Duff O'Melia

More Meddling to Fix Prior Meddling

It seems that the tendrils of government continue to expand. The article Bush mortgage plan includes rate freeze gives some details about how the federal government is planning on meddling in the housing market to try to fix the problems that their previous meddling caused.

Why is it that we think that government intervention is the answer to the problems caused by previous government intervention?

Bush’s plan will probably delay the subprime mess until after he leaves office. Then conservatives can blame the next president. Fixing the problem is not the goal. Passing the buck is. If we were serious about fixing the problem, we’d eliminate the federal reserve and allow competing currencies.