Obama Predicts It Will Take A Year For Housing To Turn Around

Most of the experts I hear and read say that it will take at least three years for home prices to rebound. The president says it will take a year.

If the president says a year, I think it will be at least three years.

There’s tremendous uncertainty about what Barack Obama will do. We’re on our third year with him. American businesses are frozen. They have no idea what he’s planning. Whenever Obama talks, it sounds like his first instincts are always to go left and to take more money away from America’s most productive citizens.

Should we wait for the Federal Reserve to come to the rescue with quantitative easing III? That won’t happen.

The AP reports:

He said, without getting specific, that the administration was mulling ways to encourage banks to resume lending. Companies are more profitable than ever, he said, but are hoarding cash instead of investing it. He said banks that are in the financial clear also aren’t lending as freely as they had before.

He said growing the economy overall will trickle down to the housing sector, but that it will take time.

“I’ll be honest with you, when you’ve got many trillions of dollars’ worth of housing stock out there, the federal government is not going to be able to do this all by itself, government is not going to be able to do this all by itself,” Obama said. “It’s going to require consumers and banks and the private sector working alongside government to make sure that we can actually get the housing moving back again.”

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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