Tags: Schwab | Risk | Takers | Save | Us

Charles Schwab: Only Risk Takers Can Save Us

Friday, 30 Sep 2011 09:29 AM

Charles Schwab, founder and chairman of the Charles Schwab Corp., says we can spark an economic recovery by unleashing the job-creating power of business, especially small entrepreneurial businesses, which fuel economic and job growth quickly and efficiently.

"Indeed, it is the only way to pull ourselves out of this economic funk," Schwab writes in The Wall Street Journal.

“But doing so will require a consistent voice about confidence in businesses-small, large and in between."

"We cannot spend our way out of this. We cannot tax our way out of this We cannot artificially stimulate our way out of this. We cannot regulate our way out of this."

Nor will shaming the successful or redistributing income get us out of this, says Schwab.

"We cannot fund our government coffers by following the 'Buffett Rule,' i.e., raising taxes on Americans earning more than $1 million a year," he says.

“What we can do — and absolutely must — is knock down all hurdles that create disincentives for investment in business.”

Someone, notes Schwab, took risks to start every business — whether Ford, Google or your local dry cleaner, and the success of a single business has a significant payoff for the economy.

“Every single job that entrepreneur creates requires an investment,” says Schwab. “And at its core, investing requires confidence that despite the risks, despite the hard work that will certainly ensue, the basic rules of the game are clear and stable.”

“Today's uncertainty on these issues — stemming from a barrage of new complex regulations and legislation — is a roadblock to investment. We have to clear that uncertainty away.”

The Huffington Post reports that three-quarters of American voters say that American businesses are over-regulated, and that more regulations cause jobs to move overseas, according to a new national survey by the Tarrance Group.

Three-quarters of Americans also say that every time the government mandates a new regulation on large and small businesses, the prices of goods such as food and gasoline go up.

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Charles Schwab, founder and chairman of the Charles Schwab Corp., says we can spark an economic recovery by unleashing the job-creating power of business, especially small entrepreneurial businesses, which fuel economic and job growth quickly and efficiently. Indeed, it...
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2011-29-30
Friday, 30 Sep 2011 09:29 AM
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