Does saying you thought the job would be easier make not succeeding more palatable?

I was on Sean Hannity's radio show yesterday, and the other guest kept repeating that somehow President Obama misjudged the depth of the recession that he was calling the worst since the Depression. I get that this kind of thing works with people that are only marginally attached to the news, politics and reality. In the real world, it's truly about accomplishments.

Two weeks of Olympic coverage underscores that success and failure can be measured in fractions of a second. The reward for coming in last is making it in the first place but there are no medals, no podium and no adoring crowds.

The world is celebrating victory. In fact, some are really celebrating winning in London by making it "rain" back home with Italy at $182,400, Russia at $135,000 and France $65,200.

As this earning season winds down, there's been something of a celebration for the rest of the world via US corporations that are selling them everything from washing machines to computers. But make no mistake, we are not finished. Make no mistake, we are still the best. Make no mistake, while we are not even scratching the surface of what we are and can be it's too early to write off the nation.

There is no doubt the economy is being held hostage, and we are in trouble, and while we are being told to accept this as the new normal or higher taxes will create a sustainable society where everything is fair because we will all be broke and broken. After coming so far so fast, this economy will resist crumbling as long as possible.

This is an economy already built to last!

I pity the fool...

It is one thing to be worried about the fate of the country, and it is another to promote the pity party that has been going on non-stop since 2008. I think one of the reasons for this is when we are sulking we make for easier dupes for those that will make the party last even longer. Misery loves company and nobody answers the call to join the ranks of doom and gloom like someone with a cloud over their head.

That part is slightly understandable. The thing that baffles me is that all the people with so much going for them from belief in God to accomplished careers to grand hopes for all the riches of life for their children and grandchildren. These folks should walk past the pity party without even hearing the music. Yes, they have reason to be despondent but to stick to their natural inclination to fight back not grab a violin.

The thing about these pity parties is once you succumb to the music, you don't want the music to stop. On the contrary, you just want more people to join the fun or misery. (Unless you sulk in silence and then you want universal misery but to watch it from your window.) It's time for people to fight the urge to join the pity party and, instead, fight for the economy and the greatness of the nation. Part of that is to see the elements of the past in the core of the economy now and not ignore it all simply out of frustration with the current occupant of White House or efforts to turn American into a pagan nation with limited ambition for prosperity.

There has never been an endeavor worth savoring that wasn't harder than we thought it would be going in.

Today's Session

I really liked the action in steel, construction, mining and other stocks that reflect growth and ambition in the global economy. There have been glimpses from time to time from these stocks only to fade quickly, so they are worth watching closely today. I like the reaction to FOSL's earnings this morning; remember it was crushed in part to European concerns, but today's results point to a bottom in Europe and a reality about the shift in power to Asia. Here is the geographic change in revenue during the period:

North America +17.2%
Europe +4.2%
Asia +24.3%

Comments

Tax everyone the same. What justification can there possibly be for not taxing the winnings of atheletes when we tax our service personnel? Marvin Foster on 8/7/2012 9:27:46 AM

TAX EVERYBODY. TOP ATHLET get lot of help. Josef Brunner on 8/7/2012 9:53:37 AM

Exempt our sevice men and women. RAY ELLIS on 8/7/2012 9:57:33 AM

I am a big proponent of the fair tax. I believe that everyone should be taxed the same, no breaks for anyone. I really liked Herman Cain's 9-9-9 plan! Paul on 8/7/2012 10:05:06 AM

tax everyone equally. i wish i had an extra $25,000 to pay tax on....... jim currier on 8/7/2012 10:15:07 AM

Do not tax medal winners nor troops in combat zones which has been done in the past. Leo Faust on 8/7/2012 10:21:13 AM

No special tax break--most if not all of the athletics the make the taxes back trifold in future employment based on their olympic achievements. No special tax exempt categories at all. Dick on 8/7/2012 10:36:07 AM

Tax everyone the same- no breaks for anyone Michael on 8/7/2012 10:48:13 AM

I think that both medal winners and troops should be tax exempt. We should respect the sacrifices that both groups are making for our country. Tim Tougas on 8/7/2012 10:49:42 AM

Why we haven't had ax flat tax many years ago blows my mind and is proof that whenever a conservative compromises with a liberal (communist) in America, the American people lose more of their freedoms but also more of their hard earned money. Charles, keep up the good work andx fight thec good fight for our great country. Thank you. jim Fitts, Sr. Jim fitts, Sr. on 8/7/2012 11:00:36 AM

you are right,god put us on this earth to use our talents what ever they may be to earn our keep and to help our neighboralong the way. I am not rich but am happy with what I have. I do not hate the rich for they were given gifted talent to earn their wealth and in doing so provided oppertunity for peaple like me to earn an honest wage. God provides use a role in life it is up to us to perform it and not complain. Don on 8/7/2012 11:01:08 AM

