Juveniles In Charge At the White House? Well, Duh!

Richard Rahn, from the Washington Times has an interesting post: The bad news is that the economy is not growing or creating jobs as the juveniles who control Washington predicted. Most clear-thinking adults, even without formal training in economics, can understand that if the government greatly increases regulations on business (not justified by serious cost-benefit analysis) and increases taxes on labor and capital, the cost of doing business will rise; hence, businesses will have to hire fewer workers. Obviously, these basic concepts have eluded a majority of the members of Congress and many in the administration because this is precisely what they have been doing.
When reporting on a government action, newscasters often have to say, "I am not making this up." Bloomberg just reported that the Federal Housing Administration (FHA) has agreed to insure a mortgage "that enables buyers to make a down payment of as little as 3.5 percent in a building where apartments are listed from $820,000 to $3 million." Did we not just have a housing bubble and financial meltdown that was caused, in part, by government encouraging people with too little money to buy more housing than they could afford? And what sort of mental process takes place in a "mind" that thinks it is a good idea for some hard-working family in Peoria with an income of $50,000 a year to be guaranteeing (i.e., subsidizing) a mortgage so that some New Yorker can live in a $3 million apartment? This is precisely what the FHA program will do.
http://www.washingtontimes.com/news/2010/aug/16/juveniles-in-charge/
So, as I have posted before, thank you to all the people all over the country who have bailed out Nevada homeowners, who, either by losing income or a job, made a fraudulent loan application, was defrauded by a private business etc.
And since I live an apartment, I guess I am subsidizing these people who have been foreclosed on.
Juveniles in charge at the White House and those in Congress. Indeed.