Posted by
Andrews on Friday, February 06, 2009 9:22:23 PM
I
mentioned earlier the stupidity of the government trying to maintain 4% interest on home loans, which will do nothing but perpetuate the very conditions (artificial housing boom, excessive borrowing) which put us in our current situation. However, not content with only that idiocy, the Obama "bailout" proposes a massive tax credit for home purchases. In other words, yet another incentive to bid up housing prices once again, creating absurd paper profits, allowing homeowners to extract paper equity through needless loans, and, in the end, bringing us right back to where we are now, except worse.
Is the government incapable of learning from experience? I once had a job training mentally retarded adults for independent jobs, and they learned more quickly than the government does. In fact, it usually only took them two or three big mistakes to learn something for good. Yet the government has repeatedly brought about a "boom/bust cycle", maybe two dozen times since the Civil War, and yet they still can't figure out their pro-inflation bank policies cause this problem, and instead say it is inherent in the free market.
Worst of all, these dolts, incapable of learning from their mistakes, want to tell us how to live our lives,
thinking they know best. How much longer will we hand control of our lives to people who can't even stop themselves when it is clear they are repeating a mistake they just made a year or two before?