Under growing pressure from conservatives and “tea party” activists, Sen. John McCain of Arizona is having to defend his record of supporting the government’s massive bailout of the financial system. In response to criticism from opponents seeking to defeat him in the Aug. 24 Republican primary, the four-term senator says he was misled by then-Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke. McCain said the pair assured him that the $700 billion Troubled Asset Relief Program would focus on what was seen as the cause of the financial crisis, the housing meltdown.
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In early April, HousingWire Columnist Logan Mohtashami wrote about five indicators that would show when “America is back.” Now, he’s checking in on each data point to see where the U.S. housing market stands.
Engaging with the data, even soft data like surveys of opinion gives us reliable hints into what to expect in specific segments of the economy and what parts are going to recover faster.