How so many people went so far astray from the mainstream and were wrong is probably unprecedented,
More Quotes from Sung Sohn:
If prices remain where they are, and the rest of the economy performs well, that won't be the end of the world,Sung Sohn
In the early stage of an economic recovery it is almost normal to see some volatility in consumer confidence because the jobless rate continues to rise, jarring people's confidence, ... However, all the pieces are in place to generate recovery, including healthy spending, robust housing and record low business inventories.
Sung Sohn
But give people more information, and we can incorporate it into our thinking process. We can attach and assign probabilities and then more or less go on with our normal lives. I think that's exactly what's unfolding.
Sung Sohn
The problem is the bottleneck. The industry simply is not able to process the applications fast enough. They (homeowners) are trying to refinance...But the increase in demand will simply increase the waiting list.
Sung Sohn
The bedrock of consumer spending and confidence is employment. The expectations of more jobs has boosted consumer confidence.
Sung Sohn
Employment gains really haven't come from full-time workers. They're coming primarily from part-time, temporary help, ... Businesses are still trying to maintain flexibility by not hiring more expensive, full-time workers. That might be one of the reasons why we're seeing an increase in continued claims.
Sung Sohn
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