Commentaire sur les marchés, l'économie, l'entraînement, la nutrition, et tout ce qui attire mon attention.
'The Growth of Knowledge depends entirely upon disagreement.'
- Karl Popper (1902-1994)
lundi 6 septembre 2010
La citation du jour
In short, the entire tilt of public policy in both countries has been towards home ownership – resulting in a stunning 70% or so of the population having one, with the overwhelming bulk of their net worth now in a single asset.
And maybe that’s exactly the problem. Maybe seven in ten people didn’t deserve to have houses in the first place. Couldn’t afford them. Should never scored mortgages. Were strung along, lured by house porn, cheap money and a bar that was far too low.
Why does anyone have a right to buy a $400,000 home when all they have is $20,000? Why should the government stand behind an idiot lender willing to finance a deal like that? Don’t pro-housing policies just drive prices higher and responsibility lower? So why should taxpayers move in and save a derelict homeowner’s ass when the inevitable happens?