Tax everyone the same. The reward is for excellent performance. When our team at work excels, they are rewarded with a bonus. And it is taxable. Why not these folks? If they do not make much money, the tax will be little or none. If they win thousands in endorsements, they will have the money to pay the tax. D Casey on 8/7/2012 11:15:05 AM

Olmypic athletes .. are for most part .. ametuers ! If an olympic USA IS ALSO A PRO-ATHLETE , THEN HE/SHE SHOULD BE TAXED ! Military is a volunteer service.. non draft! taxes , Yes, except when deployed to a combat zone . 9exclude taxes for time being there ) don mc nair on 8/7/2012 11:23:58 AM

Sorry, Charles, but when I saw this question, I almost wondered if you had a stroke, lost your ability to think clearly, and had become a Democrat! Of course everyone should be taxed the same. Even to ask this question is to give credence to the Demoncrat idea that a whole bunch of select groups are worth more than other citizens. That is contrary to the very fundamentals of our society where we are all to receive equal protection under the law. Obama support for this is expected. It divides the country instead of creating unity. It is the essence of hypocrisy. And it appeals to emotions rather than intellect, and he knows he doesn't stand a chance in a election where people actually THINK. He has stated that nobody has made it on their own, and as such, those that get to the top should pay stiffling taxes because they were given the most in getting what they did not earn themselves. So how is that different for medal winners? They received far more support in getting where they are than any businessman, and the medal winners will likely reap far greater monetary rewards (from endorsements) than most businessmen. If they deserve tax breaks, then why not the losers too? They have no endorsement money coming in, so shouldn't they be tax-free and credit-laden on their other income. And we should not forget the parents that gave up their own good life to pay for years of coaching. And what about the others that did not make it to the Olympics, but were necessary for the gyms to stay open where the winners trained? And we should not forget the beer-guzzling coach potato that watched the games on TV and spent his welfare check buying from a company that advertised during the games. He deserves a bigger welfare check for the support he gave. The only one who does not get a break is the dope who goes to work every day and produces a product that improves everyone's standard of living through his hard work. As for the troops, I appreciate what they do and the risk that a few of them take (the ones on the front lines). BUT, we already have enough rewards for them. We have a military where we are able to select the best people and reject others because there is more supply of good candidates than we can place in the ranks. The pay and benefits are already good enough to make military service a good deal. We don't need to up the ante again. There are certainly other jobs where the risks are higher and the compensation is not good enough to attract the quality of person needed (i.e. police). Emotionally interfering with the supply-demand curve does not produce a good result. We need to stop complicating the system with all these peripheral influences and just let the basic pay-benefit package drive the market. And tax everyone at the same rate without any of the myriad shelters that complicate the system and make accountants the real winners. Bob G on 8/7/2012 11:41:27 AM

Being an "ametuer"-professional athlete is a business, and therefore taxable. Z on 8/7/2012 11:43:21 AM

#1, of course. To think one gets taxed for being willing to sacrifice your life and/or limb at such a low pay.....and then to have your pay taxed......is ridiculous. The present cuts in the military really make me squirm uncomfortably as well. As for medal winners, they are not yet professionals (receiving income for what they do) while competing in the Olympics. I hate to see individual accomplishment not being awarded to the fullest (no taxes). If they go on to make a living in their sport, then they should be taxed like the rest of us. Karin K. on 8/7/2012 11:57:35 AM

Tax everyone the same way, except that Olympic athletes ought to be able to deduct training and travel expense against their awards. When a top athlete wins/earned nearly $600,000 in prizes -- and is line for major gains from endorsements, why should he be treated any differently than a rock star in the same income category? The people I empathize with tax-wise are the losers who incur similar levels of expenses but win no big prizes. They at least deserve our empathy. Dennis Howard on 8/7/2012 12:01:58 PM

My very simple solution: Tax the Olympians; don't tax the troops when in harms way. Joe Daileda on 8/7/2012 12:05:04 PM

I'm with Bob G all the way. Pat W. on 8/7/2012 12:33:56 PM

Interesting to read the above comments. Gut reaction is "Tax the Medal..are they serious?", but realisticly ALL winnings of any kind are taxed if you are a citizen of this country. The best solution, in my opinion, is the FAIR TAX. All inhabitants of this country who receive and spend money would be taxed the same %...no deductions, exceptions, etc. One of the more positive results would be the benefit, by volume, from those in the "cash" economy. It would come out from "underground" , because the taxes are imputed into the items we purchase and services we use. The current status of taxation is being used to divide us as we have never been before. Wealth has become the basis of envy,ridicule and shame instead of something to aspire to if we wish. How sad for the future of this great Nation. We all were indeed created equal, but certainly not with the right to an equal outcome. Marie C on 8/7/2012 12:35:18 PM

