We Rely on Journalists

April 17, 2018

As a nation, we rely on Journalists to provide us with well-researched, unbiased and true information.

Until recently, I included Journalists in the same realm as Lawyers, Doctors, Accountants, Nurses, Plumbers, Electricians, Welders, Financial Planners, etc. — assuming that Journalists were professionals who received appropriate training; passed standard professional exams; and subscribed to a high standard of ethics.

Now, I’ve learned that those who identify as Journalists are often self-certified.

Alex Jones is a self-identified Journalist.  He is the host of “The Alex Jones Show” (infowars.com) which is now syndicated on over 160 AM, FM, and shortwave radio stations across the United States.

Alex Jones rose to national prominence as a result of his position that the 2012 massacre in Sandy Hook which took the lives of 26 innocent children and educators was “a giant hoax”.

Jones used his self-identified position as a Journalist to discredit the parents of the dead children.  He fixated on his mission to convince the public of a giant hoax, a conspirancy staged by the federal government, which hired professional actors for the purposes of undermining Second Amendment rights.

Jones seems to be the father of a dangerous tribe of Conspiracy Theorists who continue to twist the truth and who cloud the continuing plague of mass murders in schools and public places across the U.S.

I’ve now learned there is no standard professional exam for Journalists. And, apparently, no standards exist in the public sector regarding ethical behavior by Journalists — perhaps driven by those who rely on the 1st Amendment guaranty of the right of free speech?

I try to be a discerning consumer of information I receive from various media sources, and I admire those Journalists who consistently provide well-researched, unbiased and true information.

Question is: Given the importance of Real Facts, why is there no official credential (“license”) which can be earned by Real Journalists to help separate the Real Journalists from the Pretenders?

No threat to Free Speech:  just a ‘check and balance’ which separates those commentators who have their own agenda from true journalists who seek the truth.

Although I don’t approve of Alex Jones and his behaviors, I acknowledge his right to free speech.  However, I don’t acknowledge his right to self-identify as a Journalist.

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Florida, the Gunshine State

February 17, 2018

I’ve been calling Florida my second home for 40 years, and I was finally able to move here permanently in January 2017.  Florida has some fabulous positive attributes.  Firearm regulations are not on that list.

I’m a dues paying member of the NRA and a gun owner.  I think the 2nd Amendment is a good thing, and I’ve read it dozens of times.  I’m not sure exactly what the folks who wrote it were trying to say, and they are all now deceased so we can’t ask them in person.

Florida has been the location of several recent massacres involving young people wielding AR-15 weapons.  On February 14, 2018 a young man named “Cruz” stormed a high school in Parkland, FL with an AR-15 rifle.  He killed 17 and wounded many more.

Florida seems to have some ‘fast and loose’ controls over gun acquisition, gun possession, gun ownership and the sale of ammunition and accessories.

Florida State Senator Dennis Baxley, a Republican who wrote the Florida ‘Stand Your Ground’ law in 2005 and is a major gun-rights backer, doubts any proposals aimed to restrict or control guns will gain traction. “I don’t see any interest here on that,” said Mr. Baxley, who represents parts of Sumter, Marion and Lake Counties. “We’re pretty comfortable that freedom works.”

The FBI confirmed that someone close to Cruz called an FBI tip line on Jan. 5 with information about Cruz’s desire to kill people, erratic behavior, disturbing social media posts, as well as the potential of him conducting a school shooting.

On February 16, 2018, Broward Sheriff Scott Israel confirmed that the Broward Sheriff’s Office received “20 calls for service over the last few years” regarding Cruz.

After the Orlando massacre in June 2016, Florida Governor Rick Scott— where the killer also used a military-style semiautomatic rifle — said that “the Second Amendment didn’t kill anybody.”

Following the February 2018 Parkland school massacre, Mr. Scott told CNN’s Wolf Blitzer,  “Everything’s on the table, all right? I’m going to look at every way that we can make sure our kids are safe.”

Concurrently with his ‘everything on the table’ remark, Scott released a detailed statement essentially blaming the FBI for the Parkland school shooting, concluding with, “… the FBI failed to act… The FBI Director needs to resign.”

Sen. Marco Rubio, R-Fla., also slammed the FBI, saying the agency “utterly failed the families of 17 innocent souls.  The fact that the FBI is investigating this failure is not enough,” Rubio said in a statement. “Both the House and Senate need to immediately initiate their own investigations into the FBI’s protocols for ensuring tips from the public about potential killers are followed through.”

