Tuesday, July 05, 2005

Kelo

http://powerlineblog.com/archives/010935.php

John Hinderaker couldn't be more wrong. He wrongly reads conservatives reaction to Kelo as anti-capitalist because it against one person profiting over another. He couldn't be more wrong.

First, there is a fair market price for everything. Just because one home in an area sells for a certain price doesn't mean that all homes in that area have that same market price when it comes to selling. And this doesn't mean just because one is bigger than the other-- this argument is based on square foot priced and any other quality factors. What comes into play here is that value is in the eye of the beholder. There is a reason why everyone's home isn't constantly on the market. You put it up for sale when your ready or want to. If you come in and offer a deal that can't be turned down you will see the market at work. So the problem becomes that the developer doesn't feel their own profit should be dimished by paying this higher FAIR MARKET price to a couple of holdouts. So then the city gets involved in who should get the profits. Should the person owning the land now? Or should the person buying be entitled not to have to pay fair market value. Again, there is ALW AYS a fair market price. Worth repeating again, there is ALWAYS a fair market price. But that price isn't what the neighbors identical house sold for. It is what that particular owner feels is right. And if the developer is upset at the erosion of their own profits that is just the way BUSINESS and the FREE MARKET work. Of course, who will the municipality/government side with in a dispute? The one who will be paying much larger taxes in the FUTURE.

So, it is entirely FREE market to be against Kelo.

Second, property rights were one of the MAJOR, KEY bedrocks of the founding of this country. Protection of property is of the highest order in this country. Erosion of this so casually is hard to believe.

Finally, back to the first point, the ARBITRARY transfer of property from one person to another is so contrary to American thought. Profit to a PARTICULAR business is not a free-market, pro-market, or any other kind of market, or capitalist, thought.

John Hinderaker-- time to go back to the table and write something a little more thought out.

 

 

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