Upchuck

May I point out an obscenity? The "progressive" senior senator from New York has broken from such Maoist confreres as Robert Rubin and Republican senator Chuck Grassley to propose that private equity and hedge fund managers, multi-millionaires every one, should be taxed at rates of half of the rest of us mere mortals. The main hedge fund trade group hails Schumer as the "“guardian of America’s capital market." Frickin' huzzah and kudos.

Remember, this is also the man in charge of deciding which Democratic Senate candidates get official support from their party.

"On the phone, at large parties and small gatherings around the nation," the New York Times reports, "he raised more than $1 million from the booming private equity and hedge fund industries for the Democratic Senatorial Campaign Committee, of which he is chairman."

The Democrats don't need it. Because every dollar raised on the tacit condition that stock-jobbers deserve to pay less taxes than the rest of us is a dagger to the heart of the Demcorats' core identity as the party that protects the interests of ordinary people against the powerful. Duh.

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