Statist and economically ignorant articles like this one always chastise Congress (and other branches) for going on vacation instead of trying to fix a crisis. Of course, virtually every crisis out there is caused by government intrusion in the market. And because the statist/ignorant media largely believes that the housing crisis was caused by factors other than the Federal Reserve, they urge Congress to do something and thus should not take a break:
The Democratic-run Congress shut down last Friday and is not returning to work until next Monday. Between now and then, the New York Times notes in a blistering editorial Tuesday, another 55,000 homes will sink into foreclosure.
Yet it was the action of legislatures past and present that created this situation! If they had stayed home instead of legislating the banking system to deaeth, no foreclosure madness would have ensued.
My proposal, as usual, is simple: Congress (and other branches) should simply take a July 4th vacation and never return. In fact, if that ever happened, then we can really start celebrating July 4th.
6:24 am on July 2, 2008
