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Fasting is all about betting on the future of course of Wall Street as we've mentioned putting its money behind Democrat Barack Obama for president so.
So much for obvious concerns that his administration will raise taxes on the rich and take a tougher line on trade and regulation.
Joining us for more on this democratic super delegates Steve Grossman is -- former chairman of the Democratic National Committee.
Poking its seems so I guess I should say congratulations.
Then basically you guys finally have the candidate.
That's great now you can focus on November.
I'm specifically talking about raising taxes and regulations in trade with -- senator Barack Obama.
But Wall Street yet still love them all of that seems to go contrary to what the philosophy is on Wall Street.
Let's remember that what Barack Obama has said and he agrees with Warren Buffett in this regard is that we should be.
Raising taxes on the wealthiest Americans and -- channeling those -- -- in the cutting taxes for ten million Americans who should be paying them.
And re channeling those resources into a more balanced approach -- -- John McCain.
May be ready to open a candy store in Washington if he's president but.
The reality is that back in 1993.
Republicans said this guy was gonna fall in when Bill Clinton raise taxes yet we have the best economy of my -- time.
During all those Clinton years and created 22 million jobs so.
And the fear mongering about Wall Street falling apart.
23000 point decline in the Dow I think those fears are exaggerated by those who want John McCain be president John McCain.
Says to us very straight forward and said look I don't know much about the economy but I'll I'll try to learn.
I'm not sure I want a president to do on the job training.
As I I don't know that much about the economy and -- many economists say at least didn't train for four fighters is going to ask.
Look at both these plans for McCain or look at Obama and they both are so convoluted -- -- trying to.
It's special interest for homeowners -- both were got this that the other just more complications.
It's all special interest me what I understood I can't figure out either one's actual approach to this.
How about simplify things and actually making it so that we have some sort of -- tax code for the consumer at home.
That's a good idea I think we can agree on that but eliminating taxes for ten million Americans who shouldn't be paying them increasing the I'm tax credit is not a bad idea.
Hundreds of millions other of Americans that don't fit that little nuance that little ten million they did you look at the make it simple for all of us.
Well I think Senator Obama has made it very clear that he does not believe.
And I say he agrees with the Warren -- lot of other wealthy people.
That those tax cuts have not help the economy and the to target those tax increases on the wealthiest.
One half of 1% of Americans.
Is a pretty good investment that they could make but I'm one of those people I'm fortunate to be one of those people and I have no problem paying a little more in taxes it's gonna create a more stable -- -- -- -- -- Let's ask someone who is in though in that category you know they would be taxing you doctor Rutledge a lot more Q are you say that's -- tax me more I'm willing to -- you know -- of my share of taxes.
Whether my taxes go up -- down isn't really very important for me -- for the country.
And I'm frankly not very interested in this partisan Republican Democrat is good news bad I could care less which party wins the election.
I want the party to win that has the right policies now I've been very attractive to some of Obama's foreign policies.
Look I grew up in a small town in the midwest -- about a thousand people have farmers and half factory's everybody knew farmers don't take home don't eat more than they grow.
Workers don't take home more than they produce how much of reduced depends on how much capital you have to use so I'm in favor of policies.
That put machines and plants and technologies in the hands of our workers -- -- -- -- bigger paychecks the fact is.
There's competition around the world for capital today and China where I spend a lot of time.
In India are doing big things to try and attract American capital there.
The real impact of the tax rates isn't who gets the money it's what is it due to the capital base of the -- Stand out and I'm not competitive edge having them practice in America we still have -- -- good.
Intel's the world creek -- -- 67%.
Gross margins and nobody in -- -- that did -- do need to be concerned about our competitive.
The ability to acquire more capitalist thought -- what would just talking about he's not even on the radar with the Democrat or Republican party's right now.
Well -- the fact of the matter is we have to create a far greater commitment to knowledge based industries and to.
Training the engineers of the 21 century so that the innovation.
Coming into our economy attracts capital which can produce a superior return on investment that's -- gonna keep capital of the United States.
And keep it from being exported abroad to better opportunities.
So doctor alleged use leaving out of we have good news of the day today let's focus on -- -- we have these two candidates and yet again.
You know it's always been assumed it was going to be Barack Obama -- help restore as you look at their two policies McCain and Obama -- which would be better for the economy in your opinion.
That he can be economic policies tax policy in particular.
Our cars strongly in favor of McCain's policies because they're lower tax rates.
80% of tax revenues collected at the top rated.
And small business owners capital is that working capital.
And so that's today but I think that there's plenty of time in terms of learning on the job -- -- -- time for mr.
Two look at and the impacts of tax policy.
And two do what I think is the right thing I think that's how this morning I'll let -- come -- -- his office.
-- -- business owner.
It's honest it's but I am -- I don't know I don't know fourth generation 99 year old family business.
I wanna congratulate pulled innovative imaginative and who's gonna be a good listener and it's gonna -- the kind of policies that enabled me.
My family and those who work for me to prosper.
That is not happen under eight years the Republican leadership it's time for a change it's time to look forward that's what this election's going to be -- back to new cars.
-- I don't yeah.
We're gonna happen if Obama wins election but look if you we have 200 trillion dollars of assets in America.
If you raise the tax rates to where they were before -- three and the further capital gains rates we've been discussing on the campaign trail.
That's enough to lower their return after tax on American assets by between one and two percentage points compared with the rest of the world that's worth probably.
Three to 4000 points on the Dow why is that.
The Dow was 7500.
When that tax cuts were reduced and we just run in that film backwards it isn't hard.
So he'll do better with who did win the stock market do better on the Bill Clinton under George Bush have you heard the word bubble.
Guys I yeah.
That it gets -- bulk up there.
That is why it I don't know I -- an eye on Romney's Mormon bullets did raise the Democrats could well is -- right.
You can bet the -- facial shots -- well I --
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