Sincerely yours,
Lawrence R. Velvel
Dean, MassachusettsSchool of Law
Having set forth the letter about the bond proposal, let me now turn to the question of financing the proposal.
One of the last legislative assistants I spoke to asked me a question that nobody else had. She asked how the bonds would be financed, how they would be paid for. This, she said, would be a very important consideration. I replied that I had always assumed they would simply be issued by the government (just as it issues savings bonds, Treasury bills, etc.), but would give consideration to the question of how to finance them. After some consideration, it seems to me that they could be financed by a technique similar or identical to the way in which SIPC itself is financed -- by the brokerage industry -- or to a way in which people are speaking of financing healthcare -- by a tax on companies issuing the gilt-edged plans costing $25,000 or more per year.
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