This Scott/Rubio circus closely follows the Republican playbook which resulted in the firing of former FBI Director Comey in May 2017; and the continuing barrage of criticisms, innuendo and distractions which attempt to cast doubts on the reliability and/or veracity of the FBI and its current director, Christopher Wray.

Some political operatives have focused their diversions on mental health issues, yet Federal law already bars people who have been adjudicated mentally ill or committed to institutions from buying firearms.

In February 2017, at the request of a Republican Congress, President Trump signed an order to repeal restrictions on gun sales to an estimated 75,000 individuals who have been determined to be mentally deficient by certain Federal agencies.

And, despite their rhetoric, Florida state Republican leaders have not proposed expanding mental-health restrictions inside Florida.

Deflection is a powerful political tool because it can mask attention from other issues, such as making sure powerful assault weapons, high capacity magazines, bump stocks and armor piercing bullets can’t be bought by teenagers – or any civilians – who wish to live in a civil 21st Century society.

As far as we know, The Donald is a U.S. citizen, and thus protected by our Constitution, Bill of Rights and subsequent constitutional amendments.

So, The Walrus has no contest to his freedom to say what is on his mind, however…

As a public figure, The Donald ought to realize that what he says may be interpreted literally or figuratively.

Some of his recent comments directed toward Mexicans seem to have energized a group of fellows who are no longer able to fly their Confederate Flags as openly as before, and had been seeking some new causes to help rally the troops.

Mr. Trump has recently been quoted making alleged negative comments directed toward migrants from Mexico (and Central / South America) as a primary contributing cause and source for America’s multiple issues with drugs.

I’m not quite sure what The Donald was trying to tell us, but it is pretty clear that the propensity for U.S. citizens to use “recreational substances” – alcohol, marijuana, peyote and others – predates Mr. Trump.

Prior to 1913, about 40% of federal revenue was generated by taxes and fees on alcohol.

Passage of the 16th amendment in 1913 (which created the federal income tax) addressed the ‘tax issue’ dependency relative to alcohol, and thus paved the way toward Prohibition.

Subsequent to the 16th amendment, income taxes far surpassed liquor taxes, providing solid support for passage of the 18th Amendment – a.k.a. “Prohibition” – in 1919. It banned the ‘manufacture, transportation and sale of intoxicating liquors’.

The 18th Amendment didn’t stop the manufacture, transportation or sale of booze — it just shifted the activities out of the mainstream economy to the underground economy, where there were plenty of domestic cartels (families, gangs, mobsters, etc.) ready, willing and able to step in and ensure that the supply chain wasn’t interrupted due to some foolish Constitutional Amendment.

At the time, most of these cartels were populated by first or second generation immigrants from Ireland and/or Italy.

As Al Capone is quoted from back in the day, “All I do is to supply a public demand … somebody had to throw some liquor on that thirst. Why not me?”

Since those peaceful days, direct descendants of the Hatfield and McCoy families have joined forces to make and distribute what some consider to be one of the finest of American products, “The Drink of The Devil” — carefully made in small batches in West Virginia, and fully taxed.

For decades, our elected officials have pushed marijuana (and some other goods and substances) out of the mainstream economy and into an off-the-grid cash economy where no taxes or fees are collected, and thus any and all costs associated with oversight, enforcement, etc. are fully borne by those of us who obey the law and do pay taxes. All of this, Despite the lessons we learned from prohibition!

I never thought I would find near 100% agreement with the Cato Institute on any subject, yet this paper pretty much says it all: http://www.cato.org/pubs/pas/pa-157.html

Today, many corporations have taken their manufacturing, packaging and more menial tasks “off shore”. Why wouldn’t the domestic marijuana and narcotic distribution cartels follow suit?

Somewhere at the top of any of these current distribution networks is a domestic descendent of one of the original “Capos” – carefully managing his supply chain, and working very hard to ensure that his lifestyle is such that he is above suspicion.

Dig a little deeper, my friends.

This story really has nothing to do with people from Latin America who grow, manufacture, package and/or ship ‘illegal substances’ to the U.S.

The real story is right here, and hiding in plain sight: Which of our neighbors has been blocking legalization and domestic control over the distribution and sale of marijuana?

These are the people who have the most to lose once marijuana becomes part of the regulated, taxed and mainstream economy.

Back in the day, our Founding Fathers envisioned citizens who were leaders stepping forward to run for public office. These would be people who had made their mark, people who had accomplishments under their belt.

