Posted on 03/16/2009 7:38:54 PM PDT by jazusamo
Someone once said that Senator Hubert Humphrey, liberal icon of an earlier generation, had more solutions than there were problems.
Senator Humphrey was not unique in that respect. In fact, our present economic crisis has developed out of politicians providing solutions to problems that did not exist— and, as a result, producing a problem whose existence is all too real and all too painful.
What was the problem that didn't exist? It was a national problem of unaffordable housing. The political crusade for affordable housing got into high gear in the 1990s and led to all kinds of changes in mortgage lending practices, which in turn led to a housing boom and bust that has left us in the mess we are now trying to dig out of.
Usually housing affordability is measured in terms of how much of the average person's income it takes to cover either apartment rent or a monthly mortgage payment.
There were certainly places here and there where it took half a family's income just to put a roof over their heads. Many such places were in coastal California but there were a few others, here and there, on the east coast and elsewhere.
But, vast areas of the country in between— "flyover country" to the east coast and west coast elites— had housing prices that took no larger share of the average American's income than in the decade before the affordable housing crusade got under way.
(Excerpt) Read more at jewishworldreview.com ...
There are only two jobs a politician does.
First: Take money away from those that will not vote from him or her, and give it to those that will.
Second: The job of a politician is not to solve a problem, but to make sure that a problem always exists that the politician can save us from.
“These warnings were brushed aside. Politicians were too busy solving a national problem that didn’t exist. In the process, they created very real problems. Now they are now offering even more solutions that will undoubtedly lead to even bigger problems.”
Right on the mark.
Thanks for the ping jaz.
I couldn’t agree more with Dr. Sowell. It isn’t the original financial crisis I fear, even though it too was a product of government, it’s more of the government’s solutions. The pain they are already causing and have yet to cause because of their interference, will be deep and longlasting. Obama is deliberately tanking the economy. But will a majority of Americans realize it?
marker
Agree with both and I’ve seen Dr. Sowell mention your second reason several times.
Absolutely agree with the tanking and pray the majority will realize it in time.
And I’m sure the “rest” are going to increase with the boy president.
He writes with such clarity, always. I hope he outlives me.
That is likely, until there is sufficient uprising.
Economical writing from a true economist. Sec. Geithner spouts thousands and thousands of words and still misses these basic truths. I guess obfuscation is the point, though.
Thanks for the pic!
btttt
Don't that just about sum it up.
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