Arthur Chapman
I've warned everyone at every turn about the seductive power of getting even with those with more than you. It's a dangerous thing, envy, as it can lead to any kind of destruction from relationships to sparking wars. It can even lead to the destruction of the greatest nation on the planet. In part to their inability to heal and grow the economy, this administration has been fanning the flames of anger, envy and hate to a boiling point. This week they've added to the cauldron the JP Morgan story. Apparently, JP Morgan losing $2.0 billion of their money is worst than MF Global losing a similar amount of customer money. That story got no mention in the mainstream media, and the ladies on the View never discussed it.
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Of course, MF Global was headed by a giant in the Democratic Party; a man Joe Biden said had no peers when it came to understanding finance, the former governor of New Jersey- Jon Corzine. That money vanished and I didn't hear about a slew of investigations and outrage. It's truly amazing. With that said, it's all a smoke screen. The reality is our government is addicted to power and spending, and the only way to continue both is to deflect attention. But you can't make someone feel better about their own dismal economic condition, so you elevate another emotion that deflects the blame from the real source of our misery.
I've searched for the answer, but there are many as to the most powerful of emotions. One website (Kingdom Hearts) ranked emotions from a survey:
* Anger 40.0%
* Fear 13.3%
* Other 13.3%
* Happiness 10.0%
* Sadness 10.0%
* Envy 6.6%
* Hope 6.6%
It's easy to glean from the survey, if you wanted to lead at any expense, selling "hope" might not snare as many people as selling anger and other negative emotions. And so the average person on the street knows JP Morgan lost a couple billion but not that it was 2% of a position. Just as they hear Warren Buffet pays less taxes than his secretary, when in fact his income has a lower rate, but the check is a lot more.
By the same token, there was no demonization when MF Global could not find its customers' money. The double standards are despicable and nauseating.
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Fanning the flames of fear are dangerous and not only to its intended targets, or as I call them great Americans that worked hard and climbed the ladder of success. In the end, just as envy eats at a person's soul, we are all going to burn from losing track of the true reason our government is changing the meaning of this nation as a "melting pot." Our spiritual wings are singed and can't flap so our economy remains grounded. But it doesn't stop there—it's insidious just as our government's desires for power and money. If you buy into this premise that somehow successful people are the reason there aren't more successful people.
The public relations campaign to make people hate or envy those with more has been a success. To what degree, I'm not sure, but more and more people are okay with taxing businesses and the rich. While this campaign has been in our face nonstop so, too, has spending been going on nonstop. The Federal debt is now equal to our annual economic output and several states are in danger of melting. But they will not stop spending so they must increase the intensity of propaganda. You have to be angrier than you were yesterday and somehow JP Morgan losing money in a position does the trick.
While you were stewing about a Wall Street bank losing money something monumental occurred. The definition of rich changed, again, and yes it's a lot lower. In Maryland the state's Senate passed a series of tax hikes to pay for its profligate spending.
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Hundred Thousandaires Watch Out
Maryland is in the process of hiking taxes from 5 to 15% on individuals whose income exceeds $100,000. Yes, it is official; the "millionaires" tax is now impacting those making the lowest six figure income. Money made north of $100,000 would be taxed at 5.0% while incomes above $500,000 would be hit by 5.75%. There would be similar increases for couples as well. The question is how will this help business? How will this help or encourage investment? Layer on the $36.0 million in taxes on commercial mortgages, and it's pretty clear Maryland is in deep trouble. Why would any productive couple stay in the state when it's so much cheaper in neighboring states?
There will be more tax hikes in Maryland covering everything from cigars to loopholes for small businesses. If you earn or hope to earn a six figure income in life, you should be appalled. If you want your children to make six figure incomes, then you should redirect that feeling of anger back to its true source. That would mean directing it against a powerful wind. This is dangerous stuff in so many ways. I tend to focus on the individual impact because without strong individuals we never will rebound as a nation.'
In the meantime, the economic impact is obvious. The only thing worse than smart austerity is dumb and irresponsible spending. If you're rooting for more taxes on the rich, you better know it's only a smoke screen and your taxes will increase, too, unless you completely drop out and live on the government dole.
"Above all, you must fight conceit, envy and every kind of ill-feelings in your heart."
Abraham Cahan
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