Thursday, October 9, 2008

Post-debate malaise

That was a lame excuse for a town hall meeting.

So McCain has also bought into this business of having the government rescue everyone who screwed up.

"That's why we're gonna have to go out into the housing market, and we're gonna have to buy up these bad loans, and we're gonna have to stabilize house, home values, and that way Americans can, like Allan can realize the American dream, and stay in their home."

"I think if we act effectively, if we stabilize the housing market which I believe we can if we go out and buy up these bad loans so that people can have a new mortgage at the new value of their home…"

AP: McCain would buy bad homeowner mortgages. "… stabilize home values …" sounds an awful lot like price controls. That worked out so well when Nixon tried it. If the market is not allowed to find the bottom, it will be in a metastable state, which will always need to be propped up artificially. Of course, now that the government is taking control of the banks, I suppose Congress will do a fine job of that.

Obama doesn't understand the difference between regulation of "the financial system" and regulating corruption in Fannie and Freddie.

1 comment:

blake said...

Still fighting the ghosts of the USSR, aren't we?

We're so thoroughly indoctrinated, we can't really believe that government shouldn't try to fix every potential ill of life.