It could mean less demand in the housing market. The Mortgage Bankers Association released the results of its weekly mortgage applications survey yesterday. While the weekly number for purchase mortgages was up slightly, the 4-week moving average was down and now stands more than 20 percent below its peaks last year. The refinance index is down by more than 50 percent. (The survey covers approximately 50 of mortgage originations.)
Remarkably, this important and timely data on the housing market appear to have been ignored in the NYT, WSJ, and Washington Post.
With the housing market clearly in a slump, the New York Times had a piece this morning asking how fast the housing market is heading down. In presenting the case for a gradual and limited decline the article asserts that �mortgage rates are still relatively low and look to stay well below rates common in the past.�
Obviously Joe Lieberman was defeated because of the war. Three term incumbents don�t lose primaries because of their personal peccadilloes. But there is a side to Joe Lieberman that very few people are familiar with. Joe Lieberman played an important role in laying the basis for the accounting scandals of the stock bubble era.
JACKSON, LAMONT, NEW POLITICS. Mike has a point about the implications of having Al Sharpton on stage with Lamont, and in particular directly behind his shoulder, which will be the visual. Someone up there needed to say, "OK, everyone who's not from Connecticut, to the edges, right now, and yes, that means you too, Reverend!" (The person who does that is called "the body guy," and it's a special skill.)
JOBS FOR JOE.Mark Schmitt�s right-on observation that the Democrats need to find some graceful way to ease Joe Lieberman out of the race should get us all thinking about some suitable, dignified alternative careers for Connecticut�s junior senator. Herewith, some modest proposals:
A Lieberman-McKinney Vaudeville Act. Yesterday�s losers make omelets of their broken careers by devising a sketch that can be performed in almost any venue with a minimum of costly scenery. It would go something as follows: Lieberman starts, lecturing the audience with a moral homily. Then McKinney pops him one. Curtain.
TO RHODE ISLAND! Well, there's no question where the leg-eating blogociraptors should go next. To the Kosmobile, folks, and move yourselves just a few degrees east into Rhode Island. Time to go to work for Steve Laffey, the Club For Growth candidate currently making Lincoln Chaffee's life even more miserable than it must be for a man who's a dead ringer for one of the crazy aunts in Arsenic And Old Lace.
LOSING THE LOWER NAUGATUCK VALLEY Looking at the town-by-town returns, it seems that Lieberman took the lower Naugatuck river valley quite handily. And to the extent that Democrats were drawn to Lamont primarily for his anti-war views, we anti-Iraq war liberals should be concerned by this.
JOE BEING JOE. To add to Mike�s list of reasons why Liebermanwon�t drop his independent bid, I would include the candidate�s personality. The man loves playing the martyr, taking the role of the besieged man of �principle.� Just as he loves criticizing fellow Democrats about their positions on the war, he�ll take pleasure in attacking Lamont and his backers in the general election. And though I�m sure he would rather have had things turn out differently yesterday, he�ll soon discover that this new role he�s created for himself suits his personality just fine.