Jeff  Carter

In cities across the country, small bands of Occupy Wall Street people continue to protest. They aren’t as large as the media would have you think.

For example, I was downtown Saturday night right next to Grant Park in Chicago at a function and didn’t even know they were there, yet they were being arrested.

The problem with the Occupy Wall Street movement is that they tapped into a similar nerve that the Tea Party tapped into. Americans are sick of bank bailouts. But instead of directing their anger at Big Government, the OWS crowd went after the beneficiaries of big guvmint.

The OWS answer is bigger government.

The person at the beginning of this video incorrectly says the Tea Party movement is a Christian conservative movement. Certainly, there are Christians that are supportive of the Tea Party agenda, but the agenda is about smaller government and freedom of choice.

What’s fascinating about the video is how flawed the economic logic of the OWS group is. On taxes, spending, and regulation they just simply don’t make sense.

It’s interesting, the women that inherited 100% of her estate in 2010 because there were 0% estate taxes donated 80%. I think that’s great. It’s her individual choice rather than the government forcing redistribution.

Suppose we had 0% estate taxes. What would happen with the money? Remember, this is all estates, not just the super wealthy. When a middle class person has a 50% tax on their estate, the kids aren’t likely to be overnight Trustifarians. In addition, the middle class doesn’t have the wherewithal or economic motivation to hire estate planners to avoid the tax.

Many people would keep what they inherit. They would raise their standard of living and enjoy it. If they do that, does it hurt you in any way? Does it hurt society?

There also is economic incentive to create wealth to pass on. Taking care of one’s own is instinctive. If I do well, I can create a better life and better opportunities for my family.

I find it odd that the very wealthy are guilted into working at soup kitchens and performing menial public service. We should be teaching them how to create and fund start up businesses. They will do more with that for the poor than they ever will ladling out rations to a bunch of downtrodden people.


Jeff Carter

Jeffrey Carter is an independent speculator. He has been trading since 1988. His blog site, Points and Figures was named by Minyanville as one of The 20 Most Influential Blogs in Financial Media.