We now have about 1. 4 trillion in mortgages on their own Balance Sheet. Making the fed as i previously said the Worlds Largest savings and loan. The feds goal is to push house prices higher, and in my view, they have no overachieved. I want to look at house prices in a much longer perspective. I hope you can see some of his chart. This is a 60 year history that goes from 19532015. Its a slight of the Consumer Price index versus average u. S. House prices, both indexed to 1953 equal 100. What you can immediately see if you cant read numbers is that there is an extremely strong correlation and mean reversion of house prices to general inflation, which makes sense if you think about it. Obviously, with the bubble we went far off that underlying trend, and then with a shriveled house prices came right back. If you can look over on the right hand side they came right back and touched the trend but now have bounced up, well over the trend again. Indeed, as far over the underlying inflation
We had a vote several months ago on putting minimal things about gun control in, and it got voted against it. We had congressmen that had 85 of their district that were for this. And you sound like youre hopeful that we can do something about this . [laughter] i mean, i just dont see that this could happen. How do we do this . How can you be hopeful . Okay, you discouraged me, i quit. [laughter] i guess its part of, you know, you gotta have hope, you gotta keep trying. Things take time, and, you know, ive been discouraged certainly, when i heard the news about newtown, i was just so depressed partly because it shouldnt have had to have happened. Again, you cant stop all evil, maybe something bad still would have happened, but it shouldnt have had to be this bad of a situation. And its just youve got to keep pushing. I believe that right does triumph, that people do come to their senses, that you can make a difference, and if i didnt believe that, im not sure i could get up in the morni
This is Eleanor Roosevelts typewriter. This is the typewriter on which she read her my date was code column. I have some that i want to share. My day column. I have some that want to share. She is talking about here about the comings and goings in the white house after getting back to a regular schedule after the holiday season. From november 6, 1940, election day, she talks about how, at midnight, a larger crowd than usual came in from a hyde park. The president went out to greet them. This is a tradition on election. Ight care first lady eleanor roosevelt, monday night, live at 9 00 eastern on cspan and cspan three. Also on cspan radio and c span. Org. Next coming discussion on the state of the u. S. Housing market and what the Federal Reserve is doing to prevent another housing bubble. Reckoningthe enterprise institute, this is a little less than two hours. It is my pleasure to welcome you. In a postbubble and does bernanke world. Post bernanke world. At the peak of the infamous hou
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