Tuesday, August 24, 2010

Home Sales Hit New Low; A Depression, Not a Recession

Existing home sales hit a 15 year low in July. Foreclosures are 30 times what they were before the crash in 2008.  Meanwhile, an economist says we are in a depression, not a recession.

No argument there.  Recessions don't last this long or go this deep.

The question is:  how will the Democrats spin this?  That's not hard to figure out.  They will say that George Bush ruined the economy and a vote for Republicans will be for more of the same.  This is the tack being taken by Jerry Brown against Meg Whitman for governor of California.


Stogie said...

We haven't seen the bottom yet.... considering the high unemployment rate and stagnant wages, housing prices are still too high. The Feds can't drop rates any lower, and they have stopped the buyer tax incentivies.... nothing more to prop it up.   They are all guilty of ruining the economy!  Whoever we vote for is more of the same.... it might be packaged differently... but it's all BS.

Stogie said...

you son will be here tomorrow. when are you coming up. You better start exploring your options, Nevada is one of them.