With 25% more to fall, and many houses under water by thousands of dollars, or hundreds of thousands, what's the incentive to pay? If a borrower wants to work out a compromise in good faith, how can they know if they are negotiating with the right party? The mortgage mess is a house of mirrors.
The Fed will continue to buy Treasuries to fund our deficit with money that is created out of nothing.
Is cutting spending like repeating Herbert Hoover's errors? No, and saying it again and again doesn't make it true. The big-spending Hoover did more to intervene in the peacetime economy than any prior president. Indeed, he set in motion all of the things that FDR later did in the New Deal.
Dishwashers, ice makers, and drain uncloggers are all under attack. Puritans and paranoids are working with bureaucrats to unravel all the gains that markets have made for civilization. They are driving us back to the compost pile.
The case of Seuss enthusiast Charles Cohen beautifully illustrates the harmony between personal profit and service to others in the voluntary market economy. For good or ill, entrepreneurs will provide what the customers want — whether it's one fish, two fish, red fish, or blue fish.
Often the dispersion of a fortune starts already in the lifetime of the businessman when his buoyancy, energy, and resourcefulness become weakened,
