The trillion dollar floodgates haven't opened yet, but soon the 76 million baby boomers will want their money back from the retirement accounts they so carefully fed.
It's been easy over the last few months to feel a bit sorry for Hank Paulson. He left Goldman Sachs, reluctantly, to lead President Bush's second-term Treasury in the belief that his skills might help solve two thorny problems: deteriorating political sentiment toward China's rising economic might, and the long-term insolvency of the U.S. entitlement programs as the Baby Boom generation heads toward retirement.
I got some interesting email replies to my previous post on housing numbers. Take a look: I've returned to California after a six year corporate move to find my Southern California tract house selling for $1 million more than I sold it for in 2001? I am not in the market. The house was barely worth what I sold it for in 2001. I have an excellent credit rating, equity in the bank and am leasing for now. We are Leasing a new 3,100 square foot home in a new development for the price of an apartment. Why buy?
Are outages and maintenance issues causing our refineries to operate too inefficiently? James Halloran, energy analyst with National City’s private client group, appeared on “Morning Call” to discuss how refining capacity is affecting what you pay at the pump.
An increasing number of employers are offering flexible-work arrangements as a way of attracting and retaining top talent. The trend is being aided by technology and driven by shifting demographics and a more global economy.
John Goodman, president of the National Center for Policy analysis, told CNBC’s “Morning Call” that Health Savings Accounts are growing faster than IRAs at the “same point of their evolution.”
The top executive at Coldwell Banker said this is the best time in ten years to buy a house because interest rates remain low, inventory is high and prices have stabilized.“It’s still a buyer’s market,” Jim Gillespie told CNBC’s “Squawk Box” on Tuesday. “This is absolutely the best time to buy.”
Baby boomers who don’t want to retire to a distant locale (some place warmer or cheaper) may be causing a long-term drag on the U.S. housing sector – and the economy. According to a survey done by Home Depot – 89% of older Americans want to stay in their present houses for as long as possible. But companies like Home Depot are seeing a business opportunity in reaching out to boomers who want to stay put.