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sabra Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-24-06 09:38 AM
Original message
Bush aide says housing slump put a burden on economy

http://www.businessreport.com/newsDetail.cfm?aid=9939&cid=6

Bush aide says housing slump put a burden on economy

Edward P. Lazear, chairman of the White House's Council of Economic Advisors, says the slumping home market will affect "a very significant chunk" of the third quarter growth. Lazear made his comments during an interview with the Associated Press, and said the decline in home sales "Is going to hit us.". Some economists are predicting third quarter growth of 2.1%, which would be the lowest since the fourth quarter of last year, when the Gulf Coast was reeling from hurricanes Katrina and Rita.

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area51 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-24-06 09:42 AM
Response to Original message
1. The burden on the economy ...
... is GW Hoover's economic policies, which have caused the 2nd Great Depression, widespread poverty & lack of job creation.


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PurityOfEssence Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-24-06 09:47 AM
Response to Original message
2. So the fantasy run-up he distorted to "prove" his economic success
is now unfairly hurting the perception of the success that isn't.

So, how much is that Potemkin Village worth these days?

The housing bubble has been the only thing propping up this economy. To not acknowledge this was Junior's handy flim-flamming to show that the economy was doing well. Now he thinks he can use it as an excuse.

It's all caving in on these greedy fucks, and their wild thrashing in the water is ridiculous. Still, they may be able to hang on to their ill-gotten gains and sucker or scare people into letting them retain the reins of power.
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gratuitous Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-24-06 09:58 AM
Response to Reply #2
3. Now, come on, be fair
Nobody could have possibly foreseen that the housing bubble would burst, or that housing prices wouldn't keep going up and up with double-digit annual increases every year forever. So, how could the Bush economic policy advisers have possibly done anything, recommended any changes, or helped to soften this hard landing? I ask you? Arrest my case!

And for some strange reason, I'm not seeing quite so many of those infomercials about how to become a house-flipper--I mean, a real estate speculator--I mean, an investor in fine properties, anymore. Why, people were turning nothing down houses into millions! Millions, I tell you! And it will keep going forever.
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Hugin Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-24-06 10:04 AM
Response to Original message
4. Those darned houses slumping like that...
Why we aughta bomb them into submission!
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Demit Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-24-06 11:45 AM
Response to Reply #4
6. These are obviously liberal houses, slumping with suspicious timing
just before the election.
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aquart Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-24-06 11:42 AM
Response to Original message
5. You mean where people can sell houses because all the jobs in the area
have disappeared? That housing slump?
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damntexdem Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-24-06 04:42 PM
Response to Original message
7. In reality, the Dubya economy likely put a burden on housing.
Just like on everything and everyone else.
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