Archive for June, 2012
Yesterday, for the second time in less than a year, I was
invited to Washington to testify in front of a Congressional
Committee that was contemplating regulatory moves to aid the
struggling economy. This time around it was the House
Subcommittee on Insurance, Housing and Community Opportunity
that asked for my views on Federal Housing Administration’s
(FHA) policy in the apartment lending market. Although this
is a fairly narrow issue, I told them the same thing I did
last year when I testified about job creation.
Government programs don’t solve problems, they just create new ones. While I
thank the Committee for inviting me, I believe the congressmen may have gotten
more than they bargained for. I can apologize for shaking up what would have
otherwise been a sleepy and forgettable proceeding, but I won’t apologize for
trying to inject respect for the Constitution and free market capitalism into a
venue that has been doing its best to destroy both.
I have edited down the more than 2 hour hearing into a package of slightly more
than 30 minutes. This includes all of my testimony and some of the more
noteworthy exchanges I had with the congressmen. The seven other people who
testified besides me all represented the many interest groups who benefit from
FHA loans. I represented only the interests of U.S. taxpayers, a group that
congressmen usually don’t hear from when considering legislation.
This video should give all Americans a better idea of how insulated Congress
is from the American taxpayers who are being asked to pay for the government’s
spending and borrowing. If you share my concerns, share this video with a friend.
Viral videos have a singular power to influence the national conversation. Let’s
get it started.
Writing at GoldMoney, economist Alasdair Macleod celebrates the grudging attention being given to Austrian economics as the world economy keeps sinking despite — or because of? — ever-more Keynesian medicine. Macleod’s commentary is headlined “Keynesian vs. Austrian Debate Hotting Up” and it’s posted at GoldMoney here: Keynesian vs. Austrian Debate Hotting Up