September 1st, 2007


Ron Paul on the housing bailout: “…you just delay the inevitable”

“If you want to get back to normalcy, you have to let the market liquidate the bad debt and the bad investments. But it’s tough politically, and that’s why we can expect the Fed always to inflate. Politicians will never allow the correction to come. And that’s the fallacy. By bailing out and propping up, you just delay the inevitable. Sure, they may pull this out and the markets may do well Monday, but it won’t stop it. It will come back again, and the correction will come until you liquidate all the bad debt. But propping it up, it doesn’t help the situation long term. Short term it’s a good political answer.”

Via ernunnos (who also did the transcription).


The inciDENTAL tourist

“…Within hours of landing in Vienna, a jet-lagged Nancy Carothers was tilting backward in a dental chair, mouth wide open, a dentist poking at her molars. It wasn’t too painful, though. It was also part of the plan. And by the end of her 10 days in this small border town, Carothers had much to smile about.

She had visited Budapest and Vienna, sampled some of Hungary’s most popular wines and enjoyed people-watching in neighborhood cafes. When she returned home to suburban Washington, D.C., she brought gifts for friends and a few souvenirs of her own, including eight new crowns.

A trip to the dentist may not be everybody’s idea of a vacation, but it paid off for Carothers. Literally. The tab for her dental work came to $2,900 — about a quarter of the $11,150 she estimates she would have paid had she gone to a preferred dentist in her employer’s insurance plan. In all, she spent just under $4,300 on dental care and travel, including a $45-a-night hotel room and last-minute airfare at a pricey $899…”

Original: craschworks - comments