Friday, October 20, 2006

The "promise" of order and prosperity for all

SAN FRANCISCO (MarketWatch) -- The housing slowdown has turned some areas of Phoenix and Las Vegas into "ghost towns," where many unsold homes stand empty, Janet Yellen, president of the San Francisco Federal Reserve Bank, said Monday.

Yellen said that she heard the ominous description from a "major home builder," who told her that the share of unsold homes in some subdivisions around the two Western cities has topped 80%.
"I believe policy may now be well-positioned," Yellen said.

That last is rich with "promise", but I'm in the
dark. What the hell does that gobbledygook