Our political class has gone insane

Get Liberty
by Dave Cribbin

12/23/08

Our political class has gone insane. They’d rather enjoy the power that accrues to them in troubled economic times, and they are going to make things much worse on the way to trying to make things better. How else do you explain the way they are acting? The new administration is putting together the mother of all stimulus plans in order to get our economy back on track again. The big problem with this kind of thinking is that it was this type of thinking that got us into this jam in the first place. The housing fiasco that set off the economic troubles we now enjoy is the result of a huge misallocation of capital brought about by a number of policy decisions, some of them misguided, and there unintended consequences. There are lessons to be learned from the housing debacle, but they are not the ones that seem to be getting all the attention. The lessons are 1.) Misallocating capital always ends badly, which also means that misallocating huge amounts of capital ends even worse. 2.) Eliminating the capital gains tax is a powerful incentive that draws investors to seek the higher profits it affords...

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