Pity parties are for losers, our ancestors who founded this great country we all call America would never sniffle and wallow in self defeat and allow some benevolent government to pay their way , not on your life.
Report: US housing slump a prelude to recession Jun 23 03:03 PM US/Eastern NEW YORK (AP) - A bottom to the housing slump is nowhere in sight and, if history is any guide, a recession is mostly likely lurking around the corner, an academic study showed Monday. Harvard University's Joint Center for Housing Studies painted a bleak picture of the current housing downturn, pegging it as possibly being "the worst in a generation" in its "The State of the Nation's Housing 2008" report. The study noted that housing starts, new home sales and existing home sales are at all-time lows since after World War II, while home price declines and mortgage defaults are the worst on record. "We've never has so much information or data in uncharted water," said Eric Belsky, the Joint Center's executive director. "A recovery is not anywhere near in sight." A recession followed six of the last seven housing downturns, he noted, usually within two years. However, after the recession ended, housing starts typically rebounded strongly after inventory fell and new home sales picked up. The report and its authors didn't give a timeframe for a housing turnaround, but expect immigration growth to be a key factor in rejuvenating the market. Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Consumer confidence tumbles in June Tuesday June 24, 10:06 am ET NEW YORK (Reuters) - Consumer confidence fell in June to its lowest in 16 years as high inflation continued to sap confidence and pushed expectations for the future to a record low, the Conference Board said on Tuesday. The Conference Board, an industry group, said its inflation expectations gauge matched the record-high 7.7 percent it hit in May, which will keep Federal Reserve policy makers concerned over price growth as they meet to decide rates on Tuesday and Wednesday. The Conference Board said its overall monthly measure of consumers' mood declined to 50.4 this month -- the lowest since 47.3 in February 1992 -- from a revised 58.1 in May. May's reading was originally reported at 57.2. Economists on Wall Street had been expecting a reading of 56.4, according to a Reuters poll. Their forecasts ranged from 50.0 to 60.0. The index has now dropped by more than half since last July, when it was at 111.90. Since then, housing market troubles triggered the most severe credit crisis in at least a decade. http://biz.yahoo.com/rb/080624/usa_economy_confidence.html
Oil jumps above $140 on OPEC, Libya comments Thursday June 26, 2:37 pm ET By John Wilen, AP Business Writer Oil prices above $140 as OPEC president says prices could pass $150; Libya may cut output NEW YORK (AP) -- Oil futures shot above $140 Thursday after OPEC's president said oil prices could rise well above $150 a barrel this year and Libya said it may cut oil production. Light, sweet crude for August delivery rose as high as $140.05 in afternoon trading on the New York Mercantile Exchange before retreating slightly to trade up $5 at $139.55. http://biz.yahoo.com/ap/080626/oil_prices.html
Since when did they care? Once the game ends they will be walking away with enough chips to care not what happens after.
BIS: Global economy could face deeper downturn Monday June 30, 7:35 am ET By George Frey, AP Business Writer Central banks' banker says world economy could see deeper, longer downturn than most expect BASEL, Switzerland (AP) -- The global economy could face a deeper downturn than many currently expect amid rising inflation and the turmoil on financial markets, the Bank for International Settlements said at its annual meeting Monday. "In the aftermath of a long credit-driven boom, it would not be surprising to see turmoil in financial markets, slowing real growth and temporarily rising inflation," the BIS said in its annual report. "While difficult to predict, their interaction does appear to point to a deeper and more protracted global downturn than the consensus view seems to expect." http://biz.yahoo.com/ap/080630/switzerland_central_banks.html
Housing, accounting worries sink Fannie, Freddie Monday July 7, 3:43 pm ET By Stephen Bernard, AP Business Writer Shares of Fannie, Freddie tumble on housing worries, potential accounting rule change NEW YORK (AP) -- Shares of mortgage purchasers Fannie Mae and Freddie Mac tumbled Monday after a Federal Reserve official warned housing market problems would likely extend into next year and an analyst said accounting changes could leave the two woefully short of necessary capital reserves. The government-sponsored enterprises are the nation's largest purchasers of mortgages. Their shares were each down 17 percent in afternoon trading, and other financial stocks also lost ground. http://biz.yahoo.com/ap/080707/freddie_fannie_mover.html