The similarities between 2007 and 2014 continue to pile up. As you are about to see, U.S. home sales fell dramatically throughout 2007 even as the mainstream media, our politicians and Federal Reserve Chairman Ben Bernankepromised us that everything was going to be just fine and that we definitely were not going to experience a recession. Of course we remember precisely what followed.
It was the worst economic crisis since the days of the Great Depression. And you know what they say – if we do not learn from history we are doomed to repeat it. Just like seven years ago, the stock market has soared to all-time high after all-time high. Just like seven years ago, the authorities are telling us that there is nothing to worry about. Unfortunately, just like seven years ago, a housing bubble is imploding and another great economic crisis is rapidly approaching.
Posted below is a chart of existing home sales in the United States during 2007. As you can see, existing home sales declined precipitously throughout the year…
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1 comment:
Aided by a huge lack of intelligent home buyers.Americans want too much house for their money.As usual the ones at the top get blamed for public stupidity.When one drives by a Sunday open house,discretion should kick in,but ooh no.You have to go in and look at it,knowing damn well it's way beyond your means.Then you go home and work out a scheme that allows you to buy it.Reality sets in after about the 2nd month in your great big expensive house.
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