Novak Monday Column Jude Wanniski January 15, 2001

Given today's holiday, you may have missed Bob Novak's important column. He tracked down Bob Mundell, who is quoted saying the Fed should add liquidity to get gold up to $310 or so. He also cites Trent Lott's sudden advocacy of a 15% capgains tax, despite the coolness to the idea by Bush economic advisor Larry Lindsey. Lott says the Congress should put its own "imprimatur" on the tax legislation and that the lower capgains rate should be made retroactive. It is very important that Mundell has begun pushing the right kind of monetary easing. Without him at the point, there was no chance of getting anyone else interested.