Incumbents on both sides of the aisle are lining up behind the next titanic piece of legislation to corrupt our government and politics even further. The legislation is the Line Item Veto. Here is why it will corrupt our system further and why both sides are lining up behind it.
As I listened to the praise of the "bold and productive" move by President Bush to leave under a cloak of misinformation and secrecy to show up unannounced in Iraq for a photo op, I was struck by the comparison of the act to what our soldiers face and past President's have braved. If I look at how Pres. Bush visited Iraq and tune out the spin and bluster, it appears as an action of a frightened man unwilling to share any risk at all with his soldiers who risk all on his orders.
The Senate blocked a vote to repeal the Estate Tax provision of the IRS code. For the very wealthy, this means a portion of their estate to be inherited by their beneficiaries, will continue to be taxed. Rates will be lower, and the exemptions raised, so only the wealthiest of the wealthy will incur the taxes. Voting for repeal were 53 Republicans and 4 Democrats. Voting to keep Estate Taxes were 38 Democrats and 2 Republicans.
By RNC and DNC standards this was a bipartisan effort. HaH! Had repeal taken place, another 1 trillion dollars would have been added to our growing national debt. On this vote, it was clearly the Democrats voting for fiscal responsibility.
Jon Markman at MSN Money has some very wise advice for 401K investors with savings in stocks. While he is focusing in on market forces and indicators, there is a broader background to the Bear market that is upon us. That background includes politics, economics, and what I call the "empty reserve" factor.
