Five years ago Monday, President Barack Obama signed the signature economic proposal of his presidency, saying that the passage of the $787 billion economic stimulus package heralded the “the beginning of the end” of the Great Recession.
The Great Debate
The U.S. Senate should move quickly to confirm Mel Watt as the new head of the Federal Housing Finance Agency (FHFA), but not for any of the political or procedural reasons usually discussed. A quick confirmation is required because we need new leadership on U.S. housing policy — a policy that on some crucial points is headed in the wrong direction for the wrong reasons.
Banks in the U.S. face a new source of write-downs and failures in the coming year as loans made to developers to finance residential and commercial property development rapidly go bad.