Economic Credentials from the Cracker-Jack Box
S&P: US Home Price Decline Accelerates
By VINNEE TONG The Associated Press Tuesday, September 25, 2007; 9:49 AM
NEW YORK -- The decline in U.S. home prices accelerated nationwide in July, posting the steepest drop in 16 years, according to the S&P/Case-Shiller home price index released Tuesday.
Home prices have fallen by more every month since the beginning of the year.
An index of 10 U.S. cities fell 4.5 percent in July from a year ago. That was the biggest drop since July 1991.
"The further deceleration in prices is still apparent across the majority of regions," MacroMarkets LLC Chief Economist Robert Shiller said in a statement.
. . . Shiller, an economist at Yale University, told lawmakers in written comments last week that the loss of a boom mentality among consumers poses a "significant risk" of a recession within the next year. . .
That's what they teach in the Economics Department at Yale these days?--that loss of a boom mentality is the root cause of recessions?
So, one would have to extrapolate from that piece of idiocy that economic progress and stability is dependent on a good, solid, far-reaching sense of boom. Aha! Now things make complete sense, It's the baby-boomers who got us into the worst dollar decline in history and record deficits along with their daily dose of Starbucks.
Didn't GWB go to Yale?
We are now being given ample evidence (if such were needed) by the CYA autobiography of Alan Greenspan, that nobody knows anything and the economic gurus are all prisoners on the Ship of Doom.
On GWB's watch, the dollar has declined in value by half, the national debt has been doubled (no small trick in 6 years), we are on the brink of economic implosion and the whole thing is the fault of consumers losing their boom mentality.
Who the hell gave this bozo a degree, Cracker-Jack University?