【英文原文】
America and Its Junky, Junkie Economy
'Now the drugs don't work. They just make you worse.' ─ The Verve
It's the day every junkie dreads. And ours is coming soon. America must learn to live without all the drugs we've been feeding ourselves.
We've been on one heck of a binge ─ the TARP, the TALF, the FHA's Hope for Homeowners, Cash-for-Clunkers ─ more than $4 trillion of it so far.
And while there is little doubt that the junk has made us feel better, you have to wonder if it's still working.
Today's existing-home sales numbers suggest it may not be. After rising four months in a row, August home re-sales fell unexpectedly by 2.7% to 5.1 million annual sales.
A 'mild retreat' said the National Association of Realtors. But apparently it wasn't 'mild' enough for the Dow which promptly swung from a 50 point gain to a 50 point loss on the news.
Investors don't like when things that are supposed to happen don't. And home sales are supposed to keep rising, especially when the Fed and the U.S. government are doing everything they can to juice them.
For America's homebuyers, credit is certainly available. The Federal Housing Agency has insured so many dubious mortgages that it's already fallen below its legally-mandated reserves.
Mortgage rates are low: the Fed's purchases of over a trillion dollars in mortgages have seen to that. For August, the rate on a 30 year mortgage was an astonishing 5.19%.
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