These folks are just bereft of ideas. If it sounds good say it, the hell with the consequences.
Economist's View: House Republicans Obstruct Bailout Plan: "[Do] Republican counterproposals floating around make any sense...
One, that of the House Republican Study Committee, seems to be a joke. It calls for a two-year suspension of the capital gains tax to 'encourag[e] corporations to sell unwanted assets.' But the toxic mortgage securities clogging up bank balance sheets are worth less now than when they were acquired. Meaning that no capital gains tax would be owed on them anyway. If you repealed the tax, banks would have even less incentive to sell them because they wouldn't be able use the losses to offset capital gains elsewhere. Seriously, where do these people come up with this stuff?"
Friday, January 9, 2009
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