Posted on 01/23/2008 3:27:38 AM PST by BGHater
Hey screw in one of those useless mercury filled light bulbs. Maybe that will fix everything because everybody seems to believe the sunshine that Washington is blowing.
This is an old article. But the best articles have an extended expiration date, and this is one. Walter Williams goes a long way towards explaining this mess. As usual, the government is the problem, not the solution.
Our profit and loss system is self-correcting. Despite our best efforts, mistakes will be made, but those making them will learn or suffer the consequences. It takes government to have systemic failure. There is no guarantee that governments will correct their errors. This can be confirmed by the experience of all communist countries, many third world countries, even democracies such as the United States.
I have vague recollections of Congressmen berating lenders for “red-lining.” The charge of “racism” is politically potent. So I suspected this to be the cause of our current discontent.
Dr. Williams confirms this - and much more - in this article. It is a treasure in lucid analysis and exposition.
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