Saturday, August 11, 2007

LAT editorials: endless foolishness

Two of the LAT's three editorials today discuss the sub-prime mortgage "crisis". One discusses the Bush administration's crackdown on employers who hire illegals.

On illegals, the LAT opposes the crackdown. The LAT doesn't say why exactly, only that the crackdown "will move the U.S. further away from being the land of the free." Is the LAT arguing for open borders? Is the LAT arguing that immigration laws shouldn't be enforced because enforcing restricts illegals' freedom to live and work wherever they choose and employers' freedom to hire whomever they want? It isn't clear and the LAT doesn't seem to know what it wants or isn't willing to say. In fact the new measures that the administration revealed seem modest and reasonable. Why they've only just now been put into effect is what puzzles.

Regarding mortgages, the LAT announced it agrees with President Bush (wonder of wonders) about not lifting investment limits on Fannie Mae and Freddy Mac. But it also agrees with Hillary Clinton and Chuck Schumer about the necessity for a federal bailout and increased regulations, ideas that pander rather than produce positive results. The mortgage "crisis" is a bursting of a bubble of excess -- in nearly every aspect of real estate. This will work itself out if people and politicians will remain calm.

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