A weekend topic starting with the Coeur d'Alene Press in Idaho. "Some would say there are three categories of unintended consequences. The unexpected benefit, which is a positive, but unplanned, outcome. The unexpected drawback, in which we create a problem that is apart from the problem we wish to solve. And perverse results, where, in trying to solve a problem, we actually make it worse. United Van Lines, reported 45% of traffic was outbound from Idaho to other states. Those numbers are consistent with the Idaho Transportation Department findings that more than 57,000 told Idaho 'see you later,' citing cost and affordable housing as the top reasons why Idahoans are fleeing. It seems people have gotten fed up with the nauseating cost of living here, largely driven by outrageous home prices and unreasonable rental payments."

NBC DFW in Texas. "Many families across DFW are currently being priced out of affording a home. A local nonprofit on the frontlines of the housing crisis is sharing insight on the issue. 'Ten years ago, the median sales price for a home was $150,000 in the DFW area. Now, it's upwards of $350,000 and has even gone up to 390 I think at the top of last year. So it is, you know, virtually impossible for working families to be able to enter the market,' said Donna Van Ness, CEO of Housing Channel Fort Worth."

The Star Telegram in Texas. "Nationwide, the rental market is finally cooling. But slight decreases from record highs still result in an expensive rent payment. The same trend is at play in Fort Worth. More than 20,000 new rental units came online in the last year, according to MRI ApartmentData. Of the 72 new communities, 93% are classified as Class A or luxury apartments."

From Barron's. "In September of 1998, the Federal Reserve went to unprecedented lengths to rescue the hedge fund Long-Term Capital Management and avert a global financial meltdown. For Wall Street, it was a turning point for risk-taking. After this, there was a growing perception that the Fed, by intervening to save systemically important institutions, was protecting the stock market from big declines. As LTCM’s 25th anniversary approaches, critics say the problem is that everybody knows the Fed will do everything in its power to avert a financial meltdown. It creates a moral hazard: Investors, with little fear of losses, engage in reckless risk-taking. This creates bubbles (in stocks, housing, everything) that burst and start the cycle all over again."

"'Greenspan and subsequent Fed chairs have never seemed to realize that excessive financial asset inflation (i.e., financial bubbles) is as damaging to the economy as is excessive real asset inflation,' the financial analyst Richard Bernstein said by email. 'Any form of excessive inflation—real or financial—damages the economy because there is ultimately a gross misallocation of capital,' Bernstein argues. 'Does the U.S. economy really need Elon Musk going to Mars or Richard Branson taking space vacations?'"

The Center Square. "When Ben Bernanke caved to political pressure, and gobbled up home loans to bail out the housing industry, he protracted the Great Recession in 2008. After the recession, banks stopped traditional lending, which ceased creating money and America’s money supply went south. To counter and replace the lack of new money, the Fed created billions of phony dollars through a scheme called Quantitative Easing (QE). A recent study by the National Bureau of Economic Research finds government benefits from QE and consumers pay dearly for it."

"What the Fed failed to reveal is that unlike the stock market, the economy only benefits from the higher stock prices if increases in asset prices stimulate new investment. New investment occurs if investors see the lower price of new capital as a substitute for purchasing existing assets. This does not happen with phony paper money created by The Fed. Conflating QE-induced wealth affects borrowing costs that arise through conventional channels. Bernanke conveniently swept aside risk taking, especially for those acquiring assets and investing. And the government hopes that 'the people' never learn: 'The Federal Reserve System is not Federal; it has no reserves; and it is not a system at all, but rather, a criminal syndicate.' – Eustace Mullins."

The Walrus. "In a news article titled 'The Middle-Class Housing Crisis,' the Toronto Star warns that 'if rent control were suddenly to cease, many families would suddenly be confronted by the danger of eviction or the necessity to find other accommodation because they could not afford to stay where they were.' An investigative news story in Maclean’s contends the 'housing crisis,' which 'shows no immediate signs of easing,' is fuelling tenant organizing across the country. In Quebec, Le Devoir reports on a press conference organized by tenant committees demanding provincial investment in affordable housing. A commentary published in a BC magazine argues that 'we must have more homes and we must have them at prices people can afford to pay.'"

"All of this fuss conceals the fact that political struggle over housing is old news. The Toronto Star article is from 1950, the Maclean’s story appeared in 1969, the Montreal press conference took place in 1980, and the BC commentary dates back to 1911. More importantly, the problem with all of this crisis talk is that there is no actual 'housing crisis.' That’s right—there is no crisis. The word crisis suggests something that is infrequent, surprising, and widely undesirable—something that leads to dire consequences unless it is brought under control. Canada’s 'housing crisis' is a permanent state of affairs."

