he was spoofed on Saturday Night Live. They also landed Lapre in an Arizona jail on charges of, among other things, mail fraud and promotional money laundering. And this is where the 47-year-old was found yesterday morning, dead of an apparent suicide.
Treasury Secretary Henry Paulson hates the penny because it is a worthless dingleberry of a coin. In an interview sure to have kids thinking they know enough to run the Mint, Paulson simplistically noted: “The penny is worth less than any other currency.” Don’t sing the penny’s swan song just yet.
…he quickly added that he didn’t think it was “politically doable” to eliminate the one-cent coin and it wasn’t something he planned to tackle in the final year of the Bush administration.
Great, add the penny to the slate of issues over which the parties disagree. Put it right next to war spending and social security.
He predicted the staglation of the 70’s and argued that the Great Depression was exacerbated by the government’s contraction of the money supply.