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Economist Podcasts

Neither borrower nor renter be: America’s coming foreclosures

Economist Podcasts

The Economist

News & Politics, News

4.35K Ratings

🗓️ 30 July 2021

⏱️ 23 minutes

🧾️ Download transcript

Summary

America’s pandemic-driven measures granting relief on mortgages and rent arrears will soon expire, and millions of people are in danger of losing their homes. The Netherlands’ history of slavery is often overlooked; a new exhibition goes to great lengths to confront it. And how Marmite’s love-it-or-hate-it reputation represents an unlikely marketing coup.

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Transcript

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0:00.0

Hello and welcome to the intelligence from The Economist. I'm your host, Jason Palmer. Every weekday, we provide a fresh perspective on the events shaping your world.

0:17.2

The Netherlands colonial past is often overlooked, built as it was on staggering amounts of slave labor.

0:24.6

A new exhibition tackles that history head on, despite the fact that enslaved people didn't have many belongings to leave behind.

0:32.6

And if you know about Marmite, a salty, gooey spread most famous in Britain,

0:38.1

you know that it's a love it or hate it proposition,

0:41.1

or at least you've been told it is.

0:43.8

We look back on a daring 1990s advertising campaign

0:47.2

that's still helping to sell the stuff.

1:07.1

First up, though, America's economy is now back where it was before the pandemic, according to data released this week.

1:12.6

Breaking news in, the U.S. economy grew at its fastest pace since last fall. The government...

1:13.6

Gross domestic product or GDP grew at a 6.5% annualized rate in the March to June period.

1:18.6

So we're seeing the recovery play out in these numbers every quarter.

1:23.6

From inflation to jobs to housing prices, other economic indicators are also moving at pace.

1:30.3

But one measure has been relatively stagnant, foreclosures.

1:34.3

For the past 18 months, American homeowners unable to keep up with mortgage payments

1:39.3

could stay in their homes, thanks to a federal foreclosure moratorium put in place in the pandemic's early days.

1:46.0

Renters, too, were protected from eviction, but both of those stopgap provisions are set to expire tomorrow.

1:52.9

Yesterday, President Joe Biden asked Congress to extend the eviction moratorium, but that is looking

1:58.7

unlikely, meaning that there are now almost 5 million people

2:02.4

in fear of losing their homes over the next two months. A colleague and I recently visited Miami,

2:08.6

which, like much of America, is experiencing an incredible boom in its housing market.

2:14.3

Alice Fullwood is the economist's Wall Street correspondent. House prices are up 20%

...

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