When Bush was in office there was a lot of unhappiness about hisadministration and the mainstream media did its best to fan thatsentiment. However, there was a business friendly attitude in theWhite House and taxes were lowered. That encouraged investors totake risks and to hire new employees. Unfortunately it got taken toextremes and the bubble burst. However, it did demonstrate thatinvestors will react to government approaches to tax, regulation,and general attitude of government toward successful entrepreneurs.I could never understand how anyone could think a communityactivist who never held a real job, never ran anything, and whocontinuously bashed the business community, could possibly be goodfor business- especially with Nancy Pelosi running Congress. Ialways felt she was the most dangerous person in America and shehas proven that to be true.

I spend a considerable amount of my time talking to investors,lenders, and owner/operators. The psychology now pervasive in thecountry is reminiscent of the days of Jimmy Carter –only muchworse. Carter was not anti business. He was just an incompetentpeanut farmer. Obama and Pelosi have created a regime which isfilled with people who are truly anti-business, pro labor, antiwealth creation. Elizabeth Warren is the ultimate example of theregulatory zeal which will ultimately harm the economy. The way heappointed her this week is further proof that Obama doesn’t carewhat is best, he only cares to advance his agenda. That is whathappened with Obamacare. This has now deeply impacted how investorsare reacting. I have never heard such levels of caution, fear,anger, and uncertainty. It is not that there is not capital, orthat there are not many people anxious to do deals. It is that thepsychology does not encourage risk taking. The constant attacks byObama on those of us who worked very hard to achieve the wealth wehave created for ourselves and the economy, is deeply offensive.Many of you have a similar story as mine. I started with less thannothing and through years of long hours, hard work, some smarts,and a willingness to take risks, I was able to achieve a very goodlife. Just as most of you, I earned it all myself. The governmentgave me nothing. I paid my taxes. I made sacrifices. Now that Ihave achieved success Obama and Pelosi think I should redistributemy hard earned money to all the people who don’t pay any taxes (47%of families), don’t work long hours, and don’t create jobs forothers as you and I have. They seem to not understand that capitalgains is the result of taking big risks of potential loss. It isnot the result of being a “fat cat”. If you tax away therewards of investing to redistribute them to the people who pay notaxes and take government entitlements, then in the end you killthe incentive to take risks.

It is not as much the marginal dollars that many of us wouldhave to pay if they do raise taxes, as it is more the psychology ofwho am I working so hard for and why take the risk of investing.Why should I be vilified for creating jobs just because I may makea good return on my money and my efforts. There are numerousstudies that clearly show that raising taxes actually harmsgovernment revenue and economic growth.