Harry Reid on the Housing Crisis and the Economic Stimulus

Question: Is the worst behind us?

Harry Reid: I met with some home builders yesterday from Nevada and around the country. I said, “Is the bottom in the housing market yet?” They said, “No.” We still have a ways to go. The housing market has not reached bottom. That’s not good. We know that the financial markets are still in turmoil. They’ve stabilized a little bit and that’s good. Maybe the rebates that we’ve given will help a little bit. But we have a lot more to do. We have to do something with the housing industry so we don’t have these kinds of problems in the future. I think that we have to recognize that we need a job creating society. I think that one thing that’s out there that should be done and could be done if we had the support of the president is move to alternative energy, renewables--sun, wind, geothermal. We would create millions of new jobs. Not only that, may have an environment that’s cleaner and more pure.

Is the worst behind us? Will the stimulus package help?

Related Articles
Playlists
Keep reading Show less

Five foods that increase your psychological well-being

These five main food groups are important for your brain's health and likely to boost the production of feel-good chemicals.

Mind & Brain

We all know eating “healthy” food is good for our physical health and can decrease our risk of developing diabetes, cancer, obesity and heart disease. What is not as well known is that eating healthy food is also good for our mental health and can decrease our risk of depression and anxiety.

Keep reading Show less

For the 99%, the lines are getting blurry

Infographics show the classes and anxieties in the supposedly classless U.S. economy.

What is the middle class now, anyway? (JEWEL SAMAD/AFP/Getty Images)
Politics & Current Affairs

For those of us who follow politics, we’re used to commentators referring to the President’s low approval rating as a surprise given the U.S.'s “booming” economy. This seeming disconnect, however, should really prompt us to reconsider the measurements by which we assess the health of an economy. With a robust U.S. stock market and GDP and low unemployment figures, it’s easy to see why some think all is well. But looking at real U.S. wages, which have remained stagnant—and have, thus, in effect gone down given rising costs from inflation—a very different picture emerges. For the 1%, the economy is booming. For the rest of us, it’s hard to even know where we stand. A recent study by Porch (a home-improvement company) of blue-collar vs. white-collar workers shows how traditional categories are becoming less distinct—the study references "new-collar" workers, who require technical certifications but not college degrees. And a set of recent infographics from CreditLoan capturing the thoughts of America’s middle class as defined by the Pew Research Center shows how confused we are.

Keep reading Show less