Chez Chesler

I fear government ownership of the means of production more than I fear a depression. Here I am worried that gas or heating oil might go up another fifty cents, while overnight the federal government has spent several times my annual petroleum budget to buy worthless paper. Somebody said "If you owe the bank $100,000 they own you; if you owe them $100,000,000 you own them." NOTHING is too big to fail. What good did we get out of the 9/11 settlement fund (whose purpose wasn't justice, or compensation, but to keep the airlines from going under)? From the Bear Stearns buyout? If houses are foreclosed, for a while the neighborhood might be more blighted -- occupied homes, and especially owner-occupied homes, have positive externalities -- but eventually someone will buy the house at a lower price: Affordable housing.

Labels: economics