Wednesday, April 27, 2011
Here is an example of the limits of persuasion. The country won't get moving again until the housing market stabilizes and construction returns, but the housing market isn't stabilizing -- not yet, anyway. That means millions of homeowners are still underwater and millions more of home buyers are waiting rather than buying. What is it going to take to get the market back to a semblance of normal? Time rather than jawboning. The market is undergoing a restructuring for which there are few words. The president can urge citizens to buy and sell but that doesn't mean they will when there is no personal economic advantage for doing so. Millions of homes are still empty and millions in foreclosure. Words won't make that right.