BREAKING: The Economy Sucks

from Bloomberg:



Home Sales Probably Held Near Decade Low: U.S. Economy Preview

By Shobhana Chandra

Aug. 24 (Bloomberg) -- Home sales in the U.S. probably teetered near a 10-year low, property values dropped and consumer spending cooled, signaling the economy has taken another turn for the worse, reports this week are projected to show.

A total of 5.435 million new and existing homes were purchased in July at an annual pace, according to the median estimate of economists polled by Bloomberg News. June's 5.39 million rate was the weakest since at least 1999. Spending probably rose 0.3 percent in July, half the prior month's gain.

The real-estate recession will persist into next year as stricter lending rules and higher borrowing costs shackle demand. At the same time, equity is disappearing as home prices fall, and wages aren't keeping up with inflation, depriving Americans of the means to maintain spending, the biggest part of the economy.

``The economy is going down a shaky path,'' said Maxwell Clarke, chief U.S. economist at IDEAGlobal Inc. in New York. ``We're not going to see a rebound in housing anytime soon. Consumers are living hand to mouth, and the outlook for spending is very weak.'' ......(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=aFIQ7hT6_220&refer=home

I know it's hard for many journalists to understand, considering they live in a privileged and insulated world, but most Americans are having a hard time making it on 3% pay increases while everything goes up by double digits.

Come off of Park Avenue and into "flyover country" to see how tough it is.

bleaker times ARE coming.

hunker down.

I remember before the 2000 election - prior to the Republicans choosing the idiot in their primaries - I was out to dinner with a good friend and his wife and politics entered the discussion.

I told him, "please not Bush". I continued, "I don't know how, but before his term is up, gas prices will be through the roof and we'll be at war".

My friend didn't believe me then.

Hey, I call 'em like I see 'em, what can I say.

Total Disaster - Total Train Wreck.

... message for all our astute members in CONgress... No Jobs=No money. Duh... Thanks for sending all our jobs to China. BTW.. China is a COMMUNIST country. You Republicans talk about terrorists that 'hate us for our freedom'.. that would be China.. yet you send all our business there? Way to go.. real politicians of genius...