The Dems don’t get it. And it’s becoming more and more apparent on a daily basis. The new legislation introduced by two of their senators, Barbara Boxer of California and Jim Webb of Virginia, has had me singing the great Ramones’ tune “Howling at the Moon (Sha-La-La).” What keeps running in my mind is the refrain:
“There’s no law, no law anymore
I want to steal from the rich and
Give to the poor”
This proposed legislation is absolutely outrageous. The bill, called “The Taxpayer Fairness Act,” would add a 50% excise tax on bonuses of $400,000 or more paid to employees of companies that received TARP money. CLICK HERE TO READ. Senator Webb said that this action was not intended to create “class warfare” but rather was a “one-shot deal” to penalize employees of firms that were bailed out.
Now I am all for paying back the government — that is, us taxpayers– any and all funds used to bail out the banks. But is this the way to do it? Come on, Senators, you know as well as I that taxing an economy back to prosperity is something that just will not work. This is really very scary.
Washington seems not to get it. Many of us were relieved early on in the Obama Administration when we saw the active role former Federal Reserve Chairman Paul Volcker seemed to be playing. But clearly no one is listening to him or, if they are, they seem to be distorting his once sound fiscal policies. The time has come to say enough is enough. Washington needs to start focusing on getting this country back to work and putting money into the hands of the people, not stealing money from some to be used for one failed program after another. We need to rein in spending and focus on getting the country working again. Excessive taxation is not the solution; it’s just going to make the problem worse.
Enough, I guess, about this national nightmare; here are some thoughts on the hedge fund industry:
Right now, things seem to be quite tough. New fund starts are down, assets don’t seem to be flowing into funds and performance, while strong in 2009, seems to be off to a rocky start with the recent volatility. But fear not, hedge fund people, the industry is primed for growth in the rest of year and my prediction is that 2010 will turn out to be a good one.
To learn why, join on the HEDGEAnswers conference call on February 16 at 10 a.m. EST. The discussion will be fast, furious and without bounds.Click Here To Register.
THINGS THAT DRIVE ME CRAZY
President Obama and the powers-that-be and their attempt to continue to kill the American Dream are sending me around the bend. What they’re doing is stomping all over the dream that millions of people have, both here and abroad. The reason President Obama is losing support on all fronts is because he’s telling us that the American dream doesn’t work anymore. He’s telling us that the only solution to everything that ails society and the economy is the State. The State’s going to provide you with this and the State’s going to provide you with that. The problem with this sort of thinking is that it is not the American way.
Well, guess what, the reality is the American people aren’t stupid. During a recent speech he said, am I am paraphrasing here, that the American people are hard working, smart, innovators, yet a few moments let later during the same remarks, he said that without government intervention all of us smart, hard-working people are doomed. CLICK HERE TO READ HIS REMARKS
I just don’t get it.