During the eight years of Barack Obama’s presidency, the housing market has mostly done a long, slow-motion dead-cat bounce. Sure, housing prices are better than they were when he took office, thanks to a housing crisis caused by the easy credit that was championed by the Democrats. However, we never saw the huge comeback in housing that many liberals were expecting.
So, how has the housing market responded with Obama’s exit imminent? Surely it’s tanked, just like all of the liberal pundits said it would, right?
Yeah, well … not so much. CNBC reported that new housing “starts” were at a 9-year-high last month “as builders ramped up construction of both single and multifamily homes, offering hope that housing will contribute to economic growth in the fourth quarter.”
“Groundbreaking jumped 25.5 percent to a seasonally adjusted annual pace of 1.32 million units, the highest level since August 2007,” the Commerce Department said on Thursday. “The percent increase was the biggest since July 1982. Starts increased in all four regions last month,” they added.
Of course Obama’s people are likely to say that it’s just the president playing “the long game” that they always bring up. However, it’s funny that right as Obama is starting to leave, even after all of this “growth” we’ve heard touted by the administration, the biggest rise happened at the very end.
And that isn’t all. The stock market was predicted to drop dramatically when Donald Trump was elected president, since he would undo all of the stability that Obama had brought us. That prediction didn’t hold up either, despite early gloom post-election.
“It really does now look like President Donald J. Trump, and markets are plunging. When might we expect them to recover?” liberal economist Paul Krugman said in the early hours of Wednesday, Nov. 9. “If the question is when markets will recover, a first-pass answer is never.”
“We are very probably looking at a global recession, with no end in sight,” he added. “I suppose we could get lucky somehow. But on economics, as on everything else, a terrible thing has just happened.”
So how has the market responded? Since Friday, Nov. 4, the Dow Jones has risen over a thousand points, most of it since Trump’s election.
Stocks are skyrocketing, housing is suddenly booming. Was Obama’s “long game” just a plan to have markets relieved to be rid of him after eight years? If so, I think we’ve finally found at least one strategy the president has managed to carry through to fruition.
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