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The stuttering recovery from recession was selected by CBS for its pair of lead-off items. Dean Reynolds started from Chicago, telling us about November's improvement in sales of new homes. Credit an $8,000 tax subsidy for first time buyers, lower prices and the Federal Reserve's policy of cheap interest rates. Ben Tracy followed up from Los Angeles on the dismal prospects for small businesses in California. Many small retailers are forced to scale back and banks are no longer extending a safety net of ready credit.
CBS then closed with Barry Petersen's American Spirit feature about the upside of the contracting economy. The housing slump left Alpine Cabinet Company, a Colorado firm of woodworkers, with excess capacity. In their spare time the cabinetmakers are making dolls' houses for local girls.
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