Gross Urges ‘Full Nationalization’ of Housing Finance - BusinessWeek: "Aug. 17 (Bloomberg) -- Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., said the U.S. should consider “full nationalization” of the mortgage- finance system as the Obama administration plots the revival of a market that was at the center of the 2008 credit crisis.
“To suggest that there’s a large place for private financing in the future of housing finance is unrealistic,” Gross said today at a U.S. Treasury Department conference in Washington. “Government is part of our future. We need a government balance sheet. To suggest that the private market come back in is simply impractical. It won’t work.”"
ROGER KIMBALL: Laffer vs. Zakaria — Who’s Right? “I do not expect that argument to make much of an impression on Fareed Zakaria or anyone else carrying water for the Democratic establishment. Why not? Because the economic effect of reducing taxes is for them a secondary consideration. What matters most to them is the political effect of raising taxes. . . . I believe the primary motivation was touched upon by Alexis de Tocqueville when he observed that the passion for equality was such in America that many people would ‘rather be equal in slavery than unequal in freedom.’ And here we touch upon the toxic core of Obama’s economic policy: the admixture of economics, which is a pragmatic art or science, with the idea of ‘fairness,’ which is a moral or (more accurately) a moralistic issue.”
Personally, I believe that “fairness” consists in the fruits of my labor not being taken by corrupt hacks to redistribute to their cronies in exchange for votes.