Joe Kristan has an excellent post noting what some of the root causes of the financial mess are. He quotes and links from the Tax Policy Blog; bluntly, a lot of the blame falls on political schemes done in the past. Something I remember from physics: “For every action there is an equal and opposite reaction.” All the money and funding that were pushed into housing so that everyone could own a home (which really accelerated during the Clinton Administration) is now seeing the obvious reaction: Not everyone should be a homeowner.
I’ll have more next week when I return from Connecticut.