TW: Those who read the blog know I do not care for Larry Kudlow. As part of the on-going Economists At War series here at the White House, we will examine some of LarBear's gems from the past several years. Fox News and the right-wing radio hacks are engaging their minions to wage a pre-emptive attack on Obamanomics. Perhaps they are right, but then that would mean they have gotten a lot smarter since they uttered some of these bits of wisdom.
From Larry Kudlow's blog in the National Review June 20. 2005:
"Homebuilders led the stock parade this week with a fantastic 11 percent gain. This is a group that hedge funds and bubbleheads love to hate...So have all the bubbleheads who expect housing-price crashes in Las Vegas or Naples, Florida, to bring down the consumer, the rest of the economy, and the entire stock market...the homebuilders index has increased 76 percent over the past year, with particularly well-run companies like Toll Brothers up about twice as much. The bubbleheads missed all this because they haven’t done their homework...
It is plain to see that the family demand for homes has far outstripped the supply of newly built residences. So it should not be shocking that home prices have tended to rise on a steady basis...
Homebuilding also faces another obstacle with the effects of price-hiking. Local zoning and environmental regulations have restricted the availability of land on which new residential units can be built. So while housing demands are white hot, the green lobby has cooled down new designs..." [TW: damn those greenies otherwise we could have built even more homes!!!]
http://article.nationalreview.com/?q=MDNhMDFhNmJmYmU3NDQyZTAyOWNhMmYzNTY3NDNiODA=
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