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...this led investors to believe a bottom had been reached, says Curran. Many investors may wrongly think the housing sector will see the normal trajectory off the bottom, but that isn't the case, he says. "We still have high foreclosures that will persist into next year, high inventory, an unstable economy and high levels of unemployment" that will prevent the sector from rebounding quickly, he says. (See 10 things to buy during the recession...
Still, many analysts believe the 2009 stock run-up among homebuilders has gotten ahead of the sector's pending recovery. "The stocks have gone too far, too fast," says Rob Stevenson, managing director at Fox-Pitt Cochran Caronia. Stevenson isn't surprised by the insider selling at Toll Brothers: "We think the group has gotten overvalued and that a pullback is likely." After all, he notes, "they're still not producing a profit...
...Young isn't the only politician to blame. In 1956, when I was 8 years old, my Congressman was John D. Dingell. There are people in southeastern Michigan who are still represented by Dingell, the longest-serving member in the history of the House of Representatives. "The working men and women of Michigan and their families have always been Congressman Dingell's top priority," his website declares, and I suppose he thinks he has served them well - by resisting, in succession, tougher safety regulations, more-stringent mileage standards, relaxed trade restrictions and virtually any other measure that might have forced...
...America isn't so keen on national industrial policy. But in Detroit's past, you can find an idea for its future - and the nation's. Back in the '50s, the Federal Government began investing what would eventually reach half a trillion dollars in what became the interstate highway system. You could have considered that an incredible subsidy for the auto industry - which it was - but it was also an investment in the nation's future...
...success, and they'll need to be more straightforward. But as the EDF's Yarnold said in a speech today, "China is no laggard in the race to develop clean energy and reduce global- warming pollution. In fact, it is moving ahead." If the U.S. isn't careful, it might get lapped...