Brian Wesbury's Testimony to Congress
Today I am speaking at Samsphere Denver.
So I offer for your reading enjoyment the testimony by my friend Brian Wesbury, a brilliant economist even if somewhat more optimistic about the medium-term future than I am, to the House Financial Services Committee. Brian addressed the "housing crisis" and the role of government (failure) in causing economic problems.
Bastiat would be proud of Brian's words...
see "Economic, Mortgage and Housing Rescue Bill
Testimony to House Committee on Financial Services"
Brian S. Wesbury, Chief Economist, First Trust Portfolios LP, April 9, 2008
| Print article | This entry was posted by Rossputin on 04/19/08 at 02:27:26 am . Follow any responses to this post through RSS 2.0. |
Yours truly
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04/19/08 @ 07:53:29 pm
There you go making me smarter again... no small feat
07/03/08 @ 10:05:12 am
Your friend or not, Brian is just plain wrong. Banks do not have to mark to market their assets - instead, they can just sell them at their "true fundamental value". Oh right, they can't sell them at their "true fundamental value", because no one is willing to pay that price. Brian is projecting a value on these things based on "when we get back to normal". On that basis, maybe we shouldn't force corporations to depreciation buildings and machinery, as the whole thing is an artifical construct. Maybe the Apple Newton should still be valued at what I bought it at in the 1990's.
07/03/08 @ 10:10:39 am
Fazsha,
I think the issue is more of what it does to the balance sheets of the banks when they have to mark to market in a situation where they're really not interested in selling those assets.
Ross