"Any sort of self-sustaining [housing sector] recovery, at this point, appears unfathomable."
The U.S. economy won't recover until housing recovers; and housing won't recover until the U.S. economy recovers. It's a perfect Catch-22!
So when's the last time you heard a single national-level politician offer an idea how to address this, the #1 problem our economy is facing right now? If they were waiting for the Fed's low interest rates to save us, they should have given up a year ago.
You know, I could almost respect a mean but frank right-winger who said, "Screw homeowners, banks and markets, let this foreclosure backlog work itself out," who would then be honest that this process could take years, maybe a decade, and in the meantime the U.S. economy would drag and unemployment would be high, no matter what else happened. But where is such an honest ideologue these days? No, instead the free-marketers and tea-party types want to blame our poor economy on excess federal regulation, Obamacare (which has yet to really take effect), and not enough oil drilling and coal mining. And nobody -- not the MSM or the Democrats -- are calling them on it.
The ones who haven't gone mute have gone insane!
By Agustino Fontevecchia
November 29, 2011 | Forbes