They say “all politics is local.” But economic decisions impact the whole economy and reverberate internationally. That is why politicians’ meddling with the economy creates so many disasters. The time horizon of politics seldom reaches beyond the next election. But, in economics, when an oil company invests in oil explorations today, the oil they eventually … Read more
According to a New York Times editorial this week, “As Housing Goes, So Goes the Economy”. It is a call to the United States government to intervene in the housing market which, nearly two years after the housing bubble burst, is still in trouble and will not, says the Times, fix itself. That may be … Read more
This Wall Street Journal article points to another casualty in the economic slump: churches. Many are having to close their doors because they can’t make their mortgage payments: Since 2008, nearly 200 religious facilities have been foreclosed on by banks, up from eight during the previous two years and virtually none in the decade before … Read more