"Ironically, by transferring the risk of a widespread mortgage default, the government increases the likelihood of a painful crash in the housing market. This is because the special privileges of Fannie, Freddie, and HLBB have distorted the housing market by allowing them to attract capital they could not attract under pure market conditions. As a result, capital is diverted from its most productive use into housing. This reduces the efficacy of the entire market and thus reduces the standard of living of all Americans.

However, despite the long-term damage to the economy inflicted by the government’s interference in the housing market, the government’s policies of diverting capital to other uses creates a short-term boom in housing. Like all artificially-created bubbles,the boom in housing prices cannot last forever. (...)

Perhaps the Federal Reserve can stave off the da of reckoning by purchasing GSE debt and pumping liquidity into the housing market, but this cannot hold off the inevitable drop in the housing market forever. In fact, postponing the necessary but painful market corrections will only deepen the inevitable fall. The more people invested in the market, the greater the effects across the economy when the bubble burst."

Pour ce qui est de la "nation", je n’ai rien contre, je veux dire il y a plein d’éléments culturels qui me plaisent en France. En revanche je commence à m’en méfier quand certains prétendent parler en son nom et font de celle-ci une abstraction collectiviste exigeant sacrifices qu’ils s’empressent de collecter.