I suppose somebody had to say it. The clouds of smoke produced by California's wildfires have a silver lining, according to Dow Jones' MarketWatch website. The destruction of homes could be a boost for America's battered housing market, pontificates economic commentator Tom Bernis:
In Southern California, one of the hardest-hit housing markets in the country, the temporary reduction of available supply may not be enough to turn things around completely, but it could at least act as a brake on the housing crash.
Bernis continues:
Economists have noted the perverse reality that in the wake of disasters, reconstruction spending helps the economy, even as people are still struggling to recover from their personal losses.
How charming. No doubt there are hedge fund managers already taking suitable positions in Californian housebuilders. I'm sure that'll cheer up all those folks in the Qualcomm Stadium.
