The worst of the economic crisis is over,
according to U.S. officials speaking at a financial conference Friday
at Vanderbilt University.
Frank Nothaft, the chief economist for
Freddie Mac, said housing sales have just about hit bottom and a third
of home sales are now foreclosed properties.
Dennis Lockhart, president of the Federal
Reserve Bank of Atlanta, warned that the declining commercial real
estate market still poses a risk to the economy.
New York Fed chief William Dudley
complained that the programs the government has put in place are being
undermined by public perception that they are unfair to average
taxpayers and that has made some potential investors fearful that they
would be the focus of public outrage if they profit from the programs.
It is worth emphasizing (that) actions
that lead investors to shun taking risk, especially in this
environment, are ultimately detrimental to the ability of households
and businesses to secure credit at reasonable borrowing rates, Dudley
Source: Reuters News, Ros Krasny and Kristina Cooke (04/18/2009)