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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: yard_man who wrote (78520)3/11/2001 3:43:38 PM
From: Zeev Hed  Read Replies (1) of 436258
 
Tax policy is a "tipper" in one direction ot the other, it intervenes with the operation of free market and create mis allocation of capital to areas of the economy that are the star "du jour" and have unique tax treatments. By themselves, tax policies are not sufficient, and they take some time (even smart capital takes time to find out where is the next "tax heaven"), but most important it creates unhealthy imbalances when too much capital is trying to chase too few opportunities.

By the way, in the last few months, the fed has been printing money at a rate greater than either in late 1998 or in the pre y2k period, in an attempt to postpone the inevitable. It starts to look as if late 2000 may be considered "benign" relative to what late 2002 is going to be (meaning , of course, that late 2001 may not be as bad as most on this thread envisions). Of course, we'll have to see which sector of the economy is going to get the "special tax treatment" this time around (g).
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