by Sheldon Richman. In Cleveland and other American cities homes are being demolished because five years after the housing bust there is nothing better to do with them. Therein lies a lesson in Austrian business cycle theory. In a world of uncertainty, waste — the destruction of value — is inevitable. Human action, which aims to replace inferior ... MORE
Showing posts with label banking. Show all posts
Showing posts with label banking. Show all posts
Destroying Value Is What Government Does Best
by Sheldon Richman. In Cleveland and other American cities homes are being demolished because five years after the housing bust there is nothing better to do with them. Therein lies a lesson in Austrian business cycle theory. In a world of uncertainty, waste — the destruction of value — is inevitable. Human action, which aims to replace inferior ... MOREThomas Sowell: Politics Vs Economics
The focus is on the next election, not the next generation. They say "all politics is local." But economic decisions impact the whole economy and reverberate internationally. That is why politicians' meddling with the economy creates so many disasters. The time horizon of politics seldom reaches beyond the next election. But, in economics, when an oil ... MORE
Freedoms I Wish The Military Were Defending
by Laurence Vance. "Freedom itself was attacked this morning by a faceless coward, and freedom will be defended." ~ George W. Bush, September 11, 2001. We have heard it repeated loudly and continuously since 9/11 – the troops are defending our freedoms. This claim is made so often and by so many different segments of society that it has become another ... MOREVIDEO: Andrew Napolitano - The Story of Money
Judge Napolitano attacks the wisdom of central banking.
Audit of Federal Reserve: $16 Trillion In Secret Bailouts
Ever wonder what legalized plunder looks like? The first ever GAO(Government Accountability Office) audit of the Federal Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal ... MOREDavid Brooks: The Biggest Scandal Since Watergate
Most political scandals involve people who are not really enmeshed in the Washington establishment — people like Representative Anthony Weiner or Representative William Jefferson. Most scandals involve spectacularly bad behavior — like posting pictures of your private parts on the Web or hiding $90,000 in cash in your freezer. But the most devastating scandal in recent ... MOREAffordable Housing Means Your House Is Worth Less
by Anthony Randazzo. Martin Luther King famously once proclaimed, “I have a dream, that one day my children would not be judged by the color of the skin, but by the content of their character, and that they would have a right to a home at an affordable price.” Okay, that’s not exactly what he said. But an unusual coalition of financial institutions and community housing advocates ... MOREHousing Decline: Only Halfway Home
When Reuters and CNBC.com announced the awful housing numbers from February, most observers were surprised. The housing market appeared to have found a bottom last fall, and many economists were expecting small but predictable improvements every month.The Commerce Department, however, doused whatever positive expectations there were when they announced that new home ... MOREVIDEO: Thomas Sowell - What Are They Buying?
Sowell explains the real reason why politicians have spent tax dollars like drunken sailors.
Douglas French: Banking Turnaround?
The headline is that the U.S. banking industry turned around in a big way in 2010 earning $87.5 billion, the highest since 2007. That’s a huge jump from 2009′s industry loss of $10.6 billion. Unemployment is still high at 9% according to the government, commercial real estate values are still in the dumps and home values according to Case-Shiller are still declining. Banks in the aggregate even charged off roughly the same ... MORE
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