From Hot Air : http://hotair.com/archives/2009/08/31/economist-hoovers-pro-labor-policies-created-the-depression/
What really started the Great Depression? Government Intervention.
In times of economic crisis, the temptation for public officials to do something is both overwhelming and tremendously dangerous.
We have seen this most recently with the housing bubble that was created artificially by the Clinton Administration and Congress including more than a few Republicans. At the time, they wanted to expand home ownership and distorted the lending markets to create a demand bubble, and essentially another Ponzi scheme in which buyers were encouraged to overreach and then refinance on equity gains. Congress fueled it through mandates to Fannie Mae and Freddie Mac to buy and securitize marginal loans that eventually collapsed and poisoned the entire financial sector.
Government has a legitimate role in regulating markets to prevent fraud and abuse. It does not have a legitimate role in manipulating markets for social engineering, no matter how well-intentioned that social engineering might be.
link to the entire report by UCLA’s Dr. Lee Ohanian:
http://www.econ.ucla.edu/people/papers/Ohanian/Ohanian499.pdf
Tuesday, September 1, 2009
Monday, June 22, 2009
Tuesday, September 9, 2008
End of Summer 2008
Since its nearing the end of Summer and I am going mountain climbing in CO this week to try my hand at climbing a 14'er or two, I will bid farewell to a great summer drink that I just discovered.
Dark and Stormy is one of the best drinks for Summer.
We will meet again.
While Im on the topic, Esquire's Drink Database, http://www.esquire.com/drinks/ , is a great resource. Not only does it have the recipe but the 'resident drink historian' gives a quick backstory about where it came from.
Now hopefully I can find some good CO microbrews out in Denver to drink on top of a mountain this week!
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