Monday, June 8, 2009

Happy Talk about Green Shoots

Okay, I've been away for awhile. Thanks to the Caretaker for taking up some of the slack while I was gone. Unfortunately, I'll be away for parts of the next three weeks as well, but it can't be helped.

Anyway, let me begin by linking to this article by Bob Kuttner about our current financial situation. He's been a skeptic about the administration's handling of it, and continues to be so, for the reasons he outlines in the article. Here's a quote:

There is a huge reality gap between the happy talk about green shoots,
banks passing stress tests, the rise in unemployment slowing -- and what's
happening out in the real economy, especially if you take a close look at
banking and housing, ground zero of the economic crisis. Credit remains tight
for all but the most blue-chip borrowers. Despite the Fed's policy of keeping
short term interest rates at just above zero, average rates on conventional
30-year mortgages, now above 5.5 percent, have jumped nearly a full point since

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