Presidential money is almost like the housing bubble. It's growing at such an astronomical rate, you think it can't get any bigger.

Presidential money is almost like the housing bubble. It's growing at such an astronomical rate, you think it can't get any bigger.

Acceptance speeches can make or break presidential candidacies. It was Al Gore's 2000 acceptance speech that relaunched his candidacy and nearly saved him. John Kerry's speech and overall ineffective convention nearly sank him in 2004 (though he was almost saved by the debates).

There has been a housing boom, but it is not a bubble. It is more like a soufflé with the air slowly leaking out.

They want his [fund-raising] money and they know he's good for the base.

I think what we have in store is a slow deflating of the housing bubble, not a bursting of the bubble. But if mortgage rates rise more sharply than I am expecting, then the downturn in housing could be more severe.