And that county has almost 46, 000 homes in foreclosure. How's that for a recovery? Let's just give these policies some time to work, OK people?
Seriously--the cyclical aspect of this recession ended a year ago according to all the experts. What we have now is something else, and I've shifted over to the camp that says the policies of this administration may be preventing the employment situation from improving and holding the housing market back. At this point there won't be a cyclical recovery at all. Something has to change in Washington. We may have divided government starting in January, and that will produce either compromise (maybe a good thing) or gridlock (probably disastrous). A great deal may depend on personalities. Just getting that gavel out of Nancy Pelosi's hand would make a big difference.
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The prolonged nature of this economic contraction cannot be attributed to either a normal downturn in the business cycle or political leadership, particularly the latter since it has little direct impact on economic activity.
It was borne out of a tremendous amount of speculation and leverage that has fundamentally weakened financial markets. That's why you see much of the focus on turning things around more at the Federal Reserve Bank and not Congress and the White House.
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