econintersect.com
  • 토토사이트
    • 카지노사이트
    • 도박사이트
    • 룰렛 사이트
    • 라이브카지노
    • 바카라사이트
    • 안전카지노
  • 경제
  • 파이낸스
  • 정치
  • 투자
No Result
View All Result
  • 토토사이트
    • 카지노사이트
    • 도박사이트
    • 룰렛 사이트
    • 라이브카지노
    • 바카라사이트
    • 안전카지노
  • 경제
  • 파이낸스
  • 정치
  • 투자
No Result
View All Result
econintersect.com
No Result
View All Result

Bernanke Does Not Have Housing’s Number

admin by admin
2월 12, 2012
in 미분류
0
0
SHARES
0
VIEWS

Econintersect:  Friday (10 February 2012) Federal reserve Board Chairman Ben Bernanke spoke to the National Association of Home Builders in bernanke-speaksSMALLOrlando, FL.  He correctly addressed the key drag that the housing bust has had on the economy, not just for the lost construction jobs and business for home builders, but on the economic hardship visited upon millions of families who have seen life savings evaporate with falling home values and loss of their homes to foreclosure.  He said the economy will not be completely turned around until the housing market starts to recover.

Bernanke said that a Fed study indicates that the inventory of foreclosed homes is expected to grow by about 1 million per year for the next several years. (The Wall Street Journal)  This may seem an unlikely number, but a GEI Analysis article published today shows just where such a number comes from.

Here are some Bernanke quotes from Fox News:

“Recent declines in housing wealth may be reducing consumer spending between $200 billion and $375 billion per year. That reduction corresponds to lower living standards for many Americans,” Bernanke said.

……..

“Low or negative equity creates additional problems for households,” Bernanke said. “It reduces financial flexibility: Homeowners who are underwater on their mortgages cannot tap home equity to pay for emergency health expenses or their children’s college educations.

………

“I do think that conditions are still too tight for the health of the financial system, the construction industry and our economy,” Bernanke said. “As regulators, we have been very clear to the banks … that we want them to take a balanced approach. We want them to make prudent loans and we don’t want them to turn away creditworthy borrowers.”

………

“We will be paying close attention to what is happening and hoping that our economy is developing enough steam so that it will be able to continue to recover even if there are some bumps along the road,” Bernanke said.

Bernanke seems to have a good mastery of the data but he was unable to offer any solutions to the problem.  One might say that the chairman has all the numbers on housing but unfortunately doesn’t have housing’s number.

Reuters has published the full transcript of the speech.

Sources:

https://econintersect.com/wordpress/?p=18898 (John Lounsbury, GEI Analysis, 12 February 2012)

Bernanke:  No Silver Bullet for Housing Woes (Robbie Whelan, The Wall Street Journal, 10 February 2012)

Bernanke:  Weak housing has hurt consumer spending (Fox News, from Associated Press, 10 February 2012)

Text of Bernanke’s speech to home builders (Reuters, 10 February 2012)

Previous Post

Afghan Report the Pentagon Won’t Release is Published by Rolling Stone

Next Post

Social Fractals and the Corruption of America

Related Posts

Bitcoin Is Finally Trading Perfectly Like 'Digital Gold'
Economics

Bitcoin Is Finally Trading Perfectly Like ‘Digital Gold’

by admin
Namibia Will Regulate And Not Ban Crypto With New Law
Finance

Namibia Will Regulate And Not Ban Crypto With New Law

by admin
6,746 ETH Valued At $12M Was Just Burned
Economics

6,746 ETH Valued At $12M Was Just Burned

by admin
Bitcoin Is Steady Above $29,000 Awaiting US NFP Figures
Economics

Bitcoin: What Next After Consolidation Ends?

by admin
US Government Offloads Another 8,200 Bitcoin – On-chain Data
Economics

US Government Offloads Another 8,200 Bitcoin – On-chain Data

by admin
Next Post

Social Fractals and the Corruption of America

답글 남기기 응답 취소

이메일 주소는 공개되지 않습니다. 필수 필드는 *로 표시됩니다

Browse by Category

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Browse by Tags

adoption altcoins bank banking banks Binance Bitcoin Bitcoin market blockchain BTC BTC price business China crypto crypto adoption cryptocurrency crypto exchange crypto market crypto regulation decentralized finance DeFi Elon Musk ETH Ethereum Europe Federal Reserve finance FTX inflation investment market analysis Metaverse NFT nonfungible tokens oil market price analysis recession regulation Russia stock market technology Tesla the UK the US Twitter

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

© Copyright 2024 EconIntersect

No Result
View All Result
  • 토토사이트
    • 카지노사이트
    • 도박사이트
    • 룰렛 사이트
    • 라이브카지노
    • 바카라사이트
    • 안전카지노
  • 경제
  • 파이낸스
  • 정치
  • 투자

© Copyright 2024 EconIntersect