Over at the Austrian Economist, Steve Horowitz posted this neat item from Forbes, according to which Todd Zwyicki of George Mason argues that the Housing Crisis isn’t a crisis, and that Obama should stop treating it as one.
Instead of frightening people by talking about the end of the American dream, Zywicki argues, the Obama administration should offer reassurance, stressing the specific, limited nature of the foreclosure problem. "Heck," Zywicki says, "41 out of the 50 states have foreclosure rates below the national mean."
I will take his word for it – but don’t even think for a minute we are out of the woodworks – no matter how limited the housing crisis has been, our collective governments are now doing everything they can to make sure the economy – at least in North America, and possibly Europe - as a whole is going to go belly-up, what with billions of dollars of new funny money for their “stimulus”.
And in case you were wondering why that has not yet translated into massive inflation, look no further:
Enjoy your day.