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Transcript: Howard Lutnick

Welcome, I’m Steve Forbes. It’s a pleasure and privilege to introduce you to our featured guest, Cantor Fitzgerald CEO Howard Lutnick. He’ll tell us why October was his company’s best month ever.

But first…This ongoing financial crisis is driven by fear, not by a lack of cash or liquidity in the global markets. There is no reason why our economy can’t get back on track by springtime. But how do we get there form here? One answer is that we simply let financial markets work.

The economy still has very real strengths, and we know how smart, pro-growth policies work. We also already know what doesn’t work. Tax and spending does not work. One-time stimulus checks have no lasting effect. But if we actually lowered tax rates, including corporate tax rates, we’d see real stimulus.

Even Detroit could self-repair, if we let it. Right now they make money everywhere but North America. Why? Because they aren’t allowed to count the thrifty cars made overseas toward their efficiency standards. This makes no sense. Also, consider how the economy would roar ahead if we got rid of the government’s crazy mark-to-market accounting rule and had a sensible monetary policy and a strong dollar. Because if the dollar isn’t right, the world isn’t right economically. That’s the bottom line.

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