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View Diary: Nicholas Kristof is a must-read today (21 comments)

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  •  Roughly from about the day the Capital Gains (3+ / 0-)
    Recommended by:
    xaxnar, winkk, ladypockt

    Tax was cut, the economy began to slowly circle the drain.

    Also, "carry interest" in any form is bribery-covered theft. A concept that no one would have accepted 50 years ago.

    •  It changed the whole game (2+ / 0-)
      Recommended by:
      bontemps2012, ladypockt

      The low rate on capital gains has had the effect of distorting the whole economy. When the highest returns come from playing games with money, it creates a disconnect with the real world.

      No one has an interest in creating and growing a company when the real money comes from stripping it of assets, ripping off employee pensions, handing out bonuses to execs and dividends to investors, maxing out the company credit line to inflate 'value' on the books - then selling off the remains and walking away.

      This is what low capital gains and carried interest incentivize.

      "No special skill, no standard attitude, no technology, and no organization - no matter how valuable - can safely replace thought itself."

      by xaxnar on Thu Nov 22, 2012 at 03:54:53 PM PST

      [ Parent ]

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