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Hi Ernie, Mr. Cynical (hi, glad to meet you) would say that they're ALL to blame. I don't detect anyone willing to let the buck stop at their desk to stop the trend. The days of Harry Truman are apparently gone. Actually I would like an independent (as independent as one could get, anyway) board of economists. I realize that with a board of 5 Economists you might have 50 opinions, but let them sort it out and publish their various suggestions. Have multiple schools of thought represented: Austrian School, Monetarist School, Keynesian School, whatever else there is, where no one group has the majority. Keep the "greedy bankers" and the "corrupt politicians and bureaucrats" out of the mix. >From the very inauguration of this administration, the "object of the game" has almost without exception been to blame someone else. First it's "Blame Bush," of course, despite the fact that Bush supported Senator McCain and the legislation he had introduced to regulate Freddie and Fannie more strongly. They were opposed at the time by Senator Dodd and Congressman Franks who are now among the loudest voices blaming and punishing the bankers, but still hold the Pseudo-Governmental Corporations Freddie and Fannie as somehow virtuous. The corporations damn sure haven't earned it. How they can do that with a straight face is beyond my comprehension, until you look at their campaign contributions (Barney Franks) and their special favors received (Christopher "Countrywide" Dodd). Then it all becomes clear, and rather ugly. Thomas Sowell (The Housing Boom and Bust, Revised Edition, 2010) would agree with Franks and Dodd that regulation is needed, but he would target the political sacred cows of Freddie and Fannie instead of the banks. Franks is not going to let that happen. So there we are. David "Everything
government
touches turns to crap"--Ringo
Starr On 4/25/2010 12:20 AM, Dr. Ernie Prabhakar wrote: Hi David, |
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