Housing: Is that the Bottom Down There?; Housing: Is that the Bottom Down There?; Bernanke on the Hill; China One-Year After the Earthquake; NPR Ombudsman Alicia Shepard
Housing: Is that the Bottom Down There?
Depending who you ask, the housing "crisis" is either nearing bottom, or on the edge of a second precipice. The right answer depends on which housing crisis you're talking about. In traditionally high-end, desirable areas there are now bidding wars going on for homes. While in outlying areas, take Victorville, things are so bad that banks are now ripping down uncompleted houses and selling the building materials for scrap. But with so much of the economy riding on the housing market, which market counts? Larry takes a look at the housing crisis and tries to figure out if things are leveling off.
Proposition 1A
The centerpiece measure on the May 19th special election ballot is Proposition 1A. It would establish a state spending cap and strengthen the state's rainy day fund which sets aside money for hard times. Less promoted is the flip side of Proposition 1A: If approved, temporary increases in the sales tax, personal income tax and the vehicle license fee will be extended an additional one to years, in some cases through 2013. Governor Schwarzenegger supports the measure along with State Democrats and some key Republican lawmakers. Anti-tax advocates strongly oppose the measure, as do some unions and health and education advocates who oppose the spending caps.
Bernanke on the Hill
Federal Reserve Chairman Ben Bernanke says the economy is close to bottom and a recovery should be under way by year's end. He was testifying before Congress' Joint Economic Committee this morning, Bernanke also warned that business investment remains "extremely weak" and there will be more job losses in the coming months. Larry talk with Neil Irwin about Bernanke's testimony and the bank stress tests that are due to be released later this week.
China One-Year After the Earthquake
Larry Mantle talks with All Things Considered Host Melissa Block, who is in China, about how China is recovering one year after the Chengdu earthquake.
NPR Ombudsman Alicia Shepard
Larry Mantle talks with NPR Ombudsman Alicia Shepherd and takes calls from listeners.