Yesterday, I posted this about the U.S. Treasury's plan to begin selling off its portfolio of Mortgage Backed Securities. It was NOT a good idea for Tim Geithner to have purchased them in the first place and it's a horrible time for him to be running for the exit on his really awful program.
I believe selling them off at this time is an admission of epic failure on the part of team Obama.
Let's look back at the February, 2010 report on new home sales:
The Census Bureau reports New Home Sales in February were at a seasonally adjusted annual rate (SAAR) of 308 thousand. This is a new record low and a decrease from the revised rate of 315 thousand in January (revised from 309 thousand). [..] Calculated Risk
Now let's look at today's report on February, 2011 new home sales:
New single-family home sales unexpectedly fell in February to hit a record low and prices were the lowest since December 2003, a government report showed on Wednesday, suggesting the housing market slide was deepening. [..] Townhall
Unexpectedly? Ok, whatever. Many, many, many billions have been spent trying to prop up the U.S. housing market. It has all been a terrific waste of time and money. The Obama administration chirps progress is being made in stabilizing home prices and sales. The facts prove otherwise.
How many more 'unexpected' record lows are to come?
"How many more 'unexpected' record lows are to come?" Will Profit
ReplyDeleteHow many more months until a Republican is elected president? That should be a clue.