Allow me to add an unintended consequence of home ownerhip: immobility. In times past, workers followed markets. Today, they cannot do that so easily. Approximately 70% of famiilies own their homes. In a downturn, they are frozen in place.

Mike M.

In Quebec we have a Warren Buffet type of investor named Stephen Jarilowsky who, in a recent article, wrote about how the imprudents have caused pain to many. Being one who has always been an “unseen” all my life – 401K, money aside for children’s education, no credit card debt ever, owning a house I can afford to renovate – I’m beginning to feel robbed. Our supposedly right leaning conservative government has caved in to the opposition’s demand and will pour money in economy stimulating projects and plans a 80 billion deficit for the next three years. Like Xerxes’ messenger says in the movie 300 : This is madness !

Where do we take the train to Misesland ?