Political Quotes

“Our economy is in trouble. It is struggling. The first indication we had was in the housing market. We know we passed a stimulus bill recently, a bipartisan bill which the President signed. It is going to be a good bill, I hope, to help families across my State and across the Nation. But we all know intuitively that until the housing market gets well, our economy is not going to get well. The housing market is very sick today. Last Friday, Moody's Economy.com reported that 1 out of 10 homeowners in America are holding mortgages on homes where their debt is larger than the value of their home; 8.8 million homes in America are so-called underwater, as they say. That is the greatest percentage of homes in such a state since the Great Depression. Goldman Sachs estimates that by the end of 2008, as many as 15 million homes will be in that situation, almost double the number we know today.”