Personal thoughts from within the Luxury Real Estate network
By Janice Ridge
Treasury Secretary Henry Paulson in a CNBC interview said that although the U.S. economy has been struggling, we are coming closer to the end of the current credit crisis. He believes progressive signs of credit and market stabilization are evident and the markets are considerably calmer than they were in March.
In defense of the housing industry, speculators and investors bear little responsibility for record high oil prices. In the CNBC interview he stated, “This is not about blame, this is about supply and demand. All the research we have done shows that speculators and investors have had very little impact on this.” Traders and longer-term investors tend to take positions on both sides of oil market transactions, long and short, thus being essentially price receivers rather than price setters.
Do you agree with Mr. Paulson’s assessment of the situation? If the current run-up in oil prices is not the fault of investors then who is to blame or is it even worthwhile to find someone to blame?
Editor’s Note:
As the Director of Membership at LuxuryRealEstate.com, and herself a licensed REALTOR®, Janice Ridge is devoted to coordinating the efforts of all of the LuxuryRealEstate.com Membership and Account Managers, so that each of our members is given superior service. This is definitely a hot topic at the moment because all of our lives are directly affected by credit and fuel problems, which both affect the real-estate market. There might not be an easy answer to the questions raised in this blog entry, but hopefully we can generate some useful discussion and get a variety of perspectives.
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Comments
Dear Jayson, So true. Boy, some statements like this sound so strange compared to what those same people who made them are saying now. Panic! Horror! Fire! Locusts! Sheesh. People who have lived wisely will be fine through these trying times while those who have taken too much risk will suffer the consequences for a time. Justice isn't fun, but it must be. Thanks again for great comments, Jayson!