I'm not trying to prove you wrong, as I'm certainly not always correct. But even the European Central Bank warned us against enacting the Sarbanes act. It was an overreaction to what happened to Enron. You're right, it has to do with how investments are valued. It's had the unintened consequence of causing these bank failures of late. Notes they are holding on martgages are not worth what they should be due to falling home values, and the banks cannot come up with the liquidity that the Act calls for, and they fail. Even though those notes will be worth more in the near future when home values rebound. It's kind of sad really.
Now WaMu, Wasshington Mutual, just failed because of a classic run on the bank. Nervous people pulling their money out. Again, unfortunate, as WaMu hadn't done anything wrong.
If you think my statement about lowering corporate taxes means that I'm for breaks for those who aren't deserving, that's not what I mean. Because in reality, corporations don't pay taxes. This is very simple economics. Any business has to maintain a cetain profit margin to meet costs - payroll to employees, operating costs, and other overhead. If their taxes are raised they simply increase the price they charge for their goods or services, or go out of business. So the end result is that we, the consumers, pay more for the things we buy and pay their tax increase for them. Surely you can understand that.
If we lower corporate taxes, and, more importantly, lower the capital gains taxes to zero, inverstors here and worldwide will begin to invest so much money in our economy that the bailout will not be needed. Doesn't that sound better than we the taxpayers paying for it? And keeping the government out of it, as it never does anything as well as private industry, is another benefit. That's all I'm saying.
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