Thursday, December 11, 2008

From Steve Sailer
  • A big reason for the economy’s meltdown is affirmative-action homeownership: the government trying to look good (‘fighting racism’) by pushing ‘easy’ (no money down etc.) mortgages on poor people (often non-white), obviously bad risks who couldn’t afford them.
  • One of the oddities of the standard narrative of the Housing Bubble is how it glosses over just how regional it was.
  • The two basic shortcomings of Obamanomics are that Obama is planning for 2009 with ends that are very 2007 (compact fluorescent lightbulbs! carbon! inequality! health insurance for everybody! spiff up inner city schools!) and means that are very 2008 (Carnival in Rio spending!). Obama’s thinking is still stuck in the 2007 mindtrap, the assumption that the fundamental problem of scarcity has been solved so now all we have to do is redistribute wealth and reorganize society in a more Stuff White People Like fashion. Instead, it turns out the Bush Boom was really a Bush Bubble and we actually have much bigger problems than the conventional wisdom of 2007 assumed.
  • The notion of electing a Chicago politician to national office on an image of reform and general refinement always struck me as comic. The notion that Barack Obama, with the whole world to choose from, decided to become a Chicago politician always struck me as bizarre. It would be like me deciding to move to Serbia and become a politician.
  • The media in 2008 devoted far more attention to a Vice-Presidential candidate’s career in a small town in Alaska than to a Presidential candidate’s career in the transportation hub of the United States.

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