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POPSObama's Worn Out Economic Ideas There is much current political interest in so-called "predatory lending" -- the charging of high interest rates for loans to poor people or to people with low credit ratings. Nothing will be easier politically than passing laws to limit interest rates or make it harder for lenders to recover their money -- and nothing will cause credit to dry up faster to low-income people, forcing some of them to have to turn to illegal loan sharks, who have their own methods of collecting. The underlying reality that politicians do not want to face is that here, too, prices convey a reality that is not subject to political control. That reality is that it is far riskier to lend to some people than to others. That is why the price of a loan -- the interest rate -- is far higher to some people than to others. Far from making extra profits on riskier loans, many lenders have lost millions of dollars on such loans and some have gone bankrupt.
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POPSThe V-8 engine is spluttering Mr. Ford, the 50-year-old great-grandson of the company’s founder, Henry Ford, said the passing of the V-8 era is somewhat bittersweet for baby boomers like him. (NYC)
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POPSGreen Communism
Owning a car opens up possibilities to a person that is beyond their reach otherwise, it opens up a freedom that many millions do not currently enjoy. The ability to find work at further distances from their homes than ever gives them more choices to find lucrative employment opportunities, the ability to find markets and entertainments are also greatly expanded. All this greatly expands individual freedom. If many millions more of the people of India (and around the world) find themselves able to afford this new car, it will incredibly improve their standard of living. It will also force the government to redirect their own efforts to internal improvements to accommodate this rise in cars that will add even more to raising the standard of living in once poor countries. Green communists do not care about people and these two stories add to the ever growing proof that enviro-communists have gravitated to environmentalism as a replacement for an overt espousal of communist ideals.
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