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Influencing a $19 trillion market that is coming off one of history's great asset bubbles is a lot harder than it looks. In December, houses sold for 15% less than they did a year earlier. No act of Congress could change that. Says Wellesley College economist Karl Case: "Let's not delude ourselves into thinking we're driving a speedboat when we're driving a tanker...
Again, though, let's not hail a solution as the solution. A targeted tool like loan modification is probably a more useful allocation of resources than a blanket policy like cheaper mortgages. Since half of all repossessed-home sales are in just four states (California, Michigan, Ohio and Florida), we can focus efforts there...
...have the income," says Edward Leamer, professor of economics at UCLA. "We have to figure out what to do with these folks." There have been ideas on how to return owners to the rent rolls. Last year, for example, Arizona Congressman Raśl Grijalva proposed changing foreclosure rules to let homeowners petition a judge to let them remain where they are as renters for a defined period...
Here's the important physical fact that separates online from off-line TV: you're holding something. Watching old-school TV, you flop on the couch and let the medium wash over you. New school, you hold a screen in your hand, balance a laptop or sit at a desk. There's a small but constant effort, the tiniest bit of physical feedback...
Blankenhorn isn't opposed to using government stimulus to ease the transition, but he's worried that it could obscure the need for big changes in behavior. "If the moral of today's crisis is 'Let's stimulate this and bail out that, and as soon as things get back to normal, we can go back to a debt culture,' that's just not a sustainable idea," he says...