Nastier, Deeper Recession
By Number Six
Wednesday, August 23, 2006 at 05:02 PM
Uh-oh. Either it's time to circle the wagons or it's tin-foil-hat time...Via Raw Story. Seems a prediction has been offered: The housing market is in free fall and will take us all down with it next year.
"This is the biggest housing slump in the last four or five decades: every housing indictor 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.
Like most of us ain't already hurting such as it is?
This economics pro is either off his chum or, yes, we're headed for some deep doo-doo. And why not? Don't have we currently have our very own Calvin Coolidge and Herbert Hoover in office as we speak? Fiddling with nonsense as the economy burns?
Stay tuned, folks, it only gets worse...