NEW YORK () --fills his blog on RealMoney every day with his up-to-the-minute reactions to what's happening in the market and his legendary ahead-of-the-crowd ideas. This week he blogged on:the slide in housing sales and consumer spending; Ballmer's failure to innovate; and the Nasdaq halt in trading.
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The Shoe Moves to the Other Foot
Posted at 3:56 p.m. EDT on Friday, Aug. 23
The shoe is now officially on the other foot.
Last year at this time, the U.S. consumer and the homebuyer were buoying our markets and offsetting the declining markets of Europe and China. Now the exact opposite is occurring.
As U.S. housing sinks badly, the Fed can't really counter it, and might not even want to given how unaffordable homes are in many areas of the country. Housing became too overheated in some of the biggest areas. We had just begun to have bids above the offering price abound in some of the biggest markets. There was a developing shortage of homes all over the place.Read: