Reflections From The Burg by Scott Cooper

Written by Scott Cooper
September 21, 2011

So the front page of today’s WSJ says “Home Forecast calls for PAIN – Prices to stumble to 2015.”  Further into the article, “consumer spending stifled and more pushed into foreclosure.”

Hmmm.  Wasn’t it three years ago President Bush “Abandoned the free market in order to ‘save’ the free market?”  Here we are three years later, and we are considering more spending and more bailout – and we continue to push recovery into the future.

This weekend I had the pleasure of speaking with a woman who escaped Romania during the height of communism in that country.  The stories she told were gut wrenching – and can be read first hand in her book Echo’s of Communisim – Lessons from an American by Choice written by Dr. Ileana Johnson Paugh.  Today – Romania is freer than we are.  How sad is that?
Here are a couple thoughts:
  1. Let’s never again try loaning money to people who can’t afford it. (pushed by the government since implantation of CRA and expansion of Freddie and Fannie).
  2. Let’s encourage our citizens to spend only what they have money for – and stop using the equity of the roofs over our heads to purchase cars, boats and consumer merchandise that does not ever appreciate in value.  (Encouraged by President Bush after 9/11/01).
  3. Let’s stop borrowing money from China and the Fed to give to states – to fund projects that should be paid for by the states to begin with

 

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