Niall Ferguson: Surprise tax cut could be in the cards

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Congress and the White House may throw a curveball and roll out a tax cut ahead of the midterm elections rather than boost stimulus spending to aid the struggling economy, Harvard University History and Business Professor Niall Ferguson told CNBC.

“Medium-term fiscal credibility is the issue, not short-term,” he said. “Paul Volcker should get together with the Republican Paul Ryan and work out a credible plan. Unfortunately there is no appetite for radical reform.”

Source: CNBC, September 3, 2010.

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2 comments to Niall Ferguson: Surprise tax cut could be in the cards

  • cut everything

    Does Our Economy Really Have to Run on Fraud?

    Defenders of Wall Street insist that there was no alternative. And the committee hearings are carefully only listening to such people, because these are very respectable hearings. They are writing mythology, almost as if they are crafting a new religion. In this new ethic, Wall Street financial institutions – “credit creators,” that is, debt creators – are supposed to fund industry, not strip assets or make bad loans. Without rich people, who would “create jobs”? Such is the self-serving logic of Wall Street. For them, Wall Street is the economy. The wealth of a nation is worth whatever banks will lend, by collateralizing the economic surplus for debt service.

    http://www.counterpunch.org/hudson09032010.html

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