"How we talk about these issues shapes what we conceive as possible and desirable responses to them. A 'housing crisis' suggests the need for a technical solution and coordination between various stakeholders, all of whom desire the same outcome: the end of the crisis. Nobody is at fault. The right policy mix, backed by adequate government funding, is the only way forward; it would benefit everyone. This is, by far, the dominant view of how to deal with housing issues in Canada."

"Canadian political economist Robert Cox famously said, 'Theory is always for someone, for some purpose.' He was criticizing studies that take the existing social order and institutions as a given. Problem-solving theories, as he called them, don’t ask how things came to be, who benefits from the way things are, or whether things could be different. Instead, the focus is on smoothing out any troubles with the existing institutions. By not only accepting but helping to troubleshoot the current order, problem-solving theories legitimize and entrench the status quo. While priding itself on being value free and offering practical solutions to concrete problems, this type of research serves the interests of those who are comfortable with the way things are and would rather avoid substantive changes."

"The widespread use of 'housing crisis' also helps to preserve the status quo. It reinforces the idea that Canada’s housing system worked well at some point but something unexpected happened, bringing about unseen and widely undesirable outcomes. That’s not true. For a large share of the population, the housing system never worked, and the current state of affairs is making lots of people rich, like very rich."

The Jakarta Post. "The meaningful exchange of truly diverse ideas and perspectives has withered over recent decades. Unorthodox thinking is increasingly trashed or disregarded, even as the chattering class’s fear- and force-predicated approaches repeatedly prove inadequate to cope with the true complexities and crises of the modern world. Consider the world’s response to the COVID-19 pandemic. A panic-stricken lockdown orthodoxy far too soon took hold, and those whose policy proposals deviated quickly were labelled 'COVID deniers.' Governments that went the farthest were feted by public intellectuals and in newspaper opinion pages."

"The obvious downsides to universal lockdowns were ignored by those striving to garner credit for simple-minded immediacy of response. Thus, we saw increases of inequality in income distribution and wealth, widespread loss of employment, substantive declines in spending and general deterioration in economic conditions; serious declines in mental health and well-being, delayed and diminished access to health care, and record high levels of domestic violence. The education of children was particularly affected."

"We need to have a serious conversation about our manner of response before the next crisis —pandemic or otherwise— to ensure that the cure is not much worse than the disease. Consider the alarmist treatment of climate change. Campaigners and news organizations play up fear, in the form of floods, storms and droughts, while neglecting to mention that reductions in poverty and increases in resiliency mean that climate-related disasters kill ever fewer people: Over the past century, deaths have dropped 97 percent."

"Fear-mongering and the suppression of truly inconvenient truths are pushing us dangerously toward the wrong solutions. The United Nations promises everything imaginable in the form of its Sustainable Development Goals (SDGs): the end to extreme poverty, hunger, and disease; reduction of inequality and corruption; cessation of war; amelioration of climate change; universalization of education—even ease of access to urban parks. But a plan that makes of all problems the same compelling crisis without prioritization is no plan at all, merely a recipe for the appearance of action and virtue."

"Enough panicked fear-mongering. We can focus on what is truly important and attainable, initiate and reward a more nuanced global discussion regarding the problems that will always beset us, and look forward confidently to a world more abundant, more laden with opportunity, more sustainable and more hopeful."

Naples Daily News in Florida. "Metro Home Builders in Naples has called it quits, leaving its customers in a lurch. Customers have been left in limbo, with unfinished homes and unfulfilled warranty work. Some have taken to social media to complain and ask for help. The locally owned custom builder is in the midst of filing for Chapter 7 bankruptcy to sell off its assets and pay off its debts. In an email, Naples attorney Gregory Champeau, who represents the company, confirmed the bankruptcy case is 'in the final stages of preparation. It will be filed imminently,' he said, declining to comment any further."

"Metro Home Builders had been in business for nine years. It had a 4.2 rating, based on Google reviews, but most of the reviews are years old. The latest review, posted 10 months ago, isn't flattering. In it, Dennis Kilcoyne complained of 'very poor quality,' and a lack of response, giving the builder one star. 'They may be cheaper, but you get what you pay for. Concrete was screwed up, walls were crooked, windows were ordered wrong, one thing after another,' he lamented. 'My daughter made the mistake of building a second home with them and it took two years with excuse after excuse.'"

"The Better Business Bureau has received one complaint against the builder. In April, a customer complained that she's not satisfied 'at all.' She described the warranty on Metro's work as 'very poor.' 'There are cracks throughout the house that we had to pay for to get corrected. Two other issues were to be addressed and denied as well. I would never recommend them to build a shed for me,' she stated. Reacting to the bankruptcy news, Ileana Fibla asked if anyone knew an attorney who could help, with a Metro home that's far from done. 'They left me hanging less than half done and owe me money … any idea what to do?' she asked the group, getting one reply, in a private message, from another customer with an unfinished home, who has hired an attorney."