Saturday, 13 October 2012

Roger Altman praises US house building recovery.

Roger Altman (US deputy Treasury Secretary 1993-4) praises the recent recovery in US house building.

I think I get it. We have a credit crunch, trillion dollar bank bailouts, a recession, thousands of home repossessions  - all caused by excessive and irresponsible lending (mainly to house owners). So the authorities respond by cutting interest rates to record lows so as to encourage more borrowing. And when the housing bubble starts to reflate, they think they’ve done a good job.

With idiots like that in power, the only real surprise is that the above economics disasters don’t happen more regularly.

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