Thu, 19 May 2005

Senators and Households

Max Clark points out that American, both the ones who run the government and the ones that run the PTA, are prone to short-term thinking.

If you have paid any attention to the news lately you should be aware that the Republican controlled Senate is discussing changing Senate rules to eliminate the filibuster.
...
What are they planning to do when the Democrats are back in power? And here is where short sidedness takes over. The answer is nobody cares. Why? Because by the time it happens it won?t be their problem.

He points out that a similar short-sightedness is plaguing those buying homes with ARMs and interest-only loans at a time when long-term interest rates are at historical lows.

Maybe they think the end of the world is near, so what the hell.

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The state is that great fiction by which everyone tries to live at the expense of everyone else. - Frederic Bastiat