23 Nov 09
http://voices.washingtonpost.com/economy-watch/2009/11/oct_existing_home_sales_jump_r.html
Oct. existing home sales jump record 10.1 percent.
Yes, the $8,000 incentive could be a reason, but maybe, just maybe, the sky is not falling on the great capitalist economic system we in the Western World have built.
23 Nov 09
Originally posted by sh76The real question that should be asked is......
http://voices.washingtonpost.com/economy-watch/2009/11/oct_existing_home_sales_jump_r.html
[b]Oct. existing home sales jump record 10.1 percent.
Yes, the $8,000 incentive could be a reason, but maybe, just maybe, the sky is not falling on the great capitalist economic system we in the Western World have built.[/b]
WHO is buying the homes? Are they Americans looking for somewhere to live, or are they investors looking to buy homes on the cheap?
A housing recovery based on speculators is not a good thing.
23 Nov 09
Originally posted by uzlessIt's seems pretty inevitable that some 'mopping up' by investors (who have or can find the funds) will happen at the end of a recession. The question is if these are the ones who got it right or if they'll also need mopping up.
The real question that should be asked is......
WHO is buying the homes? Are they Americans looking for somewhere to live, or are they investors looking to buy homes on the cheap?
A housing recovery based on speculators is not a good thing.
23 Nov 09
Originally posted by uzlessThe $8,000 credit only goes to first time home buyers (although they're expanding it to include some repeat buyers too). Also, to take the credit, you need the home to be your primary residence.
The real question that should be asked is......
WHO is buying the homes? Are they Americans looking for somewhere to live, or are they investors looking to buy homes on the cheap?
A housing recovery based on speculators is not a good thing.
If the $8,000 credit is helping to or fueling the increase, then it is not speculators doing the buying.
23 Nov 09
Originally posted by sh76I can see a lot of Republicans thinking, "c'mon you stupid sky...keep falling!!!...at least until after those important 2010 elections"
http://voices.washingtonpost.com/economy-watch/2009/11/oct_existing_home_sales_jump_r.html
[b]Oct. existing home sales jump record 10.1 percent.
Yes, the $8,000 incentive could be a reason, but maybe, just maybe, the sky is not falling on the great capitalist economic system we in the Western World have built.[/b]
On the other hand, I suspect a lot of Democrats had similar sentiments back in Sep-Oct 2008.
23 Nov 09
Originally posted by sh76The sky is not falling. Things will continue to improve. This will be a slow, painful recovery however. Many people are unemployed. 😏
http://voices.washingtonpost.com/economy-watch/2009/11/oct_existing_home_sales_jump_r.html
[b]Oct. existing home sales jump record 10.1 percent.
Yes, the $8,000 incentive could be a reason, but maybe, just maybe, the sky is not falling on the great capitalist economic system we in the Western World have built.[/b]
23 Nov 09
Originally posted by sh76...could this mean that Obama and the rest of those dirty 'ol liberals in Congress may actually be doing a pretty good job managing the broken ecomony that they took over? (I bet they won't be discussing that topic on Fox news anytime soon)😏
http://voices.washingtonpost.com/economy-watch/2009/11/oct_existing_home_sales_jump_r.html
[b]Oct. existing home sales jump record 10.1 percent.
Yes, the $8,000 incentive could be a reason, but maybe, just maybe, the sky is not falling on the great capitalist economic system we in the Western World have built.[/b]
23 Nov 09
2 edits
Originally posted by bill718I think Obama is doing a pretty good job spearheading a recovery. The problem I have with Obama is his paying no mind to the ballooning debt that is spiraling out of control. He's robbing Peter (the national debt) to pay Paul (get us out of the recession). You have to try to strike a balance between the two.
...could this mean that Obama and the rest of those dirty 'ol liberals in Congress may actually be doing a pretty good job managing the broken ecomony that they took over? (I bet they won't be discussing that topic on Fox news anytime soon)😏
23 Nov 09
Originally posted by MelanerpesIf, by "Sep," you mean January, 2001, then I agree.
I can see a lot of Republicans thinking, "c'mon you stupid sky...keep falling!!!...at least until after those important 2010 elections"
On the other hand, I suspect a lot of Democrats had similar sentiments back in Sep-Oct 2008.
23 Nov 09
Originally posted by MelanerpesYou really didn't have to "cheer on" the recession in late 2008, by then the damage had been done. But admittedly I was cheering at McCain's horrible luck, timing and blunders related to the economy. Like when he said "the fundamentals of the economy are strong" Or when he flaked on David Letterman last minute because he had to "rush to Washington" to deal with the crisis - Letterman fricking owned him on that one.
On the other hand, I suspect a lot of Democrats had similar sentiments back in Sep-Oct 2008.
23 Nov 09
Originally posted by sh76I think that's a timing issue. Once things have fully turned around I think we're going to see major spending cuts. And yes, Obama will take heat for that, too.
I think Obama is doing a pretty good job spearheading a recovery. The problem I have with Obama is his paying no mind to the ballooning debt that is spiraling out of control. He's robbing Peter (the national debt) to pay Paul (get us out of the recession). You have to try to strike a balance between the two.
23 Nov 09
Originally posted by USArmyParatrooperIt can come from spending cuts and/or certain smart tax increases. Whatever it is, it has to come from somewhere.
I think that's a timing issue. Once things have fully turned around I think we're going to see major spending cuts. And yes, Obama will take heat for that, too.
Recession or no; you have to have some level or fiscal responsibility. Also, Obama knows (or should know) that rolling back spending increases and/or raising taxes is politically difficult. By showing no restraint now, he's setting himself up for some very tough work ahead if he wants to balance the budget (or come anywhere close to doing it).
23 Nov 09
Originally posted by USArmyParatrooperExcept that he was right. The fundamentals of the US economy are and were strong.
You really didn't have to "cheer on" the recession in late 2008, by then the damage had been done. But admittedly I was cheering at McCain's horrible luck, timing and blunders related to the economy. Like when he said "the fundamentals of the economy are strong" Or when he flaked on David Letterman last minute because he had to "rush to Washington" to deal with the crisis - Letterman fricking owned him on that one.
When the Yankees lose 3 games in a row, they're still fundamentally a strong team. When they have a bad year, they're still a strong franchise.
23 Nov 09
Originally posted by sh76all the comments at the OP's link are negative, including this one:
http://voices.washingtonpost.com/economy-watch/2009/11/oct_existing_home_sales_jump_r.html
[b]Oct. existing home sales jump record 10.1 percent.
Yes, the $8,000 incentive could be a reason, but maybe, just maybe, the sky is not falling on the great capitalist economic system we in the Western World have built.[/b]
Posted by: morphylius | November 23, 2009 12:13 PM
Why should I consider this 10.1% jump good news? "First time home buyers" are people who are young and/or a poor credit risk. In other words, if unemployment increases next year, they are the ones most likely to lose their jobs. That would add significantly to the 14% of homes in foreclosures right now.