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In August, the program was tailored toward low-income homeowners who were falling behind because of interest rate increases on their adjustable-rate mortgages.
He says stocks should turn in double-digit percentage gains for the year, although there could be a sharp sell-off along the way because of interest rate fears.
And although the association's monthly index of builders' optimism was at 62 in April, down from 77 last June, largely because of interest rate concerns, he noted that it was still far above the historical average of about 50.
In such an environment, insurance stocks are a no-no, he says, not only because of interest rate concerns but also because of their defensive nature.
This means that balances held on business credit cards are vulnerable to becoming suddenly more costly because of interest rate changes.
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Because of interest rates, Mr. Casey said, deals are still good.
But they favor fiscal austerity not because of interest rates, but because they believe in small government and the primacy of market forces.
Mr. Trichet said he expected the recovery, which has been driven by exports, to spread to domestic spending, in part because of interest rates, which remain at their lowest level since the end of World War II.
This is possible because those deposits are financially repressed — savers receive negative returns because of interest rates below the inflation rate and strict capital controls that prevent savers from investing their money in more profitable investments abroad.
Then, the monthly payments on a used car could equal the payments on a similar new car because of interest rates and financing terms, and because of robust demand from consumers.
And, at the same time, a home buyer receives income-tax benefits because of interest-rate and property-tax deductions.
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CEO of Professional Science Editing for Scientists @ prosciediting.com