Lucid Links (062409, Morning)
Noteworthy Net-Worthies:
From the Federal Housing Finance Agency (PDF) — “U.S. home prices fell 0.1 percent on a seasonally-adjusted basis from March to April, according to the Federal Housing Finance Agency’s monthly House Price Index. The previously reported 1.1 percent decline in March was revised to a 1.4 percent decline. For the 12 months ending in April, U.S. prices fell 6.8 percent. The U.S. index is 11.2 percent below its April 2007 peak.”
Hmm. I seem to remember CBS MarketWatch’s Rex Nutting sending me scary graphs telling me that the housing bust was going to be as bad as NASDAQ’s 75% plunge in the early 2000s. Not exactly. I thought prices would drop 5% to 10% at worst. I’m a bit closer.
The fact is, it’s still pretty bad, it’s just not Rex Nutting, Dutch tulips bad. The shame is that if it weren’t for the Democrat-inflicted, electoral victory-motivated, country-be-damned onset of the POR (Pelosi-Obama-Reid) Economy a year ago, the worst of the housing mess would be in the rear-view mirror.
But it’s not over, and as long as this administration thinks that time-delayed, historically ineffective and comparatively ineffective government “stimulus” is the way out, it won’t be over, or it will at best continue to drag out over several years.
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Michelle Malkin is calling Michelle Obama “First Crony.” The shoe fits.
A few days ago, doing work the establishment media won’t do, Malkin noted that “Michelle Obama’s installation as the face and voice of the government volunteerism boondoggle only deepens suspicions about the role she and her staff may have played in (Gerald) Walpin’s sacking. So does Michelle Obama’s past exploitation of the “community service” mantle to reward Chicago politicos (see “The Obama horror story you won’t hear“).”
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Unemployment rate prediction watch — President Obama moved from saying it will hit 10% on June 16 to “unemployment will end up going over 10 percent” in yesterday’s press conference.
At least on that one one, he’ll be right no matter what, even if the rate goes to 11%, or 12%, or 13% ….
Will my prediction of 11% unemployment be on target? If Obama is admitting to over 10% that might mean he is trying to soften the blow of a higher number by getting people to reset their comparison from last month’s 9.4% up to a base of 10%. Of course this will all be spun to justify accelerating government spending instead of doing the proper thing which is to admit none of what the Democrats did helped in any manner.
Comment by dscott — June 24, 2009 @ 10:30 am
This Week In Petroleum has now been updated: http://tonto.eia.doe.gov/oog/info/twip/twip_gasoline.html
Gasoline price rise has slowed down but still rising.
Gasoline consumption is down versus last year at this time!!!!!!!!!!!!! The double dip of the recession has begun.
Comment by dscott — June 24, 2009 @ 2:18 pm
Sadly, this is coming to pass based on comment #2.
Recovery When? How About If?
http://www.americanthinker.com/2009/06/recovery_when_how_about_if_1.html
Comment by dscott — June 25, 2009 @ 2:46 pm