Politics (in this case defined as 'keeping your job') will shortly move the Bush administration to intervene in the markets. That may normally be a non-starter for conservatives... but, hey, this is an election year. So, the Fed chairman, Ben Bernanke, is suddenly calling for bankers to reduce mortgages for those in trouble and the administration raised limits on the volume of mortgages that can be Federally insured.
None of this is necessary in the Albuquerque/Rio Rancho area particularly -- except that anything that reduces the perception that the sky is falling will be welcome. More and more, I am convinced that this market - even though the local economy is sound -- will not recover while every economic indicator is down.
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