Historically low interest rates have defined the last decade. And yet, in the interest rate sectors of the economy what we see isn’t successful policy execution we find instead very good evidence the theories behind the policy are all wrong. The reason the upturn in housing never really contributed much to the economy is simply because that upturn wasn’t anything more than positive numbers.
This wasn’t a housing recovery so much as an end to the decline. There’s a huge difference. And now we are seeing an end to the end of the decline.