November 27, 2007
Political Blame Game--Detroit Housing Edition

Detroit Mayor Kwame Kilpatrick took to the NPR airwaves today to blame Detroit's housing woes on subprime mortgages, predatory lending, etc. Sorry, Mr. Mayor, but crummy policies (details here) are much more responsible for there being some 3,400 houses offered for sale at less than $20,000.

Posted by E. Frank Stephenson at 09:23 AM in Economics

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

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