Detroitification — It’s The Government, Stupid
By Monty Pelerin on August 25, 2013
Facts are stubborn things.
No matter how hard the Washington crowd tries to sell an economic recovery, inconvenient and contrary facts keep rearing up to shatter their mythmaking. Few people any longer believe the claims of declining unemployment or low inflation at least based on purchases they make.
The fable of a housing recovery is now crumbling: New Home Sales Plunge 13.4% in July, June Revised Lower; Blame Rising Mortgage Rates; Starts 896,000 – Sales 394,000. Two weeks ago, the same author (Mish) provided this article: Mortgage Applications Decline 13th Time in 15 Weeks; Are Mortgage Rates Cheap? What’s Next For Housing?
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"The recession, declared over in June 2009, never ended. Over four years later there has been no meaningful sign of a recovery."
ReplyDeleteAin't that the truth. The only reason we're officially out of the recession is because they changed the way official statistics are calculated. It doesn't take a PhD in Economics to figure that out.