Wednesday, October 17, 1979
University Danny Kansan
3
Reagan's talk in KC typically conservative
KANSAS CITY, Mo. (AP)—Ronal Reagan addressed his philosophy of conservatism in government to the National Savings Bank and asked that it pay fewer taxes and more private investment.
"We should have a tax policy that enforces the laws, and we said the former California governor and announced front-runner for the Republican presidential nomination in most of his state."
Instead, he told an enthusiastic audience,
"we tax ambition, ingenuity and pride of
workmanship. We punish production with
confessional taxes.
"But profit, property rights and freedom are inseparable," he said. "And you can't have the last one unless you have the first two."
Reagan said the government should spend
less than it takes in, print less paper money,
and reduce its regulation requirements.
"A government program, once initiated is the nearest thing to eternal life we have on this earth."
Reagan also proposed that administration of some public responsibilities be turned over to state and local governments with the funds to operate them.
He said income tax brackets should be lowered to provide workers with more money to put in savings, which could then be invested in more productivity, to provide jobs.
On the upcoming election, Reagan said that even with a presidential campaign by Sen. Edward Kennedy, D-Mass., in the midst of a political crisis, there would be good chance of winning remuneration in 1980.
New interest rate lid uncertain
TOPEKA (AP) - Gov. John Carlin ruled out the possibility of a special session of the Legislature to raise the legal ceiling on home mortgage prices, the tightening home mortgage market.
Carlin met with aides yesterday to talk about the situation. He told reporters he was not present, announcing any action. The only result was the removal of a special session from his office.
"There is no indication that there is any merit in having a special session," the governor said, noting the time and expense to bring the I&S lawnmakers to Topeka.
HE SAID ANY action that required changes in the law could wait until the Legislature recovered in January.
The situation resulted from the Federal
Reserve Board's action Oct. 6 that raised interest rates so high that it would be impossible to keep mortgagees in Kansas because of the state's statutory ceiling of 11 percent on housing prices.
When the board first announced its plans, it was clear that calls from some industry officials for a special session to immediately raise the ceiling. A 12 percent had beenmened.
"WE WOULD generally agree that the situation is serious," Carlin said, "and there is no question that it will have an economic effect on this state."
Carlin said he would continue to review options under study by his staff.
"It is not the kind of situation that lends itself to shooting from the hip. We are looking at the options."
The governor discounted a call from the Kansas Savings and Loan League that he should immediately announce his support for a 13 percent interest ceiling.
THE LEAGUE CLAIMED such a show of support would bolster lenders' confidence in advance of legislative action.
"I question whether too many people in Kansas are going to determine their business plans on the basis of a press release from the governor," Carlin said.
The governor refused to say whether he would accept another industry suggestion to ask the board of the Kansas Emerson Energy to approve using part of the state's $70 million pension fund to ease the money supply problem.
REPRESENTATIVES OF state lending institutions pressed the KPERS board to
make available over the next three months up to $100 million from the state pension fund for home mortgages. They wanted $25 million of that released immediately.
Those representatives said this could be done if KPERS would loan Kansas landlift institutions the money at interest rates of 10% and 5%. If they load the current rate available elsewhere.
THE SUGGESTION GOT a cool answer. The group will meet tomorrow to discuss a $25 million offering it planned to make some time ago and to set the interest rate it would charge.
Carlin said he thought the investment policies of KPERS funds were the board's responsibility, but he did not rule out another recommendation before tomorrow's meeting.
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