It's important that the Congress now is considering tax cuts, to be effective immediately. It is very important that the capital gains tax be totally eliminated or sharply reduced in order to encourage investments. Unfortunately, there are many, even some of our subscribers, who do not agree that a capital gains tax cut will do anything for the economy. Without going into the details, let me just say that whatever money we don't send to Washington, is money that will be used much better in the economy. I'm not saying it will produce additional consumer spending.
Investment capital is much more important.
When a company, wants to build a new manufacturing plant, or to build battleships, it goes to their credit markets to borrow money. That money comes from somewhere. It comes from people who have savings, and are willing to buy the bonds of that company. That's much more important than juicing consumer spending and getting individuals to buy more hotdogs, hamburgers, or T-shirts. My answer is that this is not bad.