Tuesday, June 14, 2011

Whew, the Obama recovery continues

US Housing Crisis Is Now Worse Than Great Depression

It's official: The housing crisis that began in 2006 and has recently entered a double dip is now worse than the Great Depression.

Prices have fallen some 33 percent since the market began its collapse, greater than the 31 percent fall that began in the late 1920s and culminated in the early 1930s, according to Case-Shiller data.

The news comes as the Federal Reserve considers whether the economy has regained enough strength to stand on its own and as unemployment remains at a still-elevated 9.1 percent, throwing into question whether the recovery is real.

"The sharp fall in house prices in the first quarter provided further confirmation that this housing crash has been larger and faster than the one during the Great Depression," Paul Dales, senior economist at Capital Economics in Toronto, wrote in research for clients. More here:

Hmmmm, so government regulation/intervention finally got around to crushing the economy eh? Does the Community Reinvestment Act ring a bell? Now WHO could have predicted that would happen?  After all, we only had the best interests of the public at heart.  Oh woe is us.  Hey, I know what we need ... that's right ... MORE taxes and regulation.

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