Redstate

“.....women and minorities hardest hit”

so named yesterday in the WSJ. John Campbell[R. Calif.] introduced a bill to make voluntary contributions to dafedralguvmint easier. " It's a great injustice that citizens wishing to fulfill their dreams of paying more taxes cannot simply check a box on their 1040 form to make a donation" says Rep. Campbell. So true and my heart goes out to the poor dears.

The WSJ goes on in it's editorial," Still, don't expect many to take Mr Campbell up on his offer. The Treasury already accepts voluntary donations to decrease the nation's debt; last year it received all of $2.6 million. Apparently even most liberals would rather keep their money, or bequeath their estates to charity rather than the IRS".

From a nation of 300 million people, some of whom are unpoor liberals, a piddling $2.6 million. Bullcrap comes easier than money it seems.

I will probably e mail Rep Campbell in support. In the meantime; Mr Greenwald, lead the way,go for it, give till it hurts.

"a man's admiration for absolute government is proportinate to the contempt he feels for those around him". Tocqueville

...we won't have to worry 'bout no LBOs or Long Term Capital Gains.

After all, Rich People are The Enemy.

There is more stupidity than hydrogen in the universe, and it has a longer shelf life. - Frank Zappa

"Roger" is the late Roger B. Smith, at that time the CEO of General Motors, and a man who was even shorter and uglier than Henry Kravis.

Funny how Moore chose GM as a target just as their fatal decline was accelerating.

The PE business works by doing LBOs, as you noted. The problem with LBOs these days is that there's no "L."

I guess it makes sense for a hard-Lefty to see the driving evil in the universe in people who are in very bad shape. Although KKR (Kravis's firm) aren't doing too badly compared with their peers.

a business goes to a private bank to get money instead of the government. So, instead of closing the business and firing everyone, the business is able to keep people employed and turn the company around.

Unfortunately, all too often, the point of getting the money from the bank is to buy out the company, lay off many of the workers, and sell off many of the assets as part of "corporate restructuring." Been there myself.

This is what so-called "leveraged buyouts" have been doing. And I think that's what Mr. Greenwald is referring to.

This practice is made easier by favorable tax treatment (the loans to conduct leveraged buyouts are fully tax deductible). Other countries have tried to restrict loans for this purpose.

But Mr. Greenwald is misdiagnosing the problem anyway. The reason why American workers have lost high-paying cushy jobs is simply that with the opening of the entire world to globalization, median wages in the world are lower than median wages in America. So our wages get bid down on the global market. Leveraged buyouts are simply one mechanism that is used to phase out overpaid, unprofitable American businesses and workers in favor of cheaper business opportunities elsewhere in the world.

The effect of the global market was delayed for decades due to the distortions of World War II and the Cold War. But both are long gone now, the ravages of WW2 have been repaired, most former Communist bloc countries are today's "emerging markets"--and we're feeling the heat of that competition.