One Ugly Real Estate Chart
Does it get any worse than this?
Today's New York Times ran with this headline:
As Inflation Rises,
Home Values Slump, Data Show.
“The Fed is now having to walk a very fine line.”
If they move too aggressively to cut interest rates and stimulate the economy, they might stoke inflation at a time when consumers are already squeezed by higher prices for food, energy, clothing and other goods. But if they chose more austere measures, the economy may weaken substantially faster.
The Associated Press ran with this headline:
Confidence Plunges, Inflation Rate Soars
A third report showed that home prices, measured by the S&P/Case-Shiller Index, dropped by 8.9 percent in the fourth quarter of last year, compared with the same period in 2006, the steepest decline in the 20-year history of the index.Here's the chart. [Click on the image for a larger version.]
This chart is found here. [pdf]
People placed their financial bets on their homes because of horrific government policies. Gold prices manipulated to lie, economic indicators manipulated to lie, financial controls were non-existent, all so that liars and thieves could pilfer from the public until there was no more left to take. The major insult was the recent economic stimulus plan, which really means that "Oops, we stole too much too fast. Here's some back."
Sorry to be so negative, but since when does our government get away with acting like the Mob?
Guess not enough people care, because once again:
© 2008 by Edward Ulysses Cate
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