In his Wall Street Journal blog yesterday, Dow Jones Newswires Managing Editor Neal Lipschutz summed up in one sentence how I feel about the U.S. economy: “In the end, we can’t dodge housing.”
We need President Obama and Congress to step up with real plans to clean up messiness on everything from foreclosure to tight mortgage lending standards. Says Lipschutz: “There’s housing, traditionally the leader out of recession, still generally in decline, and harder to ignore … It’s time to stop trying to work around housing, and take it on.”
Housing is at the core of who we are as Americans. And until we feel secure about ourselves as home owners, we’re never going to feel confident about our economy. Until everything is back to normal in housing, nothing can get back to normal in the economy.
Yup, we can’t dodge housing.