Undernews Alert: Obama's church

A mostly political Weblog.
Jan. 14 2008 8:44 PM

Undernews Alert: Obama

Making an issue of his Afrocentric church?

(Continued from Page 19)

Tariq Ali on Benazir Bhutto: Written before her death.  Quite nasty. I don't trust him.** For all I know he may now regret writing it. But there is a lot here to chew on, especially the intrigues surrounding her brother Murtaza. Compare with John Burns' NYT obituary. ...

**--Reflexive anti-Americanism would be the charge against Ali. For example, would U.S. non-interference in neighboring Afghanistan really end "instability" in Kabul and "the tribal areas betwen the two countries" in a way that didn't simply empower Al Qaeda? ... 12:28 A.M.

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Wednesday, December 26, 2007

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One Hed Fits All: Are you impressed with a drop in home values of 6.6% over a year? It doesn't seem like such a big correction, given the dramatic run-up in prices over the last decade or so. ... And don't declining prices make housing more... what's the word? ... affordable?** ... This evening NBC Nightly News billboarded a "housing CRISIS." (Link available here.) I thought a "housing crisis" was when people couldn't find housing, not when it got cheaper. (NBC's expert: "It's very, very difficult to find any silver lining." No it's not.) ...

P.S.:Instapundit suggests  that the press may (in the words of a reader) "scupper Main Street confidence" in the economy when all it really wants to do is scupper the Republicans. You'd think the Fed or someone would address this structural issue by creating a reliable way for reporters to sabotage Republicans directly, without having to go through the intermediate stage in which they drag the entire economy down too. Sort of an earned "path to partisanship": For every sensible, non-hysterical story about the economy's perturbations under a GOP president, Dem-leaning reporters get to apply an anti-GOP double standard in a non-economic story. ...

**--Update: "Affordable housing," and "housing crisis," as traditionally used by critics on the left, includes rental housing. If the credit crunch prevents people from buying houses, and those houses are sitting around unsold, they'll be rented, no? Which will tend to drive rents lower. Am I missing something? (This is a response to Bill Quick  and others). ...

More:   Quick responds that rents in San Francisco are going up, as people who can't get a mortgage to buy a home crowd into the rental market. Hey, the same thing happens in my neighborhood!. But it's a short-term (and maybe localized) effect, no? Speculators who own houses have an interest in renting them rather than leaving them vacant--even at bargain rents. I would very much doubt it if rents are rising in overbuilt South Florida, for example. .. [pause to Google] ... Yep.:

Depressed housing market is good news for renters 

Glut of property makes it cheaper than buying home

Harriet Johnson Brackey/Personal finance

December 9, 2007

What a good time it is in South Florida for renters.

Rent is falling and renters have their pick of places to live: Apartments, condominiums, apartments that used to be condos that have gone back to apartments. Not to mention single-family homes for rent from accidental landlords. ...[snip]

Research from Axiometrics, a Dallas firm that studies major apartment markets around the country, shows that rents in Fort Lauderdale in the third quarter of this year are down by 2.2 percent compared with last year. In Palm Beach County, the decline is 7.8 percent and in Miami-Dade County rents are off by 0.7 percent.

"In a lot of the overbuilt markets, it's better to be a renter than an owner," said Axiometrics President Ron Johnsey.

Again, I'm not saying the credit crunch isn't a problem. I'm not saying that a lot of middle class Americans haven't bet a lot on the continued rise in their homes' value, or that if they take a big hit the resulting slowdown in their spending might not tip the whole economy into a recession. (But it might not!) I'm saying that during the runup in housing prices the air was filled with complaints from the left that the rich were bidding up the value of housing, which was becoming unaffordable for ordinary Americans whose wages were rising only slowly, etc.. Now that this process is unwinding, some of this affordability problem is presumably being corrected. I'm amazed Quick resists this point. He must own. ...

Corner reactions here. ... 7:57 P.M. link

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