MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, December 23, 2011 "The Markets Have Gone Crazy" "Our markets have gone crazy." Those are the words of Jack Bogle as told to Mark Jewell of the Associated Press. Bogle's comment is aimed directly at fundsters, as he laments the 100-percent-plus portfolio turnover now seen in mutual funds. The 82-year-old former Vanguard CEO also focuses on "unfair" tax policies that favor the mutual fund industry and investors with taxable accounts. Specifically, Bogle calls for tiered capital gains rates depending on the holding period to discourage speculative trading. He also would like to see dividends taxed at regular income rates: Is it really fair for gamblers on Wall Street to pay a 15 percent rate when they make a winning investment, and an honest working person -- a bricklayer for example -- may pay an equal or higher tax on their wages than a gambler? That's absolute absurdity. Bogle also points out that he is no longer a one percenter due to his lower income in retirement. As such, he supports the OWS movement. This movement has brought to the surface some very serious problems in our country about disparities in opportunity and income... Young people have great idealism, and the Occupy movement has been a bit unrealistic at times. So what? I can't imagine a worse America if our younger generation didn't have great idealism. I salute them for their enthusiasm, and their mission. While Bogle has not played an active role in the mutual fund industry for more than a decade, his voice continues to carry weight in Washington. Printed from: MFWire.com/story.asp?s=38673 Copyright 2011, InvestmentWires, Inc. All Rights Reserved |