And, these citizens from our past were offering their wisdom and experience to help our nation and its people navigate through new issues, unforeseen problems and/or changes in the physical and/or philosophical landscape.

That concept – drawing on the experience and wisdom of our fellow citizens who had already made their mark – was nothing new. History reveals many societies around the globe – as well as the majority of Native American societies – which recognized the value of wisdom and patience gained through experience.

History also reveals what can occur when the focus shifts away from experience, wisdom and proven leadership to a model which values charisma, eloquence and oratory over substance.

It seems clear as I read and listen to commentary and responses from various elected officials on the attributes of the recent Iran Nuclear Accord, leadership is a missing ingredient.

While the main negotiations were between the United States and Iran, the four other permanent members of the U.N. Security Council (Britain, China, France and Russia), are also parties to the deal, as is Germany.

This Accord is not a perfect solution. Very much like the U.S. Constitution, it was developed over a rather long period of time, and it represents a series of compromises which neither side of the discussion is fully pleased with.

Today (7/14/2015), a rather large number of US elected officials emerged from the shadows once an agreement had been reached. These elusive folks (Boehner, McConnell, Graham, Rubio and others) seemed to be conspicuously absent during the negotiations – where they may have contributed some positive ideas and energy to the discussions.

They waited in the bushes until the Accord was announced, and they then pounced on any and every facet of the agreement.

Leadership? Wisdom? Patience? Each attribute seems to be sadly missing from this attack group – individually and collectively.

These are folks who have made their entire careers in the political arena.

Other than Mitch McConnell who spent 5 weeks in the U.S. Army Reserve in the late 1960’s, and John Boehner who served 8 weeks in the U.S. Navy, I have been unable to find any examples of experience, wisdom or leadership among this group outside of appointed or elected political positions.

Yet, no one should or could question these fellows on their charisma, eloquence or oratory skills.

Donald Trump. ‘The Donald’. ‘You’re Fired!’

The list goes on and on.

Yet, the questions remain: (1) Who is The Real Donald Trump? And, (2) Where is he hiding?

I don’t have enough information to delve into Q1 (at this time).

I thought for sure I had the answer to Q2! It seemed to be a ‘gimme’ – he’s likely hiding somewhere in Donald J. Trump State Park! Summertime. Great weather. What a great place to ‘hide in plain sight!’

Driving north out of NYC on the Taconic State Parkway, you will see the sign announcing the DJT State Park just before mile-marker 16. The sign was erected in 2006 at the twilight of George Pataki’s final term as NYS Governor after The Donald donated some 436 acres of vacant land in the towns of Yorktown and Putnam Valley to the state of New York to be used as a park.

trump_state_park

Turns out that the Park never quite got started (or finished), quite similar to several other projects The Donald announced with great fanfare and plenty of publicity.

Unfortunately, the park didn’t exist in 2006, and it doesn’t exist now — unless you view 436 acres of inaccessible wildland inhabited by deer, squirrels, rabbits, snakes, coyotes and other brethren of the forest – as a park. (It has been said that The Donald is particularly fond of snakes.)

Now, please understand – The Walrus is all in favor of open space. In fact, if The Donald had donated this property to NYS as Open Space, I might have a somewhat more favorable impression of him and his character.

Trump had assembled this land in the early 1990’s with the expectation he would create one or more private golf clubs. His cost of acquisition was somewhere in the $2 Million range. After being rebuffed by several government entities on the potential negative environmental impacts of shoe-horning private golf facilities into wetlands, wildlands and woodlands, in 2002 Trump – with great fanfare – declared that he was “fed up with” governmental delays and overreach. He stopped the application process for the golf course; and began marketing the property as a potential site for luxury housing.

By 2006, it was apparently clear that the property was: (a) over-priced, or (b) not suitable for development, or (c) all of the above.

So, instead of selling the property, which he valued at $100 million, Trump decided to donate it to the state of New York to be used as a park.

The bad news: the cost of converting these 400+ acres of wilderness into a state park, maintaining it and staffing it was beyond the realm of comprehension.

In 2010, the state announced that it would close this and 57 other park and historic sites due to budget constraints. As they said from Albany, “Mr. Trump did not give an endowment to improve the park.”

Trump’s reaction was fast and furious: “If they’re going to close it, I’ll take the land back. This was very valuable property. I gave it away at the height of the market for the purposes of a park, and I always believed that once a park is there, it would always be a park.”

Meanwhile, we’ve determined that The Donald isn’t hiding in Donald J. Trump State Park, because there really is no such place which is accessible by motor vehicle, only on foot or by helicopter.

