HousingPANIC Quote of the Day
“Congress wants to have a nationwide housing bill ready by July 4. That’s ironic, since not much about its bipartisan legislation seems to foster independence. Quite the opposite. Capitol Hill’s attempt at helping Americans saddled with mortgage debt amounts to little more than a bailout.” - Peoria Journal Star editorial board, June 2008 (Sorry Chris Dodd, your corrupt POS lender and gambler bailout legislation ain’t playin’ in Peoria)
Anatomy of a Meltdown
There is an interesting three part series in the Washington Post on the U.S. Housing Bust. Part one is called “The Credit Crisis”. Of course this blog has been talking about the credit crisis for years, while most of the mainstream press was in absolute denial. Greenspan, Bernanke, and the Treasury department were also (and still are) in denial as well. Let’s start with a chart by the Washington Post showing a timeline of the bubble. click on chart for sharper image Myth Of The Savings Glut
01.20.09 … by gimleteye
Feeling safer? A significant majority of Americans believe the nation is headed in the wrong direction. Consumer confidence is hitting new lows. It is not just a staggering economy, or national security or energy or the environment, health, insurance and education: the next president of the United States is inheriting a gargantuan mess. Over a long period of time–not just the Bush terms–representative democracy has been deformed. That is the scariest part of the mess: it is a massive challe