Rob Lyman,
The more expensive housing is, the more politicians can buy votes by offering to make it more affordable (via cheap credit, lower down payment requirements, etc.); same with education. Notice a pattern? Government distortions increase costs of living, and politicians run for government on promises not to remove those distortions, but to add new distortions that will supposedly ameliorate those high costs.
I'm no libertarian, but I'd think libertarians would be on to this by now.
Posted by DaveinHackensack | October 30, 2008 3:24 PM
Friday, October 31, 2008
Thursday, October 30, 2008
Gordon's Epic Fail
6th May 1997
"So we must break from the short termism of the past - the economic instability that has characterised the British economy not just in recent years but for most of the century. That is why I want British economic success to be built on the solid rock of prudent and consistent economic management, not the shifting sands of boom and bust."
"The ultimate judgement of the success of this measure will not come next week , or indeed in the next year but in the long- term. I am convinced that this radical reform, together with measures we will announce to equip our economy for the challenges ahead, creates the platform of stability upon which Britain can build."
"So we must break from the short termism of the past - the economic instability that has characterised the British economy not just in recent years but for most of the century. That is why I want British economic success to be built on the solid rock of prudent and consistent economic management, not the shifting sands of boom and bust."
"The ultimate judgement of the success of this measure will not come next week , or indeed in the next year but in the long- term. I am convinced that this radical reform, together with measures we will announce to equip our economy for the challenges ahead, creates the platform of stability upon which Britain can build."
Saturday, October 25, 2008
Delivery failures plague Treasury market
Delivery failures plague Treasury market
The credit crisis is causing a growing number of delivery failures with Treasury securities.
The latest data from the Federal Reserve Bank of New York showed that cumulative failures hit a record $2.29 trillion as of Oct. 1. The federal settlement period is T+1 (trade date plus one day).
The outstanding U.S. public debt is $10.3 trillion.
"Current [fail] levels are at historic levels," said Rob Toomey, managing director of the Securities Industry and Financial Markets Association's funding and government and agency securities divisions. "There's been significant flight to quality" with the market turmoil, he said.
With the strong demand for Treasury securities, "some of the entities that bought Treasuries are not making them available in the [repurchase] market, which is the traditional way to get them," Mr. Toomey said.
Unlike some past bouts with high failure rates that involved particular bond issues, the current high fails involve all types of maturities, he said.
The credit crisis is causing a growing number of delivery failures with Treasury securities.
The latest data from the Federal Reserve Bank of New York showed that cumulative failures hit a record $2.29 trillion as of Oct. 1. The federal settlement period is T+1 (trade date plus one day).
The outstanding U.S. public debt is $10.3 trillion.
"Current [fail] levels are at historic levels," said Rob Toomey, managing director of the Securities Industry and Financial Markets Association's funding and government and agency securities divisions. "There's been significant flight to quality" with the market turmoil, he said.
With the strong demand for Treasury securities, "some of the entities that bought Treasuries are not making them available in the [repurchase] market, which is the traditional way to get them," Mr. Toomey said.
Unlike some past bouts with high failure rates that involved particular bond issues, the current high fails involve all types of maturities, he said.
Monday, October 13, 2008
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