The answer to the current market crisis
From Voddie Baucham’s “Truth in Love” blog:
The solution to the problem, of course, has nothing to do with what Congress has been trying to do. Here is a first approximation of what should be done: 1. repeal the CRA and Sarbanes-Oxley (including “mark-to-market” valuation rules), 2. dismantle the GSE’s, 3. exempt the securities (or underlying mortgages) that have been targeted in the “bailout” from all income and capital gains taxes (this will attract private equity investors to buy the assets, thereby establishing market valuations), and 4. investigate all government officials (elected and otherwise), non-profits, and private sector players involved in creating the mortgage crisis, and impeach, censure, and prosecute as the evidence indicates.
Click [From Voddie Baucham’s “Truth in Love” blog:
The solution to the problem, of course, has nothing to do with what Congress has been trying to do. Here is a first approximation of what should be done: 1. repeal the CRA and Sarbanes-Oxley (including “mark-to-market” valuation rules), 2. dismantle the GSE’s, 3. exempt the securities (or underlying mortgages) that have been targeted in the “bailout” from all income and capital gains taxes (this will attract private equity investors to buy the assets, thereby establishing market valuations), and 4. investigate all government officials (elected and otherwise), non-profits, and private sector players involved in creating the mortgage crisis, and impeach, censure, and prosecute as the evidence indicates.
Click]2 for the rest of his post.