Houses are not canned tuna. Remember that when reading about housing prices. Many are nervous about the housing sector right now. Every number announced is analyzed to death. Read such analyses with a grain of salt, particularly when they reach…
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Bush has missed lessons of history
Karl Marx noted that “history repeats itself, the first time as tragedy, the second as farce.” The Bush administration’s war-funding practices are a variation of this, blending elements of both tragedy and farce. But they certainly exemplify history repeating itself.…
Markets outdo social engineers
The grand designs of social visionaries often run aground on the quirkiness of human wants. One beautiful spring Friday afternoon, I was running errands. Stepping out of the hardware store, I was nearly run down by a young couple leaving…
Pope’s “third way” is elusive
As Pope Benedict XVI ended his trip to Brazil a few weeks ago, he warned Latin Americans to avoid the twin evils of Marxism and capitalism. That reminded me of a quip by Thomas B. Reed, one of the great…
Port bond fund shows limits of government
Be cautious in assuming that markets don’t work, particularly when contemplating government financing of private construction. That is one lesson from the demise of the St. Paul Port Authority’s 876 Bond Fund. Created in 1974 to spur economic development by…
Don’t expect too much from immigration legislation
As Yogi Berra once said, “It’s deja vu all over again.” Two decades ago, Congress passed legislation that was supposed to solve all our immigration problems. Yet it’s almost eerie how we seem to be talking about all the same…
Klobuchar carbon bill is a sound step
We are fortunate that Sens. Amy Klobuchar, D-Minn., and Olympia Snowe, R-Maine, understand the importance of good measurement. As the 19th-century British scientist Lord Kelvin pointed out, “When you can measure what you are speaking about, and express it in…
Consumers don’t need a nanny
There are few ideas as bad as the conviction – common in the DFL – that government should act as nanny, preventing the kiddies from hurting themselves by running with scissors. Two of this week’s legislative actions reflect that view.…
Consumer prices aren’t whole story
Just because the general price level goes up by some proportion it does not mean that every category of spending should change by the same proportion. Keep that in mind when evaluating private and public budget proposals. Most people know…
Gas prices defy easy explanation
Gasoline prices are up again. That frustrates people and leads them to wonder just what is going on. I’m no expert on the oil industry, but a few economic explanations are possible. Which you find most convincing will depend greatly…