According to the E.J. Dionnes of elite media groupthink, the current economic troubles are due solely to unfettered Wall Street greed and the federal government’s only sin was not enough command and control of the economy. Former National Economic Council director Lawrence Lindsey sets the record straight: Contrary to the …
CQ reports that the Senate is debating “a contentious bankruptcy amendment” to the broad housing bill now under consideration. The amendment sponsored by Sen. Dick Durbin (D-IL) would empower federal judges to unilaterally and arbitrarily re-write mortgage contracts. The Heritage Foundation’s David John identified five reasons why this is disastrous …
Covering the current financial turmoil Wednesday CNBC reported: The root structure of the credit crunch stretches wide and deep. Many of the financial instruments involved are complex, unusual and difficult to value. Asset prices remain in a state of flux and the very players that need to be lending are …
Reporting on the Senate’s new housing bailout bill, the New York Times claims “Senate Republicans, in particular, had felt compelled to move housing legislation quickly after the Federal Reserve’s intervention to avert the collapse of Bear Stearns.” Apparently these Republicans are determined to prove that limited government intervention in the …
Explaining new Republican support for congressional action on housing, Sen. John Thune (R-SD) admitted to Politico: “You always want to be able to vote for something … Most people want to see us doing something and being responsive.” The “do something” mentality seems to be bipartisan on Capitol Hill as …
Congress has returned from their spring break to mounting pressure to “do something” about the current financial turmoil. The Hill reports: “Republican senators have spent the recess hearing complaints from constituents about foreclosures and falling home prices, and they feel pressure to act by passing legislation.” Before Congress starts passing …
A new study by University of Washington economics professor Theo Eicher finds middle-class families are being priced out of the Seattle real estate market due to land-use regulations that drive up home prices by more than $200,000 per home. Eicher identifies Washington’s smart-growth-movement-inspired Growth Management Act as one of the …
