August 22, 2007 by Tom Armstrong.

John Stossel’s latest column is a must read.

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August 22, 2007 by Tom Armstrong.

Don Boudreaux writes today in the Pittsburgh Tribune. Notable:

They worry not only that bears will populate Wall Street for an extended stay but that all this bearishness will drag the economy into a deep and long recession. And a recession — with lots of unemployment and sluggish (or even negative) growth in output — spells hardship for many ordinary Americans.

I, too, am a bit worried. But my worry is not about the market’s ability to handle the consequences of bubbling housing prices and bankrupt mortgage lenders. It is about how government will react to these events.

The ever-present demand to “do something” is unfortunately immune to the wisdom counseling that there are some problems best left to sort themselves out. Government efforts to “solve” market adjustments and dislocations typically — and at best — supply only short-run relief while making the longer-run situation more dire.

Don is a gifted, concise writer, so consider reading the entire article linked to up top.

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