And, we’ve been able to determine that The Donald is not hiding at his daughter Ivanka’s estate.

Apparently The Donald’s quip on national television a few years back left some people feeling a bit squeamish: “… she does have a very nice figure. I’ve said if Ivanka weren’t my daughter, perhaps I’d be dating her.”

Yikes!

We’ll keep searching for The Real Donald and where he is hiding, so please feel welcome to send any tips or leads to The Walrus!

Bowing to extraordinary pressure from both the Catholic Church and Orthodox Jewish blocs, NYS Governor Andrew Cuomo has put his weight behind an ‘education Tax Credit’ proposal that is just plain wrong.

No matter how you slice this, it is not just wrong, it is also unconstitutional.

Our federal and state constitutions mandate certain services be provided to all residents and citizens, services which include public education.

Sometimes, economists view the shifting a tax burden required to provide sufficient funding to ensure provision of adequate and acceptable services from one taxing entity to another in order to create the illusion of a tax cut or a public cost savings as a “Zero Sum Game.”

This proposed tax credit program is certainly NOT a zero sum game.

The sole beneficiaries of this proposed tax credit charade will be those families – and their allies and supporters – who elect to eschew the free and publicly supported education system which is intended and expected to provide all children in New York State the opportunity for a “sound basic education,” defined as a meaningful high school education that prepares students for competitive employment and civic participation .

When Rhode Island adopted an education tax credit program a few years back, it resulted in a windfall for the state’s two Jewish day schools. Between them, their students received some $400,000 in scholarship money in the program’s first year.

In Florida, tax credit legislation has resulted in nearly $10 million annually for scholarships for Jewish day schools and yeshiva students.

Now New York, which has some 150,000 Jewish day school and yeshiva students — more than all the other states combined — has a chance of getting an education tax credit program that could deliver millions of dollars annually to Jewish day school families.

Another primary beneficiary of this proposed tax credit program will be supporters of private Catholic schools which have been plagued with declining enrollment and decreased core funding from the Church for several decades.

Offering a small number of self-selecting individuals the option to designate (Read:  Divert) up to 75% of their NY State Tax Liability to fund private religious schools is just plain wrong.

As the calendar moves forward toward an expected announcement from current NJ Governor Chris Christie on his candidacy as the potential GOP nominee for president in the 2016 election, stories about – and soundbites from – Christie abound.

With the radio tuned to news in the background, I listened to some of these stories and soundbites today.

I’m left feeling that Chris Christie has no moral compass. Christie is apparently willing and able to lie about almost anything and everything.

Here’s a soundbite from Christie’s appearance on CBS’s “Face the Nation” on Sunday, June 7, responding to recent comments from Democratic frontrunner Hillary Clinton who called out for significant expansion in voter access, calling out several prominent GOP leaders – including Christie – accusing them of purposefully limiting voter access in their states through policies such as voter identification requirements and limited early voting.

Said Christie: “She doesn’t know what she’s talking about. In New Jersey, we have early voting available to people. I don’t want to expand it and increase the opportunities for fraud. Maybe that’s what Mrs. Clinton wants to do. I don’t know.”

Christie continued, “But the fact is: folks in New Jersey have plenty of an opportunity to vote. And maybe if she took some questions some places and learned some things, maybe she wouldn’t make such ridiculous statements,” he said.

http://www.cbsnews.com/news/chris-christie-hillary-clinton-is-clueless-on-voter-fraud/

What Christie failed to note in his response is that it is more common in New Jersey (and many other states) for elected and appointed public officials to commit fraud then it is for a voter to commit fraud.

And, more alarming: Just 31% of eligible voters in New Jersey exercised their voting rights in the 2014 election. [http://www.electproject.org/2014g]. Seems to me that the real opportunity here is to address and/or eliminate existing obstacles or impediments to help increase voter participation, not creating more obstacles which have the probability of discouraging potential voters.

Chris Christie: You are both a phony and an opportunist, and it’s very sad that you were elected to a position of trust (Governor of New Jersey) and as such, (a) you have tremendous power over the infrastructure and inner workings of our 11th largest state, and (b) you have tremendous influence over the functionality and decisions of the Port Authority of New York and New Jersey, the public authority which builds, operates, and maintains critical transportation and trade assets in the NY Metro area.

PANYNJ controls a network of aviation, rail, surface transportation and seaport facilities which annually move millions of people and transport cargo throughout the New York/New Jersey region.

