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Obama calls housing the biggest drag on the economy

Today, President Obama visited the Facebook headquarters for a Town Hall meeting and took questions from Facebook users on various topics, including housing which he said is currently sluggish and that collapsing home prices is probably the biggest drag on the current economy.

Obama noted that the era of buying homes with low down payments is over and although there are some pockets of positive activity in housing, and advised that for some people it may be smarter to rent.

What’s next?

Now that Obama has declared housing is the biggest speed bump to the economy, will more attention be paid to the sector other than killing Fannie Mae and Freddie Mac, and government infighting and continued implementation of failed projects like HAMP? Obama has recently announced he will be running for reelection, will housing be put on the forefront of this and other campaigns?

When the full transcript and video are available they will be posted here.

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  1. Roland Estrada

    April 21, 2011 at 4:07 am

    The man has a stunning grasp of the obvious. I can’t wait for him to announce the world is round.

    • MH for Movoto

      April 21, 2011 at 2:49 pm

      staunch Democrat though I am . . . . LOL. you're so right.

  2. Benn Rosales

    April 21, 2011 at 10:31 am

    I think the administration's economic policies are a drag on the economy, 4.50 gas is a drag on the economy, stringent credit requirements are a drag on the economy, I mean, come on… JOBS are the biggest drag on the economy.

    Not one solution mentioned. With every campaign move in the next year, I think it draws anger. We don't need a cool president, we need a president who isn't afraid to only serve one term.

    • Roland Estrada

      April 21, 2011 at 10:43 am

      Agreed. Private sector job creation has to lead the way, not the shovel-ready malarky the administration has tried to peddle.

    • Eric Holmes

      April 23, 2011 at 2:57 am

      Seriously, what does the administration want? I want hope and change and intelligent fiscal policy.

      I'm the asshole that could care less about who you love but what you love. I'm the 60%+ that fiscal conservative and social liberal that is apparently so elusive.

      I can say that I feel I'm over taxed as a self employed individual, but that means jack and sh!t to anyone else.

      Sometimes I feel like D'Angelo Vickers swatting peanut vapor laden peanut butter sandwiches with the ends cut off out of the air with a trapper keeper. I often look at myself in the mirror and say "WTF?", "wtf?"? Peanut Butter, seriously? Terrible.

  3. Joe Loomer

    April 21, 2011 at 10:38 am

    …What Benn said – last I checked jobs lead recoveries, and higher taxes mean less jobs. With gas approaching four bucks a gallon, who can afford to go look at houses?

    Navy Chief, Navy Pride

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