Thomas Sowell is one of the intellectual giants of our time. Not since Milton Friedman have we seen an economist who can translate economic jargon into everyday language.
Sowell's two latest columns, both on the so-called housing crisis, are a testament to his ability to see an issue clearly. Despite what others say, Sowell demonstrates how government, not the market, is at the root of the latest housing crisis. You can read them here and here.
I once had an economics professor tell me that the crisis came about because the housing market was unregulated. He said this with a straight face ignoring the long history of housing legislation and regulation. No doubt my professor would like more government. But, as Howard Husock has demonstrated, housing problems become worse when the federal, state and local governments intervene.