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Austrian business cycle theory in action

The comments in this thread were pretty funny. In response to the video of half-built homes being demolished so that the building company could cut its losses in post-inflationary-boom California, commenter RWW said:

A commenter in the YouTube thread says:

wouldn’t destroying homes help the housing market? the banks can take the hit on their defaulted assets and then prices on houses can hit bottom sooner since they are taking excess inventory off of the market. what is causing the problem in the market is no regulation, they should have regulated the amount of homes they built based on the real demand that is out there, and im not talking about demand for pizza delivery guys looking for 300k homes.

Later, the same commenter quotes verses from the Bible and (apparently) the Koran against “usury.” This is the level of intellect that is permitted to have a say in public policy. This is democracy, laid out bare for all to see.

Here were some others:

josh
But the extra business for the crane operator means a boom for the economy *ducks*

Matt
i think we’re missing a real chance here for the government to help. They should buy these assets from the bank, then finish them (employ carpenters), decorate them (employ furniture manufacturers, interior designers etc.), landscape them (employ landscapers etc.). they should then sell them back and forth between various government agencies (realtors fee anyone?), THEN they should destroy them (employ demoltion experts). We could keep a couple hundred people in continual employment just in this one subdivision.

Haas
Mr Obama “TEAR DOWN THESE HOMES”

J Cortez
The video and some of the comments posted on the video are depressing on many levels.

Haven’t you learned? Never read the comments to a YouTube video.

Posted in Economics, Humor