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The Economic Survival Guide

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,000,000 if chairman banki is looking

,000,000 if chairman banki is looking for green shoots he's seeing some growth

for green shoots he's seeing some growth

for green shoots he's seeing some growth in the decimated housing market after

in the decimated housing market after

in the decimated housing market after all there are Bargains to be had this

all there are Bargains to be had this

all there are Bargains to be had this little beauty sold at Southern

little beauty sold at Southern

little beauty sold at Southern California auction 382,000 down from

California auction 382,000 down from

California auction 382,000 down from 640,000 today we're going to look at a

640,000 today we're going to look at a

640,000 today we're going to look at a home that's number four this one from a

home that's number four this one from a

home that's number four this one from a Florida foreclosure boat tour

Florida foreclosure boat tour

Florida foreclosure boat tour 2799 down from

2799 down from

2799 down from 725 and this little gym near Phoenix 95

725 and this little gym near Phoenix 95

725 and this little gym near Phoenix 95 5,000 down from

5,000 down from

5,000 down from 250,000 with these Bargain Basement

250,000 with these Bargain Basement

250,000 with these Bargain Basement prices many believe the housing market

prices many believe the housing market

prices many believe the housing market has finally hit bottom and are talking

has finally hit bottom and are talking

has finally hit bottom and are talking about a possible light at the end of the

about a possible light at the end of the

about a possible light at the end of the tunnel we ask lakshman aan who studies

tunnel we ask lakshman aan who studies

tunnel we ask lakshman aan who studies recessions and recoveries if there's

recessions and recoveries if there's

recessions and recoveries if there's reason to hope he says leading economic

reason to hope he says leading economic

reason to hope he says leading economic indicators say yes all of these things

indicators say yes all of these things

indicators say yes all of these things are very very early signs that the worst

are very very early signs that the worst

are very very early signs that the worst of this recession may be right around

of this recession may be right around

of this recession may be right around here and that going forward it's going

here and that going forward it's going

here and that going forward it's going to get less bad and a lot of people say

to get less bad and a lot of people say

to get less bad and a lot of people say so what it's going to it's still bad

so what it's going to it's still bad

so what it's going to it's still bad it's just less bad and and the reason

it's just less bad and and the reason

it's just less bad and and the reason that's important is because less bad be

that's important is because less bad be

that's important is because less bad be comes right before the end of the

comes right before the end of the

comes right before the end of the recession with our Avalanche of bad news

recession with our Avalanche of bad news

recession with our Avalanche of bad news that's hard to believe but let's look at

that's hard to believe but let's look at

that's hard to believe but let's look at those green shoots starting with housing

those green shoots starting with housing

those green shoots starting with housing existing home sales were up a surprising

existing home sales were up a surprising

existing home sales were up a surprising 5.1% in February prices are starting to

5.1% in February prices are starting to

5.1% in February prices are starting to bottom out out they're not dropping like

bottom out out they're not dropping like

bottom out out they're not dropping like brick rocks like they had been doing

brick rocks like they had been doing

brick rocks like they had been doing just a few months ago if your credit is

just a few months ago if your credit is

just a few months ago if your credit is good money Coach Lynette calani Cox says

good money Coach Lynette calani Cox says

good money Coach Lynette calani Cox says now is the time to buy especially for

now is the time to buy especially for

now is the time to buy especially for firsttime home buyers it's a phenomenal

firsttime home buyers it's a phenomenal

firsttime home buyers it's a phenomenal opportunity to buy you've got this

opportunity to buy you've got this

opportunity to buy you've got this $88,000 tax credit you can take

$88,000 tax credit you can take

$88,000 tax credit you can take advantage of you can write off your

advantage of you can write off your

advantage of you can write off your mortgage interest you can write off your

mortgage interest you can write off your

mortgage interest you can write off your property taxes home prices have fallen

property taxes home prices have fallen

property taxes home prices have fallen well over 25% throughout the country so

well over 25% throughout the country so

well over 25% throughout the country so home prices are far more affordable than

home prices are far more affordable than

home prices are far more affordable than they've been in years past and to boot

they've been in years past and to boot

they've been in years past and to boot you've got a lot of States uh and local

you've got a lot of States uh and local

you've got a lot of States uh and local governments that are offering free money

governments that are offering free money

governments that are offering free money for first time home buyers but for every

