Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating: Email Routing List Email & Route  Print Print
Friday, December 23, 2011

"The Markets Have Gone Crazy"

News summary by MFWire's editors

"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.  

Edited by: HFD


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

4.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use