The Federal Reserve sent a warning shot that housing is the greatest threat to the economy. The government should take note.
As we start the New Year, the executive branch and Congress continue to pretend the gravest risk to our economy and social stability does not exist: the ongoing foreclosure crisis. The financial crisis began with the housing crisis and it will not end until we resolve housing.
Government policymakers who seemingly ignore this basic fact are leading the nation to another potential catastrophe.
This past week, a number of important events occurred in Washington, including important recess appointments by President Obama. However, the most noteworthy event did not make front page news: the Federal Reserve’s (apparently) unsolicited memo to the committees of Congress that oversee financial services warning of the dangers the current housing market poses for the economy.
6 comments:
It's all about 'Root Cause'. That is, you can't fix the housing crises without first fixing the problems that precipated it. That is, Jobs, Jobs, Jobs...
Get people back to work and you'll see that foreclosure inventory clear off in no time.
people will not return to work until the they are cut off from the government dole.
To fix the economy you have to cut off giving banks bailout money.Every Friday night they line up at the Federal reserve bank for their money in return for their foreclosed properties.It wont be until they get cut off will they deal with their foreclosures or go under.
750, that has got to be the dumbest statement ever. Last I checked, most of the rules regarding food stamps and other assistance were the same today as they were when the economy was booming. Every stat shows there are a ton of applicants for every job opening. And we know that manufacturers are doing more with alot less people. Please refrain from making up your own reality to support your ideaology. It only shows your mental weakness.
Great read, this makes people more aware about foreclosure inventory
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