It is the first time I have ever reposted an article, but I am doing it now because I think I am quite right when I agree with this plan. I know this takes a lot of nerve, but BABY... when I think I'm right, I'm going to stick with what I believe. So here ya have it again!!!!!

SOLVING THE ECONOMIC CRISES

I'm just a cowgirl with a limited understanding of economics... it was my minor in college. But, I've been listening to Newt Gingrich and he is making a lot of sense to me. Many of you may not care for the man, but please read the following ideas which he has put forth and you might find they make sense.

"The Congress should demand that the Securities and Exchange Commission suspend the mark-to-market accounting rule pending reevaluation of its destructive role in the current downward spiral. There is a grave danger the bailout itself may trigger further asset devaluation and actually worsen the liquidity crisis.

If the SEC refuses to suspend mark-to-market accounting, Congress should pass a free standing bill requiring it to do so.

Finally, if the economy continues to weaken, the Congress should consider a bold and dramatic program to restart economic growth and rebuild market efforts.

In particular the Congress should repeal Sarbanes-Oxley, which failed to warn of every single bankruptcy, but provides a $3 million a year accounting and regulatory expense for every small company wishing to go public.

The Congress should consider a dramatic cut in the United States corporate income tax (the highest in the world when combined with state taxes) so we can compete with the lower tax rates across the world in attracting high-value, productive, and desirable jobs back to the United States.

The Congress should look at the Chinese and Singapore growth patterns and match them by zeroing out the capital gains tax to induce massive flows of private capital to rebuild the market and minimize the need for a taxpayer funded bailout.

This is the kind of pro-growth, pro-entrepreneur program that would accelerate America’s recovery and lead to the next economic period of real growth." - Newt Gingrich





ALSO..... HEAR STEVE FORBES ON MARK-TO-MARKET:
https://www.forbes.com/video/?video=fvn/steveforbes/cl_steve091808_sf&partner=contextual