This Single Obscene Tax Loophole Costs Treasury Billions

Hedge fund managers produce nothing of economic value, and their returns across the entire class are certainly underwhelming. Even if you are dumb enough to  pay a hedge fund manager "2 and 20", do you really think his income should be taxed at 15% capital gains rate? Those types of obscene tax provisions couldn't happen if Wall Street hadn't bought and paid for the US Government.

Collectively, this single provision costs the Treasury hundreds of billions. Maybe all of us ought to start our own PAC so we could get a fair break like all those multimillionaires/billionaires. You too can have the best government money can buy.

Seriously folks, how many of you think this is a fair tax treatment? Leave your comments below. 

Rotten to the Core

As if American's opinion of their government couldn't get much lower, we discover that Congress and other government officials are exempt from insider trading or otherwise profiting from information they obtain as a result of their privileged positions. Moreover, a few have been found with their dirty little snouts in the public's trough. Somehow,  they don't think that's offensive enough to demand immediate change. They are on their way home for the holidays to bask in the approval of their fellow citizens that they claim to represent.

It's enough to make a guy cynical. 

One small step towards restoring faith in government might be to repeal those odious exemptions ASAP.

Let's abolish elections

Is there anyone that believes a single US Congressman deserves reelection? Can you imagine any randomly selected group of 435 citizens could have done a worse job?
As an alternative, just suppose we simply randomly drew out 435 names to serve a two year term. They wake up one morning, open their mailbox, and there it is: "Greetings....." Just like my draft notice.
They arrive in Washington, stay at a government barracks (let's buy Watergate for them), can serve only one term, and cannot be re-elected. The simply go home. Furthermore, they may not lobby or counsel any corporation that contracts with the US Government for 10 years after their term.
Without the need for campaigning, with no need to stand for re-election, and no prospect for self promotion, they owe nobody and can devote themselves to the people's business. Wouldn't that be a nice change?

Another Whipping

This weekend marked the end of our war in Iraq. Or did it? We leave behind a force of contractors, civilians, mercenaries and consultants of almost equal size as our occupying force.
Here's a thought. It's been 65 years since the US won a war. And perhaps only South Korea is better off because or our intervention in their affairs.
We didn't win this war, and never should have been there in the first place.
The outcome was a disaster on every front. The war never should have been fought. Sadam had no weapons of mass distruction, didn't participate in 911, was firmly contained in his little box by allied forces, and posed no danger to anybody but his own people.
The idea that the Iraqis will welcome our occupaiton, convert to Baptists, become hard core Republicans, embrace western values, join the Chamber of Commerce, and join together to sing Kumbaya is far fetched.
We leave behind as big a mess as we found. Meanwhile, we lost more soldiers than civilians died in 911, created enemies faster than we could kill them, bankrupt our treasury, diminished the world's opinion of us, strengthened Iran, ground up and over stretched our military, displaced a couple of million Iraqis and  killed over 100,000 of their people. Not our proudest accomplishment.
God bless our forces who carried out their assigned missions with professionalism and courage. Our soldiers don't get to choose their missions. But, let's hope the politicians that sent them there rot in hell.

How do you spell corruption?

How do you spell corruption? Campaign Finance.
Can anyone honestly believe that we don't have the best government Goldman Sachs can buy? Or more exactly Wall Street, pharma, big oil, and Military Industrial Complex collectively own Congress and the White House. We might as well put their billboards on the walls there.
We are becoming as corrupt as any nation on earth. The reason, politicians are bought and paid for through perfectly legal campaign finance donations. The Supreme Court enabled this outrage through their decision that corporations are the same as natural persons and that furthermore they have a right to purchase any and all politicians they care to through donations protected by their free speech rights. Am I the only person that thinks that's a stretch? Could the court possibly not have understood what they were creating?
Today so called Super PACs can raise and spend unlimited funds from wealthy donors, unions, and corporations.
Yesterday a Washington Post article pointed out that Romney's campaign had not spent one cent in Iowa, yet various PACs, and Super PACs unleashed a torrent of advertising supporting him. Is it remotely possible that these donors are not expecting payback, influence, access and favors not regularly granted to citizens?
To be fair, Mr. Romney is no more slimy than any other politician, and he's on record against PACs even though they intend to spend more than $3.1 Million in Iowa to support him.  We don't mean to single him out. Rest assured Mr. Obama and all the competing Republican candidates will have their own super PACs busily raising funds to buy their candidate's souls. That's life in a corrupt society.

On Centerline

In another life as an Air Force and Airline Pilot, I spent a lot of time on Centerline. It's where we wanted to be on the runway for takeoff or landing, and a comforting place to be during approach.

Today, I'd describe my social, political and economic views as on centerline. But, it's a lonely place to be. Isn't anybody in the center anymore? More interestingly, doesn't anybody represent the center anymore? The political right is just to the right of Attila the Hun, while the left has forgotten what they stand for. But, the two sides meet in the center just long enough to punch one another then retreat to their respective wings to await another round.

Truth is the first casualty. Can either side really believe what they are saying? A charitable explanation is that both sides are populated by just plain stupid people, but that explanation strains credibility. They can't be that stupid.

A blog may be the most egocentric exercise on the planet. Perhaps no one will be interested. But, if nothing else, I expect it will be therapeutic to unload from time to time. Short of urging revolution, this will be my protest against the established order. Come along for the ride if you care to.