Here.

^In previous recessions, we had three essential tools to encourage recovery: monetary policy, tax policy, and regulatory policy. The first has vanished; our monetary policy has become more loose than practically any other time, with Fed credit practically free at the moment and QE2 printing even more money. The only way to encourage investment at this point is through tax and regulatory policy.^

^Unfortunately for us, the current administration has taken actively hostile positions against business in both areas, heaping regulatory additions onto threats to hike taxes and close loopholes, some of which allows American businesses to compete abroad while nominally remaining in the highest corporate-tax environment in the industrialized world. At the same time, the federal government plans to continue increasing spending and national debt, undermining the dollar and making the investment environment even less stable.^
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