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Economic Lessons from Obituaries

Greg1084 Wrote: Oct 29, 2012 7:32 AM
The housing bubble has done more to destroy business-building capacity in this country for the next generation than almost anything else. Note that Ueltschi mortgaged his house to start his business.
Wumingren Wrote: Oct 29, 2012 3:03 PM
Indeed, homeownership was supposed to be the middle class hedge. It used to be that parents used the equity in their homes to finance their children's education. Even many of our Olympic athletes would not have made it, were it not for their parents taking the equity in their homes to pay for Olympic-class training for their children. Small businesses often got their start by tapping the value of the owners' homes. In the vast majority of these cases, the decision was a joint one, with both husband and wife betting their futures on the value of their homes. Failure meant major lifestyle changes.
Wumingren Wrote: Oct 29, 2012 3:05 PM
Obama bet America's national treasure on his pipe dreams, and he failed. The good thing is that it means he will be cast out of the White House. The bad thing is that he will still have a home ... no, not a home, a freakin' mansion worth over $30 million. For what he has done to America, he deserves no more than a cardboard box over a steam vent at the end of a Chicago dead-end street.
Snarkasterous1 Wrote: Oct 29, 2012 4:18 PM
I agree in principle.

I differ in that I'd secure the steam vent during Chicago's winters.....

- Snark

Where is the best place in the newspaper to learn about how the economy works?

In today’s Washington Post the business section has the usual stories about Ben Bernanke’s manipulations, government debt, and regulatory issues. But there is little on the innovation and dynamism that is at the heart of long-run economic growth.

It is entrepreneurs who create growth, and they are often best covered in the obituary section of the paper. Today the WaPo has a Bloomberg story about the passing of Albert Ueltschi, “who founded aviation-training company FlightSafety in 1951 [and] expanded it into an international powerhouse.”