Texas Gov. Rick Perry defends his plan to cut the corporate tax rate and urges scrapping new regulations on the financial industry.
By Martin Wolk
Texas Gov. Rick Perry?is suggesting that government regulators rather than Wall Street bankers were?behind the financial collapse of 2008.
In an interview with CNBC's John Harwood before unveiling his new economic plan, Perry urged scrapping the?Dodd-Frank Act, which was passed last year and aims to tighten regulation of financial markets after the historic industry collapse that ushered in a deep recession. He also urged scrapping a provision of the earlier Sarbanes-Oxley Act that requires public companies to explain their internal control?procedures.
"You?think the previous regluation of Wall Street was adequate?" Harwood asked.
"Yes, absolutely, I think it was adequate," Perry said. "You?had a bunch of regulators that weren't doing their job."
Click on the video above for the full exchange. (Updated: New video clip has been added.)
Perry also has been raising eyebrows with his plan for an "optional" flat tax that he unveiled Tuesday in an effort to revive his flagging presidential campaign. Filers would have the choice of following the exisiting tax code or Perry's new flat tax, whichever option offered the lower rate.
More on that in the video below.
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CNBC's John Harwood has the details on presidential hopeful Rick Perry's spending plan. Perry says hard decisions will need to be made in order to get the U.S. economy back on track.
Related:
Perry wants flat tax with some deductions
Perry keeps pushing 'birther' issue
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Source: http://bottomline.msnbc.msn.com/_news/2011/10/25/8480566-perry-wall-street-regulation-was-adequate
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