for first time home buyers but for every

for first time home buyers but for every potential green shoot there's a more

potential green shoot there's a more

potential green shoot there's a more troubling sign taking the bloom off the

troubling sign taking the bloom off the

troubling sign taking the bloom off the rows in this case it's foreclosures

rows in this case it's foreclosures

rows in this case it's foreclosures after hints of slowing down foreclosures

after hints of slowing down foreclosures

after hints of slowing down foreclosures are up 9% from last quarter and a

are up 9% from last quarter and a

are up 9% from last quarter and a staggering 46% over a year ago we've

staggering 46% over a year ago we've

staggering 46% over a year ago we've still got potentially millions of

still got potentially millions of

still got potentially millions of homeowners at risk of losing their homes

homeowners at risk of losing their homes

homeowners at risk of losing their homes and that's one of the biggest problems

and that's one of the biggest problems

and that's one of the biggest problems one of the biggest challenges to the

one of the biggest challenges to the

one of the biggest challenges to the housing market because when you have

housing market because when you have

housing market because when you have communities in Decline those

communities in Decline those

communities in Decline those foreclosures are inevitably going to

foreclosures are inevitably going to

foreclosures are inevitably going to drive down prices another possible green

drive down prices another possible green

drive down prices another possible green shoot the stock market up 12% over the

shoot the stock market up 12% over the

shoot the stock market up 12% over the last two months those people who were

last two months those people who were

last two months those people who were out of the market who pulled their money

out of the market who pulled their money

out of the market who pulled their money out of their stocks or bonds or their

out of their stocks or bonds or their

out of their stocks or bonds or their mutual funds or their 401ks they

mutual funds or their 401ks they

mutual funds or their 401ks they actually missed out on that huge runup

actually missed out on that huge runup

actually missed out on that huge runup and I know it's been a gain that came

and I know it's been a gain that came

and I know it's been a gain that came after a precipitous decline but

after a precipitous decline but

after a precipitous decline but nevertheless it sure beat having your

nevertheless it sure beat having your

nevertheless it sure beat having your money under the mattress but despite

money under the mattress but despite

money under the mattress but despite positive profit reports recently for a

positive profit reports recently for a

positive profit reports recently for a few big Banks such as Goldman Sachs and

few big Banks such as Goldman Sachs and

few big Banks such as Goldman Sachs and Bank of America the financial sector as

Bank of America the financial sector as

Bank of America the financial sector as a whole is still not healthy the reason

a whole is still not healthy the reason

a whole is still not healthy the reason why there remains so much suspicion

why there remains so much suspicion

why there remains so much suspicion about the banks even when they say hey

about the banks even when they say hey

about the banks even when they say hey we made some money is because people are

we made some money is because people are

we made some money is because people are not convinced that home prices have

not convinced that home prices have

not convinced that home prices have stabilized they will not really revive

stabilized they will not really revive

stabilized they will not really revive until

until

until we can as a group say I see that home

we can as a group say I see that home

we can as a group say I see that home prices have stabilized and that's going

prices have stabilized and that's going

prices have stabilized and that's going to take a little while the retail sector

to take a little while the retail sector

to take a little while the retail sector is another green shoot putting out tiny

is another green shoot putting out tiny

is another green shoot putting out tiny little buds by Rising just over half a

little buds by Rising just over half a

little buds by Rising just over half a percent for the first half of April

percent for the first half of April

percent for the first half of April maybe Americans are starting to open

maybe Americans are starting to open

maybe Americans are starting to open their wallets again now do not

their wallets again now do not

their wallets again now do not underestimate the American consumer or

underestimate the American consumer or

underestimate the American consumer or consumers around the world they'll put

consumers around the world they'll put

consumers around the world they'll put off and they and they will suffer uh but

off and they and they will suffer uh but

off and they and they will suffer uh but they won't do that

they won't do that

they won't do that indefinitely uh and and you will have I

indefinitely uh and and you will have I

indefinitely uh and and you will have I think signs of demand coming back but

