Well the elections over and we're still in a recession. Maybe I'm missing something but I was hoping for a more aggressive response to the economic crisis we're in.
The collapse of the housing market was the beginning of this downward cycle. The Wall Street Securities companies lost huge amounts of their customers money, a lot of it foreign Investment in American Real Estate. We're seen as the financial leader internationally as our Government is stable, generally we only experiences mild upheavals in our economy.
Well we made a boo boo, and everyone is paying the price. But it doesn't stop there, we want to make matters worse. We want to be slow to administer the medicine the economy needs to recover.
Trash all the special projects, concentrate on Real Estate. Real Estate drives the economy. When people are encouraged to buy Real Estate all kinds of wonderful things happen. Lawn seed is purchased, PVC is purchased to install lawn sprinklers. Then comes Roofers, Electricians, Plumbers, Painters , Carpenters, Architects, Tile contractors and Carpet Installers, etc.. You name it, its needed.
Even the Auto Industry would benefit, People who are working buy cars, trucks ( to haul the wall board and fertilizer ) and mini vans to get the kids to games We don't need to create new jobs, even though we could use those also. We just need to put people back to work.
But it wont happen until the Banks are forced to bite the bitter bullet. Modify Loans, accept short sale offers without making the prospective buyer wait 3.5 months for a decision. Foreclose if necessary . We can't return to a stable marketplace until we've stopped sliding down ward in price, and that won't happen until the mortgage holders begin to cooperate. We've all lost buyers because they've been made to wait too long to get a counter offer or acceptance
The Banks and Mortgage Companies have no motivation to liquidate their bad assets as long as they can get funds from the goverment to stay in business. No more Bank or Mortgage company bail outs. It should be sink or swim for these institutions.
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