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Forbes proposes three economy quick-starts
WASHINGTON (2/26/09)--Publisher Steve Forbes proposed three changes as a quick way to start the nation back on the road to prosperity, a formula that won him frequent applause during the Credit Union National Association Government Affairs Conference (GAC) Wednesday. He recommended suspending the mark-to-market accounting requirement,
Steve Forbes, chairman/CEO of Forbes, Inc., editor-in-chief of Forbes Magazine, and former Republican candidate in the U.S. Presidential primaries, told GAC attendees that he proposes three steps for resolving the economic crisis. (Knudsen photo)
restoration of the Securities and Exchange Commission uptick rule, and proposed a move by the Federal Reserve to aggressively purchase mortgage-backed securities. Forbes said the mark-to-market rule was especially grievous. “Unless we deal with it, the current problem is going to linger,” he told the CU executives attending the session. “Try to mark something to market when there is no market,” he added, “It’s insane.” “Suspend it, and restore the uptick rule, and worst of the crisis will be over,” the GAC speaker said. Forbes, who is CEO and publisher of Forbes Magazine, and a former Republican candidate for President, said the current economic emergency had its roots in Federal Reserve Policy. He said the Fed flooded markets with too much liquidity in 2004, adding: “When you have a lot of liquidity, it must go somewhere. It went into housing.” Forbes said that after the current economic problem is solved, to insure prosperity, Congress needs to simplify the tax code—a favorite topic during his campaign for president. “The Bible has 773,000 words,” he noted, “and the tax code has 9 million words, and nobody knows what’s in it.” In addition to the frequent bursts of applause, and a standing ovation, Forbes was asked during the question and answer session whether he might consider running for President again. His answer, “No, I’m content now just being an agitator.”


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