We can only hope that the ongoing ‘Bridgegate’ investigation will soon expose your culpability in the ensuing mess that (at best) inconvenienced hundreds of thousands of bridge users on those days where access to the bridge was restricted; and (at worst) exacerbated economic losses well into the 100’s of millions of dollars through a ripple effect to commercial entities in the Tri-State region, and throughout the U.S.

I, for one, would be delighted to see you spend the next 8 years, or so, in the Big House, not any other house.

The current U.S. Senate atrocity involves a letter released on Monday, March 9, 2015 from Senate Republicans to Iran’s government (the “Leaders of the Islamic Republic of Iran”), saying that any agreement made by President Obama amounts to a “mere executive agreement” goes well beyond the arena of conduct which disregards the laws of our nation.

I believe a significant number of mostly Republican elected officials in Congress are guilty of depriving the people of the United States the intangible right of their honest services, for at least the past 5 consecutive years.

That is a domestic issue, and it is described in Federal Law as ‘Honest Services Fraud’ (see 18 U.S.C. § 1346).

It seems pretty clear that some of these boys elected to the U.S. Senate just can’t resist acting like 3rd graders let loose on the playground with no supervision.

These boys have now pushed into a new and dangerous place. Whether they are guilty of Treason, as some have suggested, is really not the point.

At minimum, they are guilty of acting like narcissistic brats, and their behavior casts a dark shadow over an institution with a proud 250 year history.

This act of cowardice and ignorance engaged in by 47 elected officials in the U.S. Senate ought to be a wake-up call to all Americans that we have a major problem in Washington, D.C. and that our problem is not at 1600 Pennsylvania Avenue.

This letter was signed by 47 of 54 Senate Republicans, and was authored by Freshman Sen. Tom Cotton (R-Ark.).

Majority Leader Mitch McConnell (R-Ky.) gave it his approval and signed the letter. Among the Senators who also signed the letter are Sens. Marco Rubio (Fla.), Rand Paul (Ky.), Ted Cruz (Texas) and Lindsey Graham (S.C.) all of whom are considering running for the Republican presidential nomination in 2016.

In their letter, they wrote, “It has come to our attention while observing your nuclear negotiations with our government that you may not fully understand our constitutional system. Thus, we are writing to bring to your attention two features of our Constitution – the power to make binding international agreements and the different character of federal offices – which you should seriously consider as negotiations progress…. Anything not approved by Congress is a mere executive agreement between President Obama and Ayatollah Khamenei.”

They also reminded Iran that “The next president could revoke such an executive agreement with the stroke of a pen and future Congresses could modify the terms of the agreement at any time.”

The letter – and the 47 Republican Senators – faced an immediate negative reaction from the White House; President Obama; Vice President Joe Biden; Senate Democratic leadership; Congressional and Senate Democrats; and potential 2016 Democratic presidential candidate Hillary Clinton; as well as many more.

Iranian Foreign Minister Mohammad Javad Zarif criticized the letter finding it either (a) undermining the president’s authority; or (b) counterproductive.

Among other things, Zarif said, “This kind of letter is unprecedented and undiplomatic. In truth, it told us that we cannot trust the United States.”

Alabama freshmen Senator Tom Cotton has become a center of attention, facing both criticism and accolades, and he has been the key defender of the letter’s message. Many media sources have fixated on Cotton and the other Senators who signed the letter, led by the New York Daily News headline on March 10, “TRAITORS”.

Even Fox News (Megyn Kelly) was critical of this apparent publicity stunt: “What’s the point in writing to the Iranian mullahs? What are you going to do? They dismissed it already like ‘pfff, whatever’. And you’ve offended the Obama administration. And you may have offended some of the Democrats who would have come over with the Republicans, if depending on what happens with this deal, to have a stronger say in the Senate.”

Not to dismiss some incremental support from the Right: Louisiana Governor Bobby Jindal, former Pennsylvania Senator Rick Santorum, and former Texas Governor Rick Perry have expressed their support for the letter.

Among the seven Republican senators who did not sign the letter, several have commented that, ‘they did not find it appropriate, helpful or productive.’

While it seems likely that 46 of the 47 Republican elected officials are now questioning their decision to sign the letter, Tom Cotton himself is probably saying, “That worked out great!”

Overnight, Tom Cotton has risen from an unknown and obscure Alabama Senator to a household name!

Tom Cotton has demonstrated that a U.S. Senator who’s been in office just a few months can accomplish a great deal, with a little initiative and creativity.

