CHICAGO, May 18 (Reuters) - It is "pretty clear" that the U.S. housing market is cooling off but it looks poised for a soft landing given overall strength in the economy, U.S. Federal Reserve Chairman Ben Bernanke said on Thursday.
"Pretty clear" and "cooling" are dramatic understatements for Michigan. Actions by the Federal Reserve are causing severe economic problems for this state which "clearly" never recovered from the previous recession. A 7.2% unemployment rate and a housing market that has collapsed are viewed only within the context of the "national average".
That's like treating a broken neck with message therapy. On average, the rest of the body isn't in bad shape... just needs some adjustments.