Give Thanks for Blessings and Freedom

Too often we find ourselves giving thanks during November and December for either the bounty of our lives or the freedoms we enjoy, but not paying enough attention to the interconnection between freedom and prosperity. John Stossel does a nice job putting the original Thanksgiving feast into this perspective. (Hat tip to Lisa Schiffren at The Corner)

Let's not forget that the freedom to work hard for our rewards is why we have so much to be thankful for - and let's continue to fight to hold onto to that premise lest our country perish from within.

Boras Eats Crap Sandwich

Whether you love 'ol purple lips or despise him, you've got to be happy at the way he's trashed his agent Beelzebub Boras this week. I've felt for many years that for all the greed in professional sports, the true culprits were the agents who generally have no idea what it takes to be happy as a pro athlete and instead are simply using the players (who they see as malleable idiots) for personal gain. I don't know if A-Rod will actually end up signing with the Yankees (though it looks like he will), but I am tickled that Boras got his comeuppance.

P.S. I am also tickled that I got to use the word comeuppance.

Taxing the Rich Boilerplate

As someone who has a vested interest in the pay rates of investment managers and the tax treatment of that pay, I have paid fairly close attention to the debate over the taxation of carried interest. Much of the argument has focused on two competing views of carried interest: either it's seen as simply another form of direct compensation (thus it should be taxed as income) or it's viewed as a key incentive for private equity (and real estate) investors to put time, energy, and reputation into deals since they will benefit if the deals pan out or lose valuable time, energy, and reputation if the deals fail (thus carried interest should continue to be taxed as capital gains).

I find lots of truth in both viewpoints, and can't find it in my heart or head to choose one over the other. But I don't think it really matters. The argument not being made in this case is whether taxation itself is effective. I really wish we had one prominent conservative out there (in an election year no less!) who would step forward and say, "I don't think we need to raise taxes on carried interest simply because it would only give more money to a bloated government that repeatedly proves its inability to properly allocate funds for the general good. I'd rather savvy investors decide what to do with the capital - their track record is better than Washington's."

Where the hell is that voice?

Congress Steps Up

Wow, with all the discontent over our current president I can't believe it's taken until now for Congress to override a veto. This might be just what we need though. In fact, I'd tell Bush to start throwing the veto around like it's going out of style and force the Congress to go on record and get the votes to override. Let's put some accountability back on the law-makers and see if they hold up to public scrutiny come next year's elections. Whether the particulars of this bill warrant a veto or not, I like the fact that the excutive branch is forcing the legislature to put its cards on the table.

This is one tactic that could help the Republicans take back Congress and win the White House next year. Hopefully I'll get some time to put a full list down in a post that isn't sloppy and hurried.