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Housing was ground zero for the Great Recession. Between early 2006 and Obama's inauguration in 2009, average house prices fell by a third across the country. In certain areas, including cities as diverse as Akron, Orlando and Las Vegas, house prices fell by more than half. ↗
In the fourth grade, my history teacher gave us a project: Why was the auto industry located in Detroit, Michigan? I didn't know I was going to be an economist, but I knew I was going to do something that was involved in answering questions like that one because I thought that was a fascinating question. ↗
It has become fashionable to rail against government intervention in the economy, and the FHA is a favorite example by those trying to show the government's overreach. In reality, the FHA shows how government action during the Great Recession forestalled a much worse economic fate. ↗
We're not leaving; we are just making sure we're not hurt too much by the level of the yen. We are stunned by the yen at 78 or 79 to the dollar, which is a historical high. The country's suffering. My duty is first to make sure Nissan gets unscathed through the turbulence to protect the company, without forgetting the fact we're a Japanese company. ↗
