Edward Leamer
Edward Leamer
Edward Emory Leameris a professor of economics and statistics at UCLA. He is Chauncey J. Medberry Professor of Management and director of the UCLA Anderson Forecast...
brought disappear foreign home jobs lost might offset result weakness
Some jobs in manufacturing might well disappear as a result of weakness in housing, but this may be offset by jobs brought home or not lost to foreign competition.
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Currently we have construction job levels reaching toward the ceiling but manufacturing jobs are virtually at the floor. With hardly any room to fall further, it doesn't seem likely that problems in housing and in construction will spread to manufacturing this time.
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If you factor in a slowing economy the number would be larger. The ultimate decider of whether you can make your mortgage payment or not is your job.
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I think it's a very good thing. I never understood why (Federal Reserve Chairman Alan) Greenspan was encouraging people to go into short-term mortgages, because of the risk they entailed.
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We expect housing to start slowing the economy this quarter or the next.