The Opinion Blog

We really have become a nation of whiners

Ripped from the wires ... Froma Harrop observes that maybe Phil Gramm was right to call us a nation of whiners:

By FROMA HARROP

You won't hear me straining to defend Phil Gramm, the Texas Republican whose penchant for grating commentary sunk his 1996 bid for the presidency before the New Hampshire primary. It was really just a matter of time before the former senator, serving as John McCain's economic advisor, put his foot in it: Gramm opined that Americans complaining about the economy were "whiners.''

It's not good politics to call any voter a whiner, and Gramm had to leave the campaign. But honesty impels one to grant him this: The point about America being "a nation of whiners'' is not without merit.

Projected house-value losses wildly exaggerated

Ripped from the wires ... Three professors make a powerful case that the much-feared national housing-price collapse isn't going to happen:

By Charles W. Calomiris, Stanley D. Longhofer and William Miles

Turmoil in the housing market has led to fears that home prices will drop precipitously, particularly if foreclosures force large numbers of homes onto the market in the coming year. Recently, these fears have driven financial stocks down and led to the government rescue of Fannie Mae and Freddie Mac. But the projected losses have been wildly exaggerated. Most Americans have not experienced any significant decline in the value of their homes -- nor are they likely to.

Buy-now-pay-later fever sickens America

From the afternoon e-mail ... Economist Mark Hendrickson bemoans the values shift that has plunged America into a deep sea of indebtedness:

By Dr. Mark W. Hendrickson

Thrift used to be a virtue in America. In Asia, thrift remains a way of life. For example, it is estimated that the average Chinese family's thrift rate is 30 to 40 percent, which helps explain the rapid growth rates there.

A century ago, the sociologist Max Weber credited the so-called Protestant work ethic, combining thrift with hard work, as the engine of America's economic preeminence. How times have changed!

While many Americans are thrifty, many are not. The political divide of blue-state and red-state Americans is replicated in an economic division between red-ink and black-ink personal finances.

Homebuyers fight high gas prices by going urban

From the afternoon e-mail ... Realty giant Coldwell-Banker discovers an interesting trend wrought by high gasoline prices.

INTEREST IN URBAN HOMEOWNERSHIP "FUELED" BY HIGHER GAS PRICES

Nearly 78 Percent of Surveyed Coldwell Banker Sales Associates Report Increased Interest in Urban Living is a Result of Energy Costs

Properties with Home Offices Also Appealing

PARSIPPANY, N.J. (June 18, 2008) - Coldwell Banker sales associates working in urban markets across the United States indicate they are seeing interest in urban living increasing because of the high cost of gasoline. While 96 percent of the 903 sales associates surveyed report that rising gas and oil prices are a concern to their clients, 78 percent report that higher fuel costs are increasing their desire to consider living in an urban setting.

Our economic woes have their sweet side

Ripped from the wires ... Normally, I would not go back to Froma Harrop so soon after posting her other piece, but when she's right, she's right. Here, she discusses the positive aspects of our economic slowdown.

By FROMA HARROP

The morning after overdoing it, some of us take pleasure in the cleansing process. The carrot juice goes down smoothly, and a simple walk feels virtuous. One vows to exert more self-control and give yoga another try.

The current economic downturn creates its own kind of a hangover and also a potential learning experience. For many consumers, it has tolled closing time on too much borrowing, too much spending, too much sweet talk about real estate. The game is over. But while the dawn may seem cruel, it sheds light on certain truths that had been suppressed. Enrolling one's finances into a 12-step program is a healthy thing to do.

Eliminate ugly surprises for new residents

Today's editorial expresses empathy for The Farm residents distressed about contruction of a water tower near their homes:

Require developers to disclose intrusive projects

Some residents at The Farm, a Carolina Forest subdivision, are steamed that our local water utility is erecting a 120-foot water tower on nearby International Drive. They see the tower, a vital increment in a functional water system, as a blight upon their property values. So they have circulated a petition demanding that the offending utility, the Grand Strand Water & Sewer Authority, move the tower somewhere else.

Their request is unrealistic. But their distress that no one warned them this could happen is legitimate.

Local affordable housing not an impossible dream

Today's editorial highlights the Calabash builder who's churning out good homes for well under $100,000.

"Creating affordable housing for our communities' hard-working families is no easy matter. High land prices complicate the effort from the get-go. The folks who provide the designs, materials, appliances and labor to build, equip and finish decent single-family homes for local families rightly expect to be paid for their efforts. And local building codes rightly drive up costs by requiring that new homes - even modest ones - be sturdily built.

"But as Brunswick County, N.C., builder Brian Smith is demonstrating, it is possible to build such homes in reasonable quantity for well less than $100,000 each. The "secret": Local government, nonprofit organizations, designers, builders, suppliers and equippers must contribute to the effort, in well-coordinated fashion.