Barack Obama doesn't like John McCain's proposal for a temporary reduction in capital gains rates to get the economy moving. It won't work, he says, because no one has any capital gains.
Great economic analysis for a lawyer and community organizer. The absence of capital gains is precisely why McCain wants to lower the rate. The idea is that the prospect of lower taxes will increase the upside for those who gamble on the purchase of potentially undervalued assets like, say, real estate or mortgage-backed securities.