Reasons For The Texan Economic Boom

How is the real estate market different in Texas than in California?

Well, much of California’s land, particularly by the coast, is off-limits to development.

With less land available to develop, land prices in California have skyrocketed over the past 30 years (the length of time that California has been dominated by land use restrictions).

By contrast, Texas has comparatively few land-use restrictions. Hence, its housing market is stable. It did not boom as much and it has not gone bust as California’s has.

When home prices soar, people have to use risky financing to purchase a home. When home prices are stable, you don’t have to use risky financing to purchase a home.

Dr. Thomas Sowell points this out in his book The Housing Boom and Bust.

Dennis Prager called the following article a “crack-up.” Why? What’s so funny? The article does not mention the lack of regulation and state income taxes in Texas. Perhaps that was a cause of the state’s boom while California and company declined?

The USA Today reports:

Texas became the USA’s second-largest economy during the past decade — displacing New York and perhaps heading one day toward challenging California — in one of the biggest economic shifts in the past half-century.

The dramatic realignment of the nation’s economy was illustrated by North Carolina, Virginia and Georgia all overtaking one-time industrial powerhouse Michigan in economic size from 2000 to 2010. The economic winners of the last decade are states that focus on raw materials, government and senior citizens. The big losers are places that make things — industrial states and even California.
USA TODAY examined each state’s gross domestic product to determine how the country’s economic output has shifted within its borders. The data, recently released by the Bureau of Economic Analysis, reflect population growth and income increases — in short, the economic weight of each state.

I write about real estate, refinance and the mortgage industry:

June 19, 2011

June 16, 2011

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My Crispy Oily Shuvuot Nightmare

For years during my teens and twenties, I used to live at 7955 Bullard Drive in remote and lonely Newcastle, CA, 95658.

I just woke up from the following dream:

About my present age (45), I was celebrating Shuvuot on Bullard Drive in Newcastle. My Chabad shul on Bullard Drive was having elaborate festivities. I participated. I got covered in oil.

The festivities were disrupted and destroyed by these anti-Semitic non-Jews, some of them Seventh-Day Adventists. They taunted us. They pushed us around. They had friends in law enforcement and they let us know we were powerless.

About 1 a.m., I started walking up Bullard Drive, near my former home. I ran into my rabbi and some of my friends from shul. We discussed our destroyed evening. “The goyim can be like this,” was the consensus.

I walked on alone.

I run into a group of more than a dozen rowdy non-Jewish teens.

Because I am covered in oil, they light matches and flip them at me. They flick burning cigarettes at me. Luckily, I am not set alight.

Then they get into these cars that shoot flames and they race at me. I avoid them. I avoid getting burned. Then they sexually assault me (short of penetration).

Battered and bruised, I stagger away and call 9-1-1.

Two black cops come out and instead of helping me, they laugh at me. They join the party and the pogrom. They get drunk.

I stagger into the bushes and hide. Finally, I find a computer and I blog my story.

I stagger back to Bullard Drive and with the help of an honest neighbor, we hold up the teens and their adult accomplices at gun point.

Then honest law enforcement show up. They collect the evidence. They see I was not lying. I feel righteously angry. How could this happen in America in 2011?

The dream seemed to go on and on. It was only a few minutes after waking up that I realized that it had all been a dream.

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Dennis Prager Wants To Run For President

On his radio show today, Dennis Prager said: “If I ran for president, and if I had the money, I would, I would be attacked as a kook. Right-wing nut case.

“The dismissal is in direct proportion to how much one understands the injurious nature of the left.”

“Michelle Bachman threatens the left. She’s an attractive, bright, knowledgeable woman. She knows exactly why this country is in danger — it is in danger because of the left. Anyone who believes that is attacked as a kook. Barry Goldwater [in 1964] was called mentally ill by 1,000 psychiatrists, who should have all been removed from the practice of medicine.”

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How Do You Create Wealth?

