Re: Liberals: Defend capital gains taxes

Chris Bellomy wrote, On 6/1/08 6:15 PM:
> PeterBP wrote, On 6/1/08 5:26 PM:
>> Chris Bellomy <ten.wohsdoog@[EMAIL PROTECTED]
> wrote:
>>
>>> Joey Telemachus wrote, On 4/18/08 11:08 PM:
>>>> Why should the government get a free ride on the upside while the 
>>>> individual has to bear the entire burden of risk?
>>> Why should someone be taxed more on the money he has to work for
>>> than the money he makes gambling on the markets?
>>
>> So much silliness expressed in so few words... "gambling the markets".
> 
> A smart investor can make good money in the markets.
> 
> A good poker player can make good money at the tables.
> 
> When most investment income relates to long-term fundamentals
> instead of short-term gaming of the system, let me know, because
> then you might have a point.

Meanwhile:

June 2 (Bloomberg) -- Leave it to Wall Street to profit from its own 
distress.

Merrill Lynch & Co., Citigroup Inc. and four other U.S. financial 
companies have used an accounting rule adopted last year to book almost 
$12 billion of revenue after a decline in prices of their own bonds. The 
rule, intended to expand the ``mark-to- market'' accounting that banks 
use to record profits or losses on trading assets, allows them to re****t 
gains when market prices for their liabilities fall.

The new math, while legal, defies common sense. Merrill, the 
third-biggest U.S. securities firm, added $4 billion of revenue during 
the past three quarters as the market value of its debt fell. That was 
the result of higher yields demanded by investors spooked by the New 
York-based company's $37 billion of writedowns from assets hurt by the 
collapse of the subprime mortgage market.

cb