Friday, July 21, 2006

Cajoling The Markets

By John Succo

The comparison of what Mr. Bernanke said to Congress..."the housing market slowdown appears to be orderly decline" what the CEO of DR Horton (DHI) said..."sales are falling off the Richter scale"...should say a lot of how the government attempts to cajole markets.

The company "senses there are three to four quarters of inventory adjustments ahead for homebuilders."

From the flawed statistics they release to their subjective commentary, I can't believe anyone still listens to them.

Government intervention and control of markets has a very negative cumulative effect. Easy credit allows unproductive companies to survive when they should not. It interrupts the system from cleansing itself which creates stronger growth in the future. Our economic growth becomes more and more dependent on speculation. All that stability investors "feel" is...

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