Quote Du Jour

Paleo Retiree writes:

The best thing I’ve read today comes from Rolling Stone’s Matt Taibbi:

With 300 million possible entrants in the race, how did we end up with two guys who would both refuse to bring a single case against a Wall Street bank during a period of epic corruption? How did we end up with two guys who refuse to repeal the carried-interest tax break? How did we end with two guys who supported a vast program of bailouts with virtually no conditions attached to them? Citigroup has had so many people running policy in the Obama White House, they should open a branch in the Roosevelt Room. It’s not as bad as it would be in a Romney presidency, but it comes close.

A pox on election season generally.

About Paleo Retiree

Onetime media flunky and movie buff and very glad to have left that mess behind. Formerly Michael Blowhard of the cultureblog 2Blowhards.com. Now a rootless parasite and bon vivant on a quest to find the perfectly-crafted artisanal cocktail.
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3 Responses to Quote Du Jour

  1. Toddy Cat says:

    Actually, Romney would be significantly better, because the national media wouldn’t give him a free pass, the way the have Obama. The MSM has always leaned towards the Democrats (I won’t even say left) , but this year, it’s blatant and totally out in the open, or at least it was until Obama blew the last debate so bad even they couldn’t ignore it. Romney couldn’t be any worse wuth regard to corporate influence, and the alleged watch dogs might actually do their jobs. By the way, I regard Taibbi as a drug-addled buffoon, and it’s shameful that he’s been one of the few people to hold Obama to any kind of standard. I hate it when people I dislike are right.

    Like

  2. epiminondas says:

    I’ll tell you why: both parties have blood on their hands. They don’t want to talk about it. They’re hoping we’ll forget all about it. That it will be treated like bad luck, or the weather. Each knows that if one of them brings up the subject, it can only lead to mutual recriminations to the detriment of both. Collusion.

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  3. ChevalierdeJohnstone says:

    Well, Matt Taibbi clearly doesn’t understand finance, because “carried interest” is a share of the PROFITS of the fund’s investment. Since PROFIT is after-tax, all carried interest money is, in fact, after-tax. As such, all taxes on carried interest are double-taxation, exactly like every other capital gains (profit) tax.

    The American founding fathers understood how tax policy works and taxed items that they wanted to discourage, such as nonproductive land or importing large amounts of goods better produced domestically for reasons of national security. Today we tax – success.

    No bones with the pox on bailouts and Wall Street shenanigans, however. I will point out that PRIVATE equity funds such as Bain Capital have never been the source of the problem; it is government-partnership banks and the “public-private partnership” of the banking system which has caused all of the problems in the financial system. Were all financial firms required, like private equity, to lend or invest only their own money, we wouldn’t be in this mess.

    (I am of course simplifying here, because private equity firms are able to borrow from public-private banks. The cancer which is fiat monetary manipulation has metastasized and now permeates the entire economy.)

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