News for December 3 — Supreme Court Reconsiders Tax Code

Supreme Court reconsiders tax code: https://www.wsj.com/us-news/law/one-supreme-court-case-could-mess-up-chunks-of-the-tax-code-680a9ba6 . As the article correctly points out, there are already a variety of circumstances in which unrealized income is taxed. Hopefully the Court will sidestep this hand grenade.

Did Israel know Hamas was planning the October 7 attack?: https://abcnews.go.com/Politics/us-israeli-officials-react-blockbuster-report-israelis-knew/story?id=105333179 . Here is a summary of this shocking reporting by The New York Times: https://thehill.com/homenews/senate/4337115-israel-hamas-attack-plan/ .

WSJ: Meanwhile, attempts to revive the ceasefire have stalled: https://www.wsj.com/world/middle-east/gaza-truce-talks-focus-on-women-held-hostage-by-hamas-rivals-64633c49 . It looks like Israel will pursue its annihilation of Hamas to the end.

WSJ: A missing Ukrainian soldier: https://www.wsj.com/world/europe/dead-or-alive-the-hunt-for-a-ukrainian-soldier-missing-on-a-chaotic-battlefield-5e90676b . Wow.

Alaska Airlines to acquire Hawaiian Airlines: https://www.npr.org/2023/12/03/1216870386/alaska-airlines-to-buy-hawaiian-airlines . As the article notes, Hawaiian stock has lost just over half its value this year. Paying 4 times the current stock price appears inappropriate. Alaska itself has a market value of $4.71 billion, so they are betting an amount equal to 40% of their total stock value and paying what seems like an absurd premium. WSJ: More: https://www.wsj.com/business/airlines/alaska-air-nears-deal-to-buy-hawaiian-airlines-07ce881b . The Journal notes many of the financial facts just referenced, but provides no analysis. But isn’t analysis what a business newspaper should provide?

WSJ: The DeMentis campaign: Just keep rearranging the deck chairs: https://www.wsj.com/politics/elections/desantis-predicts-iowa-win-as-political-operation-backing-campaign-fractures-8a2f01f3 . Ron’s losing senior people at a rapid pace. This means those who know are sure it’s time to go.

WSJ: Re-engineering the tomato: https://www.wsj.com/science/environment/ketchup-tomato-california-hotter-world-94337adf . Swell. What are the chances these things will taste good? Slim to none. As someone who has homegrown tomatoes for decades, of all the vegetables you can grow, homegrown tomatoes are the most superior to the cardboard imitations currently available in the stores. And tomatoes take a lot of water, period.

College football playoff picture: Michigan, Washington, Texas, Alabama: https://sports.yahoo.com/college-football-playoff-michigan-washington-texas-and-alabama-make-the-field-as-florida-state-is-left-out-172712411.html . As readers know, I agree that Florida State should be left out, but I would have included Georgia rather than Texas. Since FSU is out because of a late-season development (quarterback injury), Georgia’s loss Saturday seems to have doomed their bid. The committee had to rank Texas ahead of Alabama because of their head-to-head victory.

Michigan is ahead of Washington because they have been ranked higher all season (in my view, East Coast bias). However, with Texas ahead of Alabama, in my view Washington has an easier draw than does Michigan (so in that sense, this is like Washington is ranked No. 1). Michigan has lost their last two playoff appearances in the semifinals, and I predict they will lose to Alabama. I also expect Washington to beat Texas in a close game, in line with almost all of Washington’s games.

In a Washington-Alabama final, I suspect Alabama will win (playoff experience). As usual, we will see. WSJ: More: https://www.wsj.com/sports/football/college-football-playoff-michigan-alabama-washington-texas-35f1bb6d . The Journal notes that the Pac-12 rarely makes the playoffs because it has a number of strong teams each year which beat each other up. This is exactly the view out West, and we prove it every damn year. However, the movement of these strong teams to the Big 10 should expose the weaknesses in the existing Big 10 members. As always, we will see.