Tom Foreman | BIO
Reporter's Note: President Obama has repeatedly warned that the economic recovery is going to take long time. But now some economics types are warning instead of creeping forward, we could actually start going backward again. So I’m writing another letter to the White House while I can still afford it.
Dear Mr. President,
Ah ya ya ya ya ya ya ya ya ya ya. That’s the sound of me covering my ears and refusing to listen. What is this I hear? The latest housing news (which was bad) has triggered another stock slide (which was also bad) and now I’m feeling bad (which is worse than I was feeling this morning.) The gnomes of the economy have gathered around their bubbling potions to chant warnings of (cue the dramatic music) a double-dip recession.
For my part, I thought a double-dip recession meant it came in the summer and was so short that we should celebrate with ice cream. Apparently, however, I was mistaken. Turns out it’s more like two recessions really close to each other with a little, slightly better few weeks or months in between. Or it’s one big recession with an intermission. Either way it’s not a positive thing.
I’ve been saying for some time that you have to get this housing situation solved first or nothing else you do will stave off the economic hobgoblins, and I can’t help but feel that this sort of proves it. A friend of mine, who knows a thing or two about economics, told me the other day that he gives you pretty decent marks for the stimulus spending. But he too said this problem with the mortgages and all the fear it has put into the markets is as troublesome as a dead rat in the soup kettle.
On top of which, lest you forget, the betting continues to run hot in favor of a lot, and I mean a LOT, more home foreclosures on the way. Hey, all those folks in the unemployment lines can’t make house payments with Monopoly money, and once the piggy bank is broken, it’s “drop off the key at the bank” time for many.
Look, I know you’re not happy to keep hearing this awful news. Neither am I.
But if you hope to head off this whole double-dippy business (and I trust you do) you’re not going to have much choice; you’ll have to make some hard choices about what you’re going to put on hold to take on the housing market again…and again…and again…until all the bad loans, one way or another, are dealt with. Without that, I fear the economic roller coaster will just keep pitching until we are all sick. And no one even wants ice cream, let alone a double dip.
Hope all is well. Spent most of the day working in Biloxi and once again it was hot enough to cook a roast. Call if you get a moment.
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