Its actually nationwide Navy, the surge on new construction for apartment buildings is growing. Look, all those people who lost their homes need a place to stay. I guess its just smart business if you want houses to stay on the market, continue to drive values down, cost thousands of more jobs and sink our economy for the next 10 years. I know you were against the bill but I just dont see how we can drag ourselves out of this mess without helping out these depleted corporations and making sure the tax payers reap some benefits as well.
You know I said I could have bought this thing has it not been an attempt directed at buying bad debt with "we will take care of the oversight later" in the hopes that the credit market will clear up. I just thought that sent a terrible message that "irresponsiblity" was okay and here is your blank check. It's rather like making a 700 billion dollar bet. I felt like if you were going to spend money to address a problem the address the problem, don't do some half assed "bailout" that let companies off the hook. In this case you have to address the issues., home inventory, excessive credit, lending practices. and let the bad business fail. We would have been much better off taking that 700 Billion dollars and using it as a refinance tool and home inventory clearence tool at the same time addressing lending practices. The bad paper would eventually clear itself once the intenory was cleared and home stopped declining , and once that happened then the lending crunch would ease a bit. I just could not agree to an open ended "here you are Wall Street" type bailout.