There is no free in liberty.


Sunday, October 31, 2010

Rep. Brad Miller -- A Grade School Economist...


From Fabius Maximus:

After three years neither the public nor many of our leaders see the driver of the housing crisis: we built too many homes. In some places (e.g., Las Vegas, California’s central valley) far in excess of any real demand. Outmigration from mismanaged and dying urban areas (e.g., Detroit) caused more over-capacity. Supercharging the bubble was the purchase of homes by people who could not afford the prices paid. But overcapacity was the primary driver.
[emphasis added]

The obvious nature of this statement is lost on Brad Miller, who in an act of comedic brilliance (were it not so tragic) offered up H.R. 5409, the Residential Construction Lending Act this summer.

Brad Miller's solution to excess capacity?... more supply!!

Brad Miller, Grade School Economist.


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