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Posted August 20, 2012 by

If you fix the housing foreclosure crisis, you fix the job market

ForeclosureTwo news stories this morning illustrate the daunting challenges the economy continues to face on the road to recovery.  First, a New York Times articles points out that the Obama Administration was too slow to address the housing market crisis, which has been a major drag on the economy.

Meanwhile, a report from the Federal Reserve Bank of New York estimates that about one-third of the jump in unemployment from 5 percent to its 10 percent peak in October 2009 can be traced to a mismatch between the supply of labor and job openings.  The remaining two-thirds of the increase is due mainly to a lack of demand.  (more…)