ABC News had a report today on rising mortgage rates for homes. Rates have jumped half a percent in the last month. For some reason they didn’t talk about why.
When Greenspan has been cutting the prime rate for, what, years now, why the hell would this happen? Because your mortgage now has to compete in the same market with the ballooning federal deficit for debt money. No doubt, the federal govenment goes to the head of that line.
Yeah, a tax cut was a good idea. Cut the one strong leg out from under this already shaky recovery, and disarm Greenspan. Now what?
The case for repealing the tax cut is even stronger than the pro-repeal Democrats are making. The American people have to get clear: you pay it in taxes or you pay it in interest rates. Low interest rates are super key for a solid economy. People are already hurting, and the pain is gonna spread.
Howard Dean is the only candidate who has balanced a budget. He’s looking better and better to me.