Featured Video Play Icon

Volcker rule is silly and needs to go away: Howard Lutnick

In Video by Fox Business NewsLeave a Comment

Tech News Keywords: , , , , , / Page Views: 18

    Goto Source Article

    Detected Closed Captioning: >> Announcer: WELCOME BACK TO “WALL STREET.” MARIA: FISCAL POLICY TAX REFORM, ROLLBACK REGULATIONS A GOOD IDEA? HOWARD LUTNICK: OF COURSE. THE GOVERNMENT SAYING TO A BANK, YOU SHOULDN’T BUY THAT BECAUSE IT’S WRONG. WRONG BY WHO. I LIKE THAT THEY SAY YOU SHOULDN’T BUY THAT IF YOU DON’T HAVE THE CAPITAL TO SUPPORT IT. THAT’S PRACTICAL. THAT’S WHAT YOU GET FROM ’08. YOU SHOULDN’T BE ABLE TO BITE IF YOU DON’T HAVE THE CAPITAL. BUT TO SAY YOU CAN’T BITE BECAUSE IT’S WRONG, THAT’S SOMETHING THAT SHOULD GO AWAY. IF IT GOES AWAY THE BANKS WILL BE ABLE TO TRADE MORE AND PROVIDE MORE CLIENT SERVICE AND THE BANKS WILL DO VERY WELL. MARIA: AND YOU GET MORE VOLATILITY. HOWARD LUTNICK: I GET MORE BUSINESS FROM THE BANKS AND THE BANKS’ FINANCES NUMBERS ARE GOING TO DO BETTER. YOU GIVE THEM INTEREST RATES AND THE ABILITY TO TRADE, YOU WILL SEE LOVELY RESULTS. MARIA: WE ARE ENTERING A PERIOD OF PERFECTION, A ROLTBACK IN REGULATIONS, ECONOMIC GROWTH, AND HIGHER INTEREST RATES. SO IT’S PRETTY GOOD. WHAT DID YOU MAKE OF THE ATLANTA FED COMING OUT WITH THAT STUNNING GDF PREDICTION. FIRST THEY WERE AT 5.4%, THEN THEY SAID 4%. 4% IS DOABLE IN THE FIRST QUARTER. HOWARD LUTNICK: LAST YEAR I DIDN’T THINK IT WAS POSSIBLE. I THINK IT REASON IT’S POSSIBLE IS THEY JUST CHANGED THE RULES OF THE WORLD. THEY USED TO SAY IF YOU KEEP YOUR MONEY OVERSEAS YOU ARE MUCH BETTER OFF. WHY THAT WAS OUR RULE, I DON’T KNOW. BUT NOW, YOU BRING IT BACK AND YOU WILL BE TAXED WHETHER YOU BRING IT BACK OR NOT. SO YOU BRING IT BACK IT USED TO BE OUR TAX RATE WAS 35, THE U.K. WAS 38. IRELAND WAS 21. YOU HAVE APPLE BRINGING BACK $38 BILL. IT WILL BE GOOD MORE AMERICA. AND THAT MIGHT BE THE ADRENALINE PUMP THAT GETS US TO 4% WHICH WOULD BE AMAZING. PEOPLE SAY THE PRESIDENT WAS JUST OVERSPEAKING AT 4%. IT’S PRETTY DARN IMPRESSIVE. MARIA: I WANT YOUR TAKE ON THE GROWTH AT NEWMARK AND WHAT IT TELLS US ABOUT THE FUTURE. EXODUS OUT OF NEW YORK BECAUSE YOU ARE LOSING THE STATE DEDUCTION. EVEN WITH AN ECONOMY GETTING BETTER, YOU HAVE SEEN THE HIGH END IN REAL ESTATE COME DOWN A BIT, NO? >> THE ELIMINATION OF THE STATE AND LOCAL TAXES WAS OFFSET SOMEWHAT BY THE LOWER HEAD RATE. IT WENT FROM 39%. THE MARGINAL COST OF SOMEONE IN NEW YORK IT’S 2 OR 3 POINTS. BILL CLINTON TOOK THE RATE FROM 36 TO 39.6. YOU LIVE IN AMERICA, PEOPLE LIKE US ARE GOING TO PAY A LITTLE BIT MORE TAX. I THINK NEW YORK IS THE HEART BEAST COMMERCE IN THE UNITED STATES OF AMERICA, AND COMMERCE IS COMING BACK A LOWER TAX RATE. I THINK YOU WILL SEE NEW YORK

    Share this News Post!
    Geographic Location References for this Article Could Not Be Determined.

    Leave a Comment