Quote:
Originally Posted by Jim in CT
stcroixman, the subprime mortgages contributed nothing?
Those wars started in 2002 and 2003, I believe. The economy did just fine until October 2008, when the subprime mortgages rocked Lehman Brothers and Bear Sterns, and the rest fell like dominoes.
I agree with you 100% that we need some smart regulation of these banks and financial instututions. I also feel that Sarbanes Oxley goes way too far, we spend a lot of time on meaningless compliance with that law.
P.S. I'm a moderare Republican who voted for Clinton and I think he was a pretty good president...
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My firm does Sarbanes Oxley work. The word is it is on the chopping block. It is needless BS to the businesses. The best thing that could happen is a flat corporate tax (10% ) like in Ireland, but only for the portion of goods/services made or performed in USA. That will bring back jobs.
I am tired of every politician saying he/she will create 5 million good paying jobs. Exactly how? By giving out tax credits? Cut the tax and cut out the stupid credits.
There are millions out there who would accept 30K($15/hour)- 40K($20/hour) to work in a blue collar job I mean that respectfully too as my day did it for 40+ years, but not everyone is a President or CFO. With the economy hurting, any job is a good job.