Political Quotes

“One of the analyses out there is that there is, all together, about $13 trillion in U.S. capital that is stranded overseas because there is a capital gains that would be levied against it if it's brought back into the United States economy. One of the things that I did after the September 19 debacle of the beginning of the downward spiral when Secretary Paulson came to this Capitol and asked for the $700 billion in bailout was to introduce legislation called the Rescue Act. One of the components of it was to suspend capital gains on all U.S. capital that's overseas in order to bring as much of it as possible back in. Now, I never expected that it would be $13 trillion, the whole package, but I did think it would be $300 billion, maybe $1 trillion, maybe even more than that, maybe even two or more trillion dollars injected into this economy. That's U.S. capital that's sitting there that we are never going to see as long as we penalize that capital for coming back into the United States.”