Thomas Sowell on the Housing Boom and Bust
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The fact that even the name Thomas Sowell was not mentioned once in my school Economics class is one of the things that tells me our education today is totally twisted. His insights are fascinating.
That I could live in this world for 40 years before discovering Thomas Sowell is a travesty. He should be front and center in every discussion of public policy.
Thomas Sowell is a national treasure, an international treasure, an intergalactical treasure.

I would walk 1000 miles to shake his hand.
The president surrounding himself with highly intelligent people doesn't guarantee anything, except for brilliant rationalizations for failure. - Thomas Sowell
The host is probably the best I’ve seen. Genuinely curious and thirsty for the knowledge and answers that Dr. Sowell provides. Exquisite.
Dr. Sowell's statement on Canuckcare is important.

I live in Saskatchewan where surgical wait times have fallen dramatically. 10,635 waited greater than 6 months in '07. Only 980 waited longer than 6 months at the beginning of '16. We lead Canadian surgical wait times.

What changed?

Our province booted out soul-sucking, socialist bureaucrats and introduced private medical options.
Uncommon Knowledge with Dr. Thomas Sowell should be a weekly occurrence!
Classic line....."Most disasters are politically understandable"
I’ve heard Thomas Sowell speak many a times and I must say that find him to be a very sound wise man and great thinker of our time.
Alexandre Charbonneau
This man has to teach an internet class that could stay forever for future generations.
Geronimo Buford
At 19:24Peter Robinson:  "Why?  What is it about the New Deal that permits people to sight it as a model with a straight-face eight decades after it was enacted?"Dr. Thomas Sowell:  "Because of the widespread belief that it was the New Deal which saved the country and got us out of the Depression."Peter Robinson:  "You mean it wasn't?"Dr. Thomas Sowell:  "In politics, what matters is not what the facts are, what matters is what people believe.  Because people vote on the basis of what they believe, and not on the basis of what the facts are!"Me:  "Wow!"
Edward Dodson
I am only now reading Professor Sowell's book on the housing boom and bust. I concur with much of what he has to say about the manner in which government and regulators have intervened in an attempt to achieve socially-engineered outcomes. I experienced these problems as manager of the residential mortgage lending program for a large commercial bank and later working as a market analyst and business manager at Fannie Mae.

Despite the pressure exerted on us at Fannie Mae to meet "mission-driven" objectives expanding minority home ownership, the approach taken up until 2005 (the year I retired) was always quite measured, with one great exception: the decisions almost every year to increase the maximum loan limits in response to rising property prices. In this sense, Fannie and Freddie accommodated the speculation-driven land markets that drive the residential property markets, generally.

Professor Sowell has nothing to say regarding the most important reason why the supply of land in some markets falls as prices are rising. As land prices climb fewer and fewer people have the liquid savings to make a sizable down payment toward purchase of a residential property. The financial sector responded by introducing private mortgage insurance as a substitute for cash equity in the purchase. Mortgagors pay the annual premiums to protect the mortgage investor from a good portion of the loss that occurs in the event of default and resale of a property acquired by means of foreclosure.

Milton Friedman, referred to in this exchange, know what to do about the problem of the boom-to-bust character of land markets driven by credit-fueled speculation. Friedman echoed the words of Henry George (and Adam Smith) in supporting an annual tax on the full rental value of land. Every parcel of land has some potential rental value that, if publicly collected, would bring down land prices (theoretically close to zero because there is no imputed income stream to be capitalized into a selling price).

Tame our land markets of speculation and hoarding, and many of the problems described by Professor Sowell will disappear. Land markets will then be cleared by the price mechanism in the same way as markets clear for labor and capital goods.
Manuel Araujo
Thomas Sowell is always on point. He is amazing. Thanks for the upload.
I love how Sowell knew that obamas policies weren't going to help the economy recover quickly. Quietly being skeptical, a very humble guy that has his head on straight.
I have listened to many things by Thomas Sowell and read a half dozen of his books and many more articles. The thing I like best about him is that he's a genius, but you would never know it. He doesn't use $5 words as my father would call them to show he's smart, he explains things in a very easy to understand method using words that most people know and understand.

Love the man.
Dr. Sowell nails it regarding the "creative financing". I bought my first house in 2000 in the L.A. area and the array of finance options offered to me were bewildering in terms of number and unbelievable when it came to terms. The lenders had a loan designed for any sort of buyer, and if they didn't have one, I bet they would create one. I was actively encouraged by lenders to assume loan terms that at the time seemed totally irresponsible and reckless and now seem criminal to me. None of it "felt right" and praise God I had the wisdom to stick to conventional terms despite their incessant pressure. Many sadly didn't and when the crash hit they were stuck and that's how we ended up in the mess we were in.
Dr. Sowell has been a hero of mine for decades. One wonders why you don't see more of him on network television talk shows.
▶ I always feel smarter and better after listening to this man 👌
"In Politics what matters is not what the facts are, What matters is what people believe"
Thomas Sowell is one of the best analysts anywhere. Always a privilege to hear him speak
Doctor Thomas Sowell Has forgotten more information than I will ever know. What an amazing human being.
Thomas Sowell has had a profound influence on the lives of countless millions throughout the world. I had the opportunity to study abroad in two foreign countries: Mexico and Argentina. My fellow graduate students had never heard of John Locke, Adam Smith, Turgot, Hayek, Friedman, or Thomas Sowell. All these years later we find that Dr. Sowell's sage insight were prophesy inspired by research and reason.

He will go down in history as one of the economic greats.
What a pleasure to hear Mr. Sowell, and eye opening facts, that continue to shape our country, and still ignored by so many leaders. Thank you for the incredible opportunity Hoover Institute.

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