Interesting to read the above comments. Gut reaction is "Tax the Medal..are they serious?", but realisticly ALL winnings of any kind are taxed if you are a citizen of this country. The best solution, in my opinion, is the FAIR TAX. All inhabitants of this country who receive and spend money would be taxed the same %...no deductions, exceptions, etc. One of the more positive results would be the benefit, by volume, from those in the "cash" economy. It would come out from "underground" , because the taxes are imputed into the items we purchase and services we use. The current status of taxation is being used to divide us as we have never been before. Wealth has become the basis of envy,ridicule and shame instead of something to aspire to if we wish. How sad for the future of this great Nation. We all were indeed created equal, but certainly not with the right to an equal outcome. Marie C on 8/7/2012 12:57:25 PM

Tax exempt on your first gold medal or first $25,000 won on total of medals. Rich on 8/7/2012 1:11:18 PM

The olympic athletes are genuine American heroes that can capture our attention for a brief period. Even greater are the American heroes who have worked tirelessly in their fields, creating jobs and wealth that is distributed to all Americans. One such hero is Dan D'Amico of Nucor Steel. Another, running for president, is Mitt Romney. Taking Staples from one store and growing to 90,000 employees would be a life time achievement for the average person. Taking Steel Dynamics and growing into the fifth largest steel producer in this country would be another. Romney has a string of successes that could be considered life time achievements. Wouldn't it be nice if his achievements were finally recognized for what they were by the American people? paul meyerhoff on 8/7/2012 2:57:03 PM

Once in four years, or sometimes less often, the nations of the world gather to compete in the Olympics. Athletes dedicate themselves to train for the chance to excel for their nation. Nations that support their athletes and decline to assess taxes on their winnings exhibit the grace expected of the state. Patricia Flynn on 8/7/2012 3:02:40 PM

Sorry, but everyone needs to contribute and these athletes will learn a serious, hard lesson about what freedom costs...and how the society that allows them these pursuits is paid for. Military in a combat zone already get some well-deserved tax breaks. JIM* (LTC USAF-Ret'd) on 8/7/2012 4:26:33 PM

Tax everyone the same. Once we start this "not taxing one special group" it will keep expanding to other special groups. Deb on 8/7/2012 5:20:20 PM

Of course the answer is tax everyone the same. A dollar from them should be worth the same as a dollar from anyone else. A major problem with our tax system is the special favors pols want to hand out to every special interest group. Flat Tax baby and no deductions. WN on 8/7/2012 5:52:57 PM

A flat tax for all is best. Do we really need to give Koby Bryant & others who will be rewarded with endorsements a break? Our service men deserve a larger income or tax breaks.Make the GI bill even better with more incentives for our men and women who sacrifice for all of us. 999 or 17% for all above 35,000. in income. Phil Town on 8/7/2012 6:49:48 PM

1. Yes, cut taxes on our troops, too AND - Raise taxes on all federal politicians including appointees. John V. on 8/7/2012 9:58:45 PM

What, two more additions to an already crazy tax code. We all need to pay the same, NO exceptions. The more exceptions, the less fair. Bernie McMullen on 8/7/2012 11:33:53 PM

So, if you tax the athletes they should be able to claim all the expenses they incur to get there. Andy Pace on 8/8/2012 1:20:19 PM

Yes, cut taxes for soldiers, too. Grace on 8/8/2012 1:59:04 PM

Charles: I appreciate hearing your commentaries on Fox. They are insightful. This election is between 2 different political philosophies. The private sector who provides all the tax dollars to support the public sector, and the public sector whose taxes paid are just recycled money (Oco 101).The private sector needs some information: ( Oh:The public sector works for us,not the other way.) 1.) Specifically where, by name and amount, did all that "simulus" money go? If not for "shovel_ready Jobs, where? 2.) How much did go to the private sector and non-union tax payers? 3.) What is the impact on the deficit of the Pension and health care costs from the federal government employees? That is, similar to the postal service. 4.)Why are there any waivers to any group of "Obamacare"? Who is receiving these waivers and why? 5.) Why are the private sector benefits of S.S., Medicare and Medicaid the only items being cut? These are only fair questions to ask. Jerry Symeon on 8/8/2012 2:44:45 PM

Obviously its ridiculous to tax the monetary value of a medal, this is just common sense. As far as military people, I can think of no reason they shouldn't be taxed. Simply because they serve in one way doesn't give them a free pass in every other way. We already do a lot for them in terms of college tuition, health care, etc.... ada on 8/9/2012 2:48:21 AM

Cut taxes on both! All foreign earned income should be tax free! Eric Fremd on 8/9/2012 3:52:24 AM

If you give one person an exception, you need to be ready to give everyone an exception. Tax everyone the same. Bernie on 9/11/2012 6:04:24 PM

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