The largest number of jobs likely to be created by the JOBS Act will be for lawyers needed to clean up the mess that it will create.

During my 30 years on Wall Street, taxes on “unearned income” have bounced up and down with regularity, and I’ve never detected any change in the appetite for hard work and accumulating wealth on the part of myself or any of my fellow capitalists.

The largest number of jobs likely to be created by the JOBS Act will be for lawyers needed to clean up the mess that it will create.

The highest-income Americans don't need tax-free health insurance, mortgage interest deductions or deferred taxation on retirement funds.

Well, maybe not death panels, exactly, but unless we start allocating health-care resources more prudently – rationing, by its proper name – the exploding cost of Medicare will swamp the federal budget.

Slapping a catchy acronym like the JOBS Act on a piece of legislation makes it more difficult for politicians to oppose it - and indeed that's what happened with the Jumpstart Our Business Startups Act.

Picking winners among the many young companies seeking money is a tough business, even for the most sophisticated investors. Indeed, most professionally run venture funds lose money. For individuals, it's pure folly. Buy a lottery ticket instead. Your chance of winning is likely to be higher.