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Securities based on risky mortgages are what toppled financial institutions but it was the government that made the mortgages risky in the first place, by making home-ownership statistics the holy grail, for which everything else was to be sacrificed, including commonsense standards for making home loans.

Thomas Sowell

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Thomas Sowell
Age: 94
Born: 1930
Born: June 30
Economist
University Teacher
Gastonia
North Carolina
Place
Institutions
Loans
Home
Standards
Sacrificed
Government
Including
Risky
Firsts
Based
Mortgage
Toppled
Everything
Holy
Loan
Commonsense
First
Security
Ownership
Grail
Made
Making
Statistics
Mortgages
Else
Financial
Securities

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The charge is often made against the intelligentsia and other members of the anointed that their theories and the policies based on them lack common sense. But the very commonness of common sense makes it unlikely to have any appeal to the anointed. How can they be wiser and nobler than everyone else while agreeing with everyone else?
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When a highly successful leader retires after a long career, it is very unlikely that his successor will be of comparable caliber. Anyone of similar ability and drive would have gone somewhere else, instead of waiting in the wings for years for a chance to show his own leadership.
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It is amazing how many people seem to think that the government exists to turn their prejudices into law.
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Perhaps people who are gushing over the Obama Cult today might do well to stop and think about what it would mean for their granddaughters to live under Sharia law.
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If you are not prepared to use force to defend civilization, then be prepared to accept barbarism.
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Intellect is not wisdom.
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