As ace notes,
Good luck is the product of good design. Bad luck is the product of bad design.
I avoid Krugman whenever possible, but apparently,
One more stupid claim Krugman makes is that Texas benefited from “regulation.”
What that means is that Texas banks continued to treat credit-worthiness as an important factor in lending, unlike the rest of the country brow-beaten by the Frank-Dodd bullying. So their housing market just sagged instead of collapsing.
ace has that covered. I wanna comment on the oil bidness.
They say that the governor has essentially put Texas on autopilot for 11 years, and it was the state’s oil and gas boom — not his political leadership — that kept the state afloat.
Er…isn’t that the same domestic industry that Obama keeps crippling? On purpose? While encouraging Brazil to expand its production?
“Luck”. Obviously…once again…it’s Inigo Time!
Say, Einsteins…maybe having the government on autopilot is what a booming economy needs.