Scary Economics

During the Republican debate at the Reagan Library, John McCain was asked:

[Do] you have a plan to help people with bad credit get lower interest rates so they can keep those homes and avoid foreclosure[?]

Any answer to that other than “No,” “What?”, or “Why?” demonstrates a misunderstanding of how we got to where we are economically and how we’re going to get back out. The private sector – the free market – actually goofed. Big time. It made lots of loans to people who couldn’t pay them back, then loaned out those loans and made still more loans on the backing of those meta-loans. It’s precisely the availability of unreasonably low interest rates to high-risk borrowers that created the housing bubble and that is currently bursting it. Worse still, in order to get out, we are going to have to deal with that fact and let private industry take the hit, at least to some extent. The last thing we can do is force banks to take on more bad debts – debts which are already in or near default – and take them for longer term. Even if there’s no forcing, but only incentivizing through government aid, we are doing nothing but encouraging more risky behavior and trying to put duct tape on the bubble.

McCain’s answer started out:

Yes, and it’s tough and it’s tough here in California, it’s tough in Arizona, it’s tough particularly all over, but it’s very tough particularly in the high growth states.

McCain is a good man, but he is not a conservative, and he has no idea how to lead this country back to financially solid ground.

Why the Field is so Bad

I have no idea for whom to vote. None. I am a staunch, free-market, old-school conservative. A fan of men like Burke, Reagan, and Kirk. That means I don’t have a candidate in this race. Continue reading “Why the Field is so Bad”

Dick Durbin: Towering Genius, or Grossly Irresponsible?

Dick Durbin can, apparently claim with a straight face that 46 hours, 8 minutes (commencing at 12:15 AM a week before Christmas) is enough time to read a 3,417 page omnibus spending bill and vote on it. Either Durbin has the reading abilities of a small army of legal thinkers, or he’s irresponsible in the extreme. Illinois should be even more ashamed of this joke of a legislator than before.

Dick Durbin: Speed Reader | Redstate

Republicans Report Much Better Mental Health Than Others

New Gallup poll: Republicans Report Much Better Mental Health Than Others. An intro:

Republicans are significantly more likely than Democrats or independents to rate their mental health as excellent, according to data from the last four November Gallup Health and Healthcare polls. Fifty-eight percent of Republicans report having excellent mental health, compared to 43% of independents and 38% of Democrats. This relationship between party identification and reports of excellent mental health persists even within categories of income, age, gender, church attendance, and education.

A cautionary note:

Correlation is no proof of causation, of course. The reason the relationship exists between being a Republican and more positive mental health is unknown, and one cannot say whether something about being a Republican causes a person to be more mentally healthy, or whether something about being mentally healthy causes a person to choose to become a Republican (or whether some third variable is responsible for causing both to be parallel).

Read the whole thing and feel free to discuss in the comments!