A defense of private equity, with specific responses to some recent critiques of the field, including the one I linked earlier today.
And even in this friendly post there is reference to "the unconscionable and indefensible carried interest tax break private equity gets treating its earned income as capital gains for tax purposes."
See, the problem isn't private equity, or rich people, or capital gains, or capitalism.
It's the way earned income gets taxed at a lower rate for one small group than for the rest of the working world.
Mitt Romney is a member of that small group. He didn't want to release his tax returns, because they illustrate the problem. And as far as I can tell, he has no interest in fixing the problem if he's elected, which is one reason this story won't go away.