Some Cheer from the Numbers
Posted by JimToday’s U-T business section featured a real retro-headline, “Finally,good news on 3 fronts”. Unfortunately below the fold was this grim header, “Del Mar Heights office building sold at great loss”. These headlines are emblematic of our times. True the economy is improving for some people, but for others, it remains a train wreck.
The Administration still has no core philosophy when it comes to this financial crisis. The President does not want to take the kind of measures that may be required. I think he either needs to let the market (meaning the banks) work out the real estate problem or fully wade into the lending business. Lurching about in the middle probably is going to make matters worse. I am a real fan of this guy, but perhaps some of his critics have it right.
Bankers have little incentive to help out the rest of us. You may note I used ‘bankers’ and not banks. The former, a group of freebooters, are doing just fine thank you. But more on that later.
