Thoughts, essays, and writings on Liberty. Written by the heirs of Patrick Henry.

“Many people want the government to protect the consumer. A much more urgent problem is to protect the consumer from the government.”     Milton Friedman

August 17, 2010

Quote Of The Day

by Brad Warbiany

From the Irvine Housing Blog:

Borrowers who took out enormous loans during the housing bubble never intended to repay these loans from their wage income, they always intended to pass this debt to some else. Somewhere along the way this subtle paradigm shift took place. It seems very reasonable that one could merely service debt for a while and resell the property to someone else and pay off the debt then. Like any Ponzi Scheme, it works until there is no greater fool to come along and assume the debt.

Enter the government! Biggest fool of them all!

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1 Comment

  1. Beautifully put.

    Comment by Akston — August 17, 2010 @ 9:30 am

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