A Quote by Mark Zandi
It has become fashionable to rail against government intervention in the economy, and the FHA is a favorite example by those trying to show the government's overreach. In reality, the FHA shows how government action during the Great Recession forestalled a much worse economic fate.
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The FHA's success provides strong evidence that government can and should play a role in the nation's mortgage finance system. It also demonstrates that although government intervention in the economy during the Great Recession was messy, things would have been a lot messier without it.
If, for example, existing government intervention is minor, we shall attach a smaller weight to the negative effect of additional government intervention. This is an important reason why many earlier liberals, like Henry Simons, writing at a time when government was small by today's standards, were willing to have government undertake activities that today's liberals would not accept now that government has become so overgrown.
Let's face a historical truth: we have never had a "free market", we have always had government intervention in the economy, and indeed that intervention has been welcomed by the captains of finance and industry. They had no quarrel with "big government" when it served their needs.
P.J. O'Rourke says that conservatives really hate government and every couple of years we put them in charge and then we're reminded how much we really hate government. We're not always necessarily great at the task of running government. We're the anti-government party. It actually makes some sense we're not so good at that. But you got to have basic competence in how you run the government, even in how you reduce its effectiveness in people's lives.
When government gets too big, freedom is lost. Government is supposed to be the servant. But when a government can tax the people with no limit or restraint on what the government can take, then the government has become the master.
I'm a little embarrassed about how long it took me to see the folly of most government intervention. It was probably 15 years before I really woke up to the fact that almost everything government attempts to do, it makes worse.
The left wants you to believe that true morality is defined by how much money you give the government, how much money you pay the government, how much money the government gets from you, because only the government does good stuff, only the government does good works, only the government cares about people. It's bogus.
Year after year in Washington, budget debates seem to come down to an old, tired argument: on one side, those who want more government, regardless of the cost; on the other, those who want less government, regardless of the need....Government has a role, and an important role. Yet, too much government crowds out initiative and hard work, private charity and the private economy....Government should be active, but limited; engaged, but not overbearing.
When government takes away options, it is bound to make some people worse off, even with intrinsicallly good intentions behind that government intervention.
[The taxing power of the state] divides the community into two great classes: one consisting of those who, in reality, pay the taxes and, of course, bear exclusively the burden of supporting the government; and the other, of those who are the recipients of their proceeds through disbursements,and who are, in fact, supported by the government; or, in fewer words, to divide it into tax-payers and tax-consumers. But the effect of this is to place them in antagonistic relations in reference to the fiscal action of the government and the entire course of policy therewith connected.
The average credit score of today's FHA borrowers is higher than the average American household with a score. As it becomes more costly and difficult to get a FHA loan, loans from private mortgage lenders will become more attractive and their market share will grow.
During the socialist period, the government became too big. That created a crowding-out effect in the private economy, and it gave everybody the need to pay more taxes in order to finance this big government. We are against big government. We want a smaller and more efficient government.
A criminal is a person with predatory instincts who has not sufficient capital to form a corporation.Most government is by the rich for the rich. Government comprises a large part of the organized injustice in any society, ancient or modern.Civil government, insofar as it is instituted for the security of property, is in reality instituted for the defence of the rich against the poor, and for the defence of those who have property against those who have none.
It is true that we need a consensus to go forward with restoring passenger rail in America, and often a consensus is formed by political action, via government. That is all true. But we have no such consensus, and no one in government or politics these days has the will or the force of personality or perhaps even the understanding of the situation to get on with job of forming a consensus supporting rail.
We are too solicitous for government intervention, on the theory, first, that the people themselves are helpless, and second, that the Government has superior capacity for action. Often times both of these conclusions are wrong.
The idea that the largest banks in the world would simultaneously fail, need government support, government guarantees, and/or government intervention to survive was not in my range of realistic scenarios.
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