Monday’s Money Update in Jackson Hole
Redwood City, CA 94062. Monday’s Money Update
Last week The Federal Reserve Bank of Kansas City Economic Symposium at Jackson Hole, WY had a featured speaker in the Federal Reserve Chairman, Ben Bernanke. Chairman Bernanke said the biggest problem facing the United States is “tight credit”. He went on to say that in the past our economy recessions ended with the increase of housing sales. The housing market will bring the United State out of a recession and jump-start our economy, which will in turn help other sectors of our economy to grow. And this is why Monday’s Money Update in Jackson Hole was important to you today.
We all understood that say, 2 years ago. So what’s the big deal Ben? Can’t you solve the problem? Seems not. Ben says he fears all the foreclosures that are in the pipeline and is fearful housing prices are going to drop even more and then there will be more foreclosures to worry about and play havoc on our economy.
So this Kansas City Economic Symposium, which had to go to Wyoming for whatever reason, feels tight credit is the major problem of the economy. Housing can fix the problem provided credit is available, which will help the economic recovery, Yet by fixing the problem we will see more foreclosures, and the Feds think housing prices will go down further and this will cause our economic problems to get worse. Oh my oh my what should we do?
Ben Bernanke and his boys over at the Federal Reserve have no idea! Their recommendation from their Symposium was one of nothingness. They have NO IDEA what to do, recommended NO CHANGES, and took NO ACTION. Think that may fix the problem? Me either.
IMHO the credit in this country needs to be loosened up some. Not to the point as in years pass but enough to get builders building, home buyers buying home, homeowners selling their home so they can either buy a move up home or retire. It’s real simple, get in the middle with this credit issue so the most amount of Americans can survive this recession and start conducting business in a way that will jump-start our economy and lead us towards a full recovery.
Mortgage Rates (subject to change without notice)
30 YEARS CONFORMING JUMBO ($417,001-$729,750)
5/1 ARM 2.750% 3.250%
15 YEAR FIXED 3.250% 4.250%
30 YEAR FIXED 4.000% 5.000%
Rates are subject to change due to market fluctuations and borrower’s eligibility. Payment amounts do not include amounts for taxes, HOA fees, and insurance. APR are not given and real payments will be higher. Monday’s Money Update in Jackson Hole