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Housing Finance and the Macro Economy: What Happening and What Needs to Happen Jared Bernstein Center on Budget and Policy Priorities.

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Presentation on theme: "Housing Finance and the Macro Economy: What Happening and What Needs to Happen Jared Bernstein Center on Budget and Policy Priorities."— Presentation transcript:

1 Housing Finance and the Macro Economy: What Happening and What Needs to Happen Jared Bernstein Bernstein@cbpp.org Center on Budget and Policy Priorities

2 Source: BEA, NIPA Accounts

3

4

5 So, what needs to happen? Supply overhang (REOs Rentals) Own to Rent Refis and Principal Reductions (means dealing with loan fees, put backs, govt programs like HARP) Fan and Fred MUST Get in the Game (radical idea) JOBS Act (Demand!) Resolve White Paper question re G-role.

6

7 Economic Policy Agenda in Four Boxes 7 Monetary Policy GrowthContraction Fiscal Policy Growth 1) WE NEED TO BE IN THIS BOX 2 Contraction 3) WERE AT LEAST IN THIS BOX 4) POLITICS IS TRYING TO LOCK US IN THIS BOX

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