Housing is in a free fall and is pulling the economy down with it, Roubini says
"This is the biggest housing slump in the last four or five decades: every housing indicator is in free fall, including now housing prices," Roubini said. The decline in investment in the housing sector will exceed the drop in investment when the Nasdaq collapsed in 2000 and 2001, he said.
And the impact of the bursting of the bubble will affect every household in America, not just the few people who owned significant shares in technology companies during the dot-com boom, he said. Prices are falling even in the Midwest, which never experienced a bubble, "a scary signal" of how much pain the drop in household wealth could cause.
[...]
After all , the housing bubble was engineered by the Clinton administration and uber creep Alan Greenspan to hide the failure of that administration's neoliberal, imperial policies.
No, he wasn't as bad as Bush, but he was bad and not liberal at all.
When your local repiglikkkans start jawing about Clinton's liberalism, assume you are in the presence of a dangerous, frothing , delusional, indoctrinated fool and put your kevlar on.
The housing market DID successfully tow the economy though. And now that the tug boat is sinking while energy costs are escalating like mad and Bush has emptied the treasury, cut back social agencies and done all he can to trigger a costly world war, it will get very ugly.
People made money in housing, engineered or not. Some people made a lot. However, many individuals bought in at too high a price and are trapped with high mortgages and property they will never sell at what they bought it for.
And lot's of shitty, shoddy energy inefficient construction by non union labor went on all over the country as a result of Greenspan's interest rates and easy credit. But no more.
Thanks Bush. You're batting a thousand, Monkey Lips
And the impact of the bursting of the bubble will affect every household in America, not just the few people who owned significant shares in technology companies during the dot-com boom, he said. Prices are falling even in the Midwest, which never experienced a bubble, "a scary signal" of how much pain the drop in household wealth could cause.
[...]
Housing has accounted, directly and indirectly, for about 30% of employment growth during this expansion, including employment in retail and in manufacturing producing consumer goods, he said.
After all , the housing bubble was engineered by the Clinton administration and uber creep Alan Greenspan to hide the failure of that administration's neoliberal, imperial policies.
No, he wasn't as bad as Bush, but he was bad and not liberal at all.
When your local repiglikkkans start jawing about Clinton's liberalism, assume you are in the presence of a dangerous, frothing , delusional, indoctrinated fool and put your kevlar on.
The housing market DID successfully tow the economy though. And now that the tug boat is sinking while energy costs are escalating like mad and Bush has emptied the treasury, cut back social agencies and done all he can to trigger a costly world war, it will get very ugly.
People made money in housing, engineered or not. Some people made a lot. However, many individuals bought in at too high a price and are trapped with high mortgages and property they will never sell at what they bought it for.
And lot's of shitty, shoddy energy inefficient construction by non union labor went on all over the country as a result of Greenspan's interest rates and easy credit. But no more.
Thanks Bush. You're batting a thousand, Monkey Lips
posted by TheFuriousGourmet | 4:50 PM
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