This article takes too long to state the obvious.
When government ‘does something’ it changes the rules.
It then takes time to re figure out how to play the game.
Running a business is like playing poker. You have to know the odds and all of the players.
When government ‘does something’ they change the odds and change the players. They also change how much the house rakes out of the pot.
All of this takes time and some players simply walk away.
The government doesn’t just change the rake. It reaches into the winners’ chip stacks, keeps a bunch for itself, and tosses the remainder in the air. The short stacks like this game. The competent players leave with the chips they still have.
But it’s really different from poker because the competent players have the ability to create valuable new chips out of talent and hard work. While to competent players are in the game, the number of chips on the table grows. When they leave, the game stagnates.
I explained it to a friend that ‘the market’ hates government intervention because it is unpredictable.
It is as if you were going to bet on horse races, and you researched the heck out of what horses were fast, what jockeys were good, etc; and then some official decides that, no matter which horse actually crossed the line first, THEY would decide who the winners and losers were.
Suddenly you wouldn't want to ‘bet’ your money anymore, would you?
I'm sure you could teach Dr. Sowell a thing or two about writing clear, concise articles.
And the 2008 September “crash” was a government-inspired/demanded crash starting from Pelosi’s AGW-inspired oil price rises of 2007 and early 2008 -which closed markets and lost the transportation, airline, fuel, manufacturing economies and consumer markets
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the treacherous home mortgage interventions based on a “constantly expanding” housing market and the socialist’s “every should own a home” loan interventions.