Episode #3: Featured Guest Robert Murphy
Hosted By: John Bush and Jason Rink.
Join us as we discuss…
Obama gave an interview to CBS recently speaking off how wonderful the interventions were that took place at the height of the housing bubble bursting.
Chat about current crisis. Housing bubble bursting? Why?
Blame the market? Or blame government?
– Community Reinvestment Act
– Fanni and Freddie
– Repeal of Glass Stiegel
– Goldman and Bear Sterns and others playing the market on both sides
**The combination of the lax lending policies, the government-backed securitization market of Freddie and Fannie, and the artificially low interest rates effectively moved massive numbers future home purchases into the present…specifically 2002-2007. The “pipeline” of future home buyers was drained. That was the bubble.
Bi-partisan effort? What does the current majority have to say about it?
Any mention of ending the FED in the GOP pledge?
**What do we replace the Fed with? That is the question people ask.
**Can we end the Fed naturally through competing currencies? Eliminate capital gains and sales tax from precious metals purchases. Abolish legal teder laws. This will put gold and silver on equal footing with the dollar as a currency, and allow the free market to choose what it wants to use.
Human Action style chat. Obviously the individual is most capable of deciding what is in his best interest at that particular time win those particular circumstances right?
Too Much Government News
Examples of Licensing Laws that impede businesses:
-The Tax Cab Medallions in New York City.
-In NYC 900 hours of training required for cosmetology license compared with 116 hours of instruction for EMT’s. In Ohio, 1,500 hours of training for an African Style hair braider vs. 445 hours for an armed police officer and 600 for a paramedic.
Interview w/Robert Murphy
PhD in Economics from New York University
Senior Fellow at the Pacific Research Institute
Adjunct Scholar at the Ludvig von Mises Institute and Mackinac Center for Public Policy
The Politically Incorrect Guide to Capitalism (April 2007)
The Politically Incorrect Guide to the Great Depression and the New Deal (April 2009)
Lessons for the Young Economist (2010)