Well, not quite. There is the issue of job losses. For the past 6 consecutive months, the U.S. rather than reporting job gains in the hundreds of thousands, has instead reported job losses in the hundreds of thousands.
Under the new ridiculously strict lending rules, unemployed people can no longer qualify for a $300,000 home loan. To make matters worse, the unemployed people aren’t making payments on their present homes; a fact that is totally mystifying to Congress.
Congress people have difficulty understanding the correlation between unemployment and not having any money. After all, most of them haven’t worked in 20 years and get a check every month.
You can see that my Mikeronomics presentation of the housing debacle would be extremely difficult to comprehend for pre-schoolers and Congress people, but for Middle America… it’s crystal clear.
Tomorrow we’ll take a little trip into the future of housing.
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
