Rewarding Failure, Punishing Success
America’s corporate taxes are some of the highest in the world, punishing companies for investing in America, driving “capital overseas,” and encouraging companies to more their headquarters abroad, as a Wall Street Journal editorial today notes. Yesterday, the Journal reported on Alan Greenspan’s criticism of the mortgage bailout law passed by Congress, which Greenspan described as simply “bad.” That law rewarded the fraud-ridden, bullying, government-backed mortgage giant Fannie Mae, which helped spawn the mortgage crisis. Other economists have also criticized the law, like Lawrence Lindsey. The Community Reinvestment Act also contributed to the mortgage crisis.