think signs of demand coming back but

think signs of demand coming back but that demand may be stifled if the

that demand may be stifled if the

that demand may be stifled if the unemployment rate continues to rise the

unemployment rate continues to rise the

unemployment rate continues to rise the nation is still hemorrhaging jobs at a

nation is still hemorrhaging jobs at a

nation is still hemorrhaging jobs at a rate of over half a million per month

rate of over half a million per month

rate of over half a million per month employers are not going to suddenly say

employers are not going to suddenly say

employers are not going to suddenly say we've been laying off workers we've been

we've been laying off workers we've been

we've been laying off workers we've been giving out pink slips we've been

giving out pink slips we've been

giving out pink slips we've been slashing people's pay we've been cutting

slashing people's pay we've been cutting

slashing people's pay we've been cutting back on hours oh and now all of a sudden

back on hours oh and now all of a sudden

back on hours oh and now all of a sudden that's GNA come to a halt it just

that's GNA come to a halt it just

that's GNA come to a halt it just doesn't work that way employers know

doesn't work that way employers know

doesn't work that way employers know that their Workforce essentially

that their Workforce essentially

that their Workforce essentially constitutes 60 to 70% of their expenses

constitutes 60 to 70% of their expenses

constitutes 60 to 70% of their expenses so they're very reluctant to start

so they're very reluctant to start

so they're very reluctant to start hiring again if they don't see much more

hiring again if they don't see much more

hiring again if they don't see much more positive signs of uh hope for the

positive signs of uh hope for the

positive signs of uh hope for the economy some of Ben beran so-called

economy some of Ben beran so-called

economy some of Ben beran so-called green shoots May flour others may be

green shoots May flour others may be

green shoots May flour others may be weeds choking out the healthy good

weeds choking out the healthy good

weeds choking out the healthy good growth but both of our financial experts

growth but both of our financial experts

growth but both of our financial experts tend to believe that recovery like

tend to believe that recovery like

tend to believe that recovery like spring is on the

spring is on the

spring is on the horizon I believe the economy could use

horizon I believe the economy could use

horizon I believe the economy could use a huge dose of confidence any bit of

a huge dose of confidence any bit of

a huge dose of confidence any bit of good news is good news for the consumer

good news is good news for the consumer

good news is good news for the consumer who wants to say give me a reason to buy

who wants to say give me a reason to buy

who wants to say give me a reason to buy give me a reason to spend money give me

give me a reason to spend money give me

give me a reason to spend money give me a reason to go out there and um act as

a reason to go out there and um act as

a reason to go out there and um act as if I'm a financial Hercules and prop up

if I'm a financial Hercules and prop up

if I'm a financial Hercules and prop up the economy where's your optimism level

the economy where's your optimism level

the economy where's your optimism level well I'm following the leading indexes

well I'm following the leading indexes

well I'm following the leading indexes because they're completely unemotional

because they're completely unemotional

because they're completely unemotional they don't get all caught up in the

they don't get all caught up in the

they don't get all caught up in the Euphoria or the Despair and

Euphoria or the Despair and

Euphoria or the Despair and collectively they're edging up and I'm

collectively they're edging up and I'm

collectively they're edging up and I'm following them because they've never led

following them because they've never led

following them because they've never led me astray so on this beautiful spring

me astray so on this beautiful spring

me astray so on this beautiful spring day as we sit out here are you feeling

day as we sit out here are you feeling

day as we sit out here are you feeling as as beautiful and bright as the

as as beautiful and bright as the

as as beautiful and bright as the weather yes I am I am I think that I

weather yes I am I am I think that I

weather yes I am I am I think that I think this one is for real I think this

think this one is for real I think this

think this one is for real I think this is a real growth rate cycle upturn I

is a real growth rate cycle upturn I

is a real growth rate cycle upturn I think the end of the recession is closer

think the end of the recession is closer

think the end of the recession is closer than most people think from his lips to

than most people think from his lips to

than most people think from his lips to God's ears this is Vicky mab for

God's ears this is Vicky mab for

God's ears this is Vicky mab for Nightline in New York

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YouTube Transcript:
The Economic Survival Guide