Forget this bailout. I called my representatives and told them to vote against it. I’m pleased to see that they did.
Congress really could save Wall Street in the blink of an eye. All they need to do is abolish the Capital Gains Tax, or just cut it drastically. Instantly money will flow into the market and the Dow will hit a new record high. Banks will be able to raise funds, and they will be able to lend again.
But the bailout will do nothing but get the government and the taxpayers in deep doo-doo for the long haul. Harvard’s Jeffrey Miron explains why.