THE NEW DEPRESSION
updated 1 hour, 46 minutes ago
NEW HAVEN, Conn. - An influential economist who long predicted the housing market bubble cautioned Tuesday that the slump in the U.S. housing market could cause prices to fall more than they did in the Great Depression, and bailouts will be needed so millions don’t lose their homes.
Yale University economist Robert Shiller, pioneer of the widely watched Standard & Poor’s/Case-Shiller home price index, said there’s a good chance housing prices will fall further than the 30 percent drop in the historic depression of the 1930s. Home prices nationwide already have dropped 15 percent since their peak in 2006, he said.
General Striker Re-post for your amusement:
The crash of '29
Can the markets continue to deny that the Dumbya presidency has fatally debased the currency, spent the country into an economic black hole with his tax cuts for the wealthy and his trillion dollar blunder in Iraq? The chickens are coming home to roost. A nation cannot borrow its way to prosperity. Shed no tears for the addicted gamblers at the New York Stock Casino. If they need to satisfy their greed let them work for a living. There are plenty of apples to sell. And drywall to hang. And lawns to mow. In fact- the minimum wage just went up (although I'm sure they were against it...). These sparrow-wristed savants will at least be making more than they deserve. Great country, America!
Will this be the last product Made in USA?
We report, you decide:
Or maybe this?
Maybe you shoulda thought twice before you cast that vote