On his radio show today, Dennis Prager talks to Bernie Marcus, co-founder of Home Depot, about how wealth is created.

Bernie started JobCreatorsAlliance.org.

Dennis: “Bernie Marcus has done exponentially more good for America, more good for workers, than every single union in the United States.”

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How The Welfare State Saps Character

Dennis Prager writes:

While most American Jews and other liberals believe in the intrinsic goodness and moral superiority of liberal policies, powerful arguments can be made that liberal policies actually diminish a society’s moral character. Many individual liberals are wonderful people, but the policies they advocate tend to make a people worse.

First, the bigger the government, the less the citizens do for one another. If the state will take care of me, my parents, my children and my neighbors, why should I?

This is why Western Europeans, people who have lived in welfare states far longer than Americans have, give less charity and volunteer less time to others than do Americans of the same socioeconomic status. They have been raised to believe the state will and should take care of everyone.

The greatest description of American civilization was written in the early 19th century by a Frenchman, Alexis de Tocqueville. One of the differences distinguishing Americans from Europeans that he most marveled at was how much Americans — through their myriad associations — took care of one another.

Until President Franklin Roosevelt began the until-now inexorable movement of America toward the European welfare state — vastly expanded later by other Democratic presidents, especially President Lyndon Johnson and his “Great Society” and President Barack Obama with his 2,000 pages of laws governing health care — Americans took responsibility for one another and for themselves far more than they do today. Churches, Rotary Clubs, free-loan societies and other voluntary associations were ubiquitous. As the state grew, however, all these associations declined. In Western Europe, they have virtually all disappeared.

The welfare state citizen’s instinct upon seeing anyone, including one’s own parents or children, in need is to go to the state for help. If you think this makes for morally superior people, people with greater moral character, then our definition of a good person differs.

Second, the welfare state, though often well intentioned, is nevertheless a Ponzi scheme. Conservatives have known this for nearly a century. But now, any honest person must acknowledge it. The welfare state is predicated on collecting money from today’s workers to pay for those who paid in before them. But, today’s workers don’t have enough money to sustain the scheme, and there are too few of them to do so.

As a result, virtually every welfare state in Europe, and many American states, like California, are going broke. For at least a generation, there have not been enough citizens to sustain such a welfare state.

Third, citizens of liberal welfare states become increasingly narcissistic. The great preoccupation of vast numbers of Brits, Frenchmen, Germans and other Western Europeans are how much vacation time they will have and how early they can retire and be supported by the state. Those are the issues over which Western Europeans routinely riot.

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Why Do Bankers Face No Repercussions?

You’ve heard about all the austerity getting carried out in Greece? Well, not one public servant has been laid off in Greece.

It’s austerity for the private sector, but not for the government unions.

Sounds like California.

So far it sounds like this French and German bailout for Greece is really a bailout for French and German banks who were stupid enough to lend money to Greece.

Greece is only two percent of Europe’s economy so why does it matter if Greece defaults on its loans?

On his radio show today, Dennis Prager said: “Greece is not facing up to the origins of its problems.”

“I have some sympathy for the left in its antipathy to bankers. You know why bankers made bets on Greece? I don’t know on what basis.”

“There is no industry that I am aware of in which there is so little justice. There is no repercussion for what you do.”

“I’ve been broadcasting for 28 years. Every few years, I deliver the same sermon. Why are bankers not responsible people? Remember the loans they gave Latin America and how much crashed there?

“Why? Because it is very sexy to give loans. I don’t they asked if it is a wise move to lend Greece a lot of money.”

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Live From The Hovel, It’s Friday Night Live!

This is from a forthcoming documentary called “Back Issues” directed by Michael Nirenberg.

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Respecting The Gadolim Is Respecting God

Watch the whole show.

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Rabbi Rabbs Says The Beach Is The Only Place Where He’s Happy

Watch the whole show.

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The Rich Man Is The One Content With His Lot

Watch the whole show.

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