Robert Reich on housing economy

Robert Reich:  less consumption, fewer jobs.  Vast army of people who are involved

Moody:  Housing economy has accounted for nearly 1/4 of the jobs created since 200

I don’t like bubbles, but the economy needs

The hissing sound they hear is the sound

Raise interest rates, and the

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Four years of decline prosperity despite RE bubble

Median incomes continue to drop, half of all American workers are earning LESS than they did in 2001. Robert Reich. Nothing is trickling down, not even to the middle.

What is the point of economic growth if more people are NOT more prosperous. Let’s stop focusing on the GDP, and focus on the MDP: Median Domestic Prosperity. Four years of declining prosperity. Let’s be honest, this economy is nothing to cheer about.

And Reich does not even mention that the economy is overly dependent on real estate, which accounted for more than 90 percent of the growth of the GDP in some markets.

Housing the creative class

Why is there a shortage of board members for the arts, and why are the arts important?

The Boston area is the fastest-growing center for arts and culture in the nation, with 640 non-profit organizations inside Route 128! The total creative community in the region supports 245,000 jobs and generates nearly $4 billion dollars to the economy, which is more than both the software and medical technology industries.  (Source:  Data from www.nefa.org)

http://www.artsandbusinesscouncil.org/bca.php

James Fallows on NPR’s MarketPlace

James Fallows on NPR’s MarketPlace.  If you had to imagine on thing beginning the chain of dominos, it’s the dollar.  What’s holding it up, is a sense by the Chinese that they have to subsidize our buying power to keep things going.

When the dollar falls, then suddenly, people cannot sell their houses. 

Then you have this cycle.

What’s to blame?  This is something most Americans are benefitting from.  For an aging population, we are outsaving our savings.  Looking back, for example, on the 9/11 crisis,

Oil now costs about a dollar and half more than

The fundamentals of the economy are now being…

If job creation drives housing prices, what is preventing the Boston housing market from falling?

Add to unemployment / job creation section of The Real Estate Cafe’s ongoing data collection / spreadsheet of factors underlying the housing bubble.  This information has been archived periodically since 2000.  Initially, a snap shot was taken each year just before Halloween for an annual update of our slideshow entitled, Haunted by the Housing Market.  During 2005, we began making updates more frequently as evidence of the coming slide in housing prices began to mount locally and nationally.  While it’s hard to miss the fact that some of "the biggest employers in town are leaving," as the Boston Herald article reports, this statement is stunning and more including in one’s prediction of where housing prices are headed in 2006 and beyond:

"The roughly 740,000 jobs in the Greater Boston area is still more than
80,000 shy of its 2000 peak. And it may take years more, perhaps as
long as a decade, before those boomtime employment levels are seen
again, said Nordby. Only by 2015 will the Greater Boston area boast
roughly the same number of jobs, 821,000, that it had in December 2000"

The Housing Bubble 2: ‘Sky-High Housing Costs’ Drive Away Boston Jobs.

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