Monday, September 29, 2008

Chuckle of the day

The facebook status of an acquaintance: _________ is A HOME OWNER!!

Uh, not sure I would be quite so happy about that...setting aside the fact that the housing market is self destructing as we speak (along with half of the other markets in this country), a house is a really poor "investment" even in the best of situations, post 2000 distorted market notwithstanding. Thanks to our federal government's totally awesome home ownership for all plan that has distorted the market so far that it is almost completely disconnected from reality, we do not live in anything close to the best possible situation. I fully plan on avoiding home ownership as long as possible.

A tangential but relevant point to note...the bailout plan is nothing more than a further distortion of the markets, writ large. If you want to see what's happening to the housing market happen to the economy as a whole, by all means, support the bailout. Corrections are a necessary and vital part of a free market economy. The further you put them off, the more severe they are.

Anyone who supports the bailout won't be getting my vote in Nov. Guess I'm going to be writing in a lot of "none of the above."

In a related Irony of the day, today is Mises birthday.