Good News: Housing’s Down ...

Good News: Housing’s Down, Market’s Off, Oil’s Up

Economic Scene
Good News: Housing’s Down, Market’s Off, Oil’s Up
By DAVID LEONHARDT
Published: November 14, 2007
Recent economic developments probably will not turn out to be as bad as you think. Some are downright welcome.

Excerpt:

Too often, we think about the economy without nuance. We treat it as a local sports team that is either winning or losing, up or down. We’re always supposed to be rooting for stocks and homes to become more valuable and for oil and overseas vacations to become more affordable.

But that’s not quite right. There are real downsides to an economy full of expensive assets and inexpensive resources. There are also a lot of people who are better off because of the recent turmoil. You may well be one of them.

The best place to start is the stock market, because it’s the most counterintuitive. The notion that anybody but a sophisticated Wall Street short-seller should be hoping that stocks fall sounds, frankly, bizarre. But it’s true: a huge chunk of the population — including most people under the age of 50 — has benefited from this year’s market drop.


Comment: Good for investors and prospective home buyers!