Gallup has a critical poll out today that makes no mention of Barack Obama or Mitt Romney, but tells us something about the economy.
|By: David Dayen Thursday October 25, 2012 10:56 am|
|By: David Dayen Thursday October 25, 2012 7:36 am|
“Why should we bail out the loser’s mortgages,” Rick Santelli yelled in his proto-Tea Party rant. And ever since, practically everyone in Washington has taken care to say that homeowner relief should only be available for “responsible” homeowners, as if there’s a formula to decide whether someone ripped off by a predatory lender is “responsible” or not.
But there’s actually a good answer for why you want to bail out “the loser’s mortgages,” and it’s rooted in basic economics.
|By: David Dayen Wednesday October 24, 2012 2:00 pm|
In one of the more cynical campaign promises I’ve seen in a while, the Obama Administration has apparently been running around to housing advocates telling them they will fire Ed DeMarco as head of the Federal Housing Finance Agency… after the election.
|By: David Dayen Monday October 22, 2012 2:00 pm|
Mike Konczal decided to do some sorely missed actual reporting at last week’s debate, seeking out Glenn Hubbard, one of Mitt Romney’s key economic advisers, for a discussion on housing policy.
|By: David Dayen Friday October 19, 2012 10:10 am|
Zeke Miller of Buzzfeed highlights this new wrinkle in President Obama’s stump speech: taking credit for some good economic numbers of late.
|By: David Dayen Friday October 19, 2012 6:45 am|
President Obama appeared on the Daily Show last night, and Jon Stewart confronted him with the “H” word. It’s not one that comes up much in Obama’s presence; I can’t remember the last time, in fact. But last night, he had to answer for HAMP.
|By: David Dayen Wednesday October 17, 2012 12:00 pm|
The big news in housing today is that residential construction jumped above expectations in September. Housing starts rose 15% month-to-month, and permits for new construction increased 11%. Year over year, starts are over 30% up, while permits are nearly 45% up.
|By: David Dayen Tuesday October 16, 2012 12:45 pm|
The housing bulls have really started to run wild now. One of them planted this rose-colored story in Bloomberg arguing that consumer deleveraging points to happy times ahead for the economy. The only problem is that the deleveraging comes from defaultsrather than any paying down of debts. And these defaults are destructive for an economy, not a sign of hope.
|By: David Dayen Monday October 15, 2012 7:15 pm|
The ACLU plans to sue Morgan Stanley on behalf of five named plaintiffs (they will seek class action status), for the investment bank’s role in fueling what they view as a discriminatory subprime bubble. In doing so, the ACLU will try to pioneer a new legal strategy, by going after the securitizer of the loans instead of the now-defunct originator.
|By: David Dayen Monday October 15, 2012 9:40 am|
The US got a good retail sales number for September today, which portends a decent holiday shopping season. But even this indicator led to forecasters predicting a sluggish 1.6% GDP growth for the third quarter. And with electronics up 4.5% for the month, we could simply be seeing an iPhone 5-generated sugar high.
This slow growth is expected to continue into 2013, which should serve as a reminder that the next President, whether an Obama second term or a Romney first term, will find a stuttering economy for much of their first year.