Much like the boy who shouted “FIRE” in the crowded movie theater, Cotton may have caused a major panic. In this case, the resulting impact includes: irreparable damage to the reputation of the U.S. Senate; to the Republican Party; and to the security of the United States.

But, to the Tea Party base from which Cotton draws his support, he is now a hero. The more criticism he gets, the more convinced they become of his heroism.

The Koch Brothers must be mighty proud!

Maricopa County Arizona has a population of about 4 Million, making it the 4th largest county in the U.S.

The Maricopa County seat is Phoenix, the state capital and the sixth-most populous city in the U.S.

The chief law enforcement official in Maricopa County is Sheriff Joe Arpaio.  He has been elected Sheriff 6 times to consecutive 4-year terms as Sheriff.

As the self-proclaimed “toughest sheriff in America” and a perpetual darling of Fox News, Sheriff Arpaio has received plenty of coverage in national media for his somewhat controversial approaches to law enforcement.

By some estimates, Arpaio has cost citizens of Maricopa County more than $44 million because of alleged illegal, vindictive, unethical and unnecessary lawsuits and other actions that he has leveled against his enemies — or people he believed were enemies – ostensibly because those folks objected to the Sheriff’s approach to finding justice.

It seems the majority of those targeted in lawsuits have been politicians; journalists; activists; and others who did not agree with his actions and/or positions.

This approach does not seem to be favorable to the residents, taxpayers and voters in Maricopa County because — rather than hire teachers and police, open libraries, maintain parks or staff hospitals – money is being paid out in settlements to those who have apparently been wronged by Sheriff Arpaio.

Thus it seems that Sheriff Joe Arpaio may be the poster child for a serious failure in our U.S. political system.

Back when Wyatt Earp was appointed Deputy Sheriff for the eastern part of Pima County, Arizona, it was the Wild West. That was almost 150 years ago, and things have changed just a bit.

How is it that we continue to elect the chief law enforcement officer in so many places across the U.S.?

How do we know that the candidates have the best experience and credentials to do the job we expect from them?

In his defense, Arpaio does have some experience in law enforcement.

But, he has no documented successful experience managing people; managing a budget; or managing anything other than his own affairs.

Yes, he apparently graduated from High School, and he served in the U.S. Armed services.

How that qualifies him to be the chief law enforcement officer in the 4th largest county in the United States is baffling, at the least.

It was all good in 1776, and much of it is still good today. But, we really need to update some of our basic rules to adapt them to the realities of the 21st Century.

The news this week included a report from Institutional Investor which tells us that the top 25 Hedge Fund Managers took home a combined $21.2 Billion in 2013, a significant increase over 2012, when earnings totaled just $14.1 Billion, the lowest sum since the 2008 financial crisis.

If I did the math correctly, the average wage of these 25 individuals computes to $407,692.31 per hour, somewhat above our current $7.25 per hour minimum wage.

What is it that Hedge Fund Managers do that makes them the highest paid people in the world?

Do Hedge Fund Managers create economic value?  Do they create jobs?  Do they make products or deliver services which make our world a better place?

Unfortunately, they seem to do none of the above.

Hedge Fund Managers look for opportunities to exploit temporary weaknesses, gaps, flaws or aberrations in the operations of a specific company or in an economic sector overall.

They typically have billions of dollars of resources at their disposal, and by creating and taking well-crafted and strategic financial positions, they have the ability to move markets, generally to their own benefit.

The film “Other People’s Money”, starring Danny DeVito and Gregory Peck, was released in 1991.  Danny DeVito plays the role of “Larry the Liquidator” providing us a crude but quite accurate roadmap of what Hedge Fund Managers do every day.

In the 19th century, we called this sort of activity “Piracy” and we labeled the perpetrators “Pirates”.

In the 20th century, we called this sort of activity “Organized Crime” and we labeled the perpetrators “Mafia” or “Gangsters”.

Here we are in 2014, clearly well into the 21st century.

Our Hedge Fund Managers are out in the open, creating outcomes which seem to have no potential for positive impact on the U.S. or world economy, and we are giving them not just permission to operate (no regulatory oversight), but also preferential tax treatment on their booty (known as ‘carried interest’).

Hedge Fund Managers typically receive their compensation in 2 ways – an overall management fee equal to 2% of assets under management, and a 20% share of any profits on the assets under management.

It is the tax treatment of that 20% fee — categorized as Carried Interest — which is currently taxed at 20% — versus the 39.6 percent rate which business owners must pay on their earned income — that has created somewhat of a firestorm in Washington.

None of this makes any sense to me:  does it make sense to anyone?