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Jan 8, 2008

Do my eyes deceive me?

Have I gone crazy, or did a Taiwanese politician (in this case, Ma Ying-jeou) actually say something about the economy that made sense?

When responding to charges by DPP presidential candidate Frank Hsieh that the housing prices in Taipei City skyrocketed during Ma's term as mayor there, Ma responded: "Hsieh doesn't understand economics. Housing prices are decided by the market."

No shit! Welcome to an open economy! The government can do very little to control housing prices, stock prices, oil prices, food prices, or salaries (especially when so many people so willingly work overtime for free. No wonder wages are flat)! All of those are decided by the market.

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