From National Journal:
The pace of new home sales plummeted to a record low last month, the Commerce Department reported Wednesday in a further sign that the battered housing market is only slumping further.
Sales fell 16.9 percent from January, delivering a shock to analysts who had expected a gain for last month. The seasonally adjusted annual rate of 250,000 homes sold marks the slowest pace recorded since the data series began in the 1960s…
How on earth could anyone expect a gain in home sales? Oh, I know – the “experts” are all a bunch of dimwits who just do what Bernanke says…he says the economy is getting better so they “expect” home sale so to rise. The same experts are now telling us that rising gasoline prices won’t be a problem for the US economy.
Our choices are:
1. Fire up the printing presses and shove through another “stimulus” package. This will get us two or three quarters of “growth”…and finish bankrupting the nation, leading to complete economic collapse.
2. Just stop the nonsense. Let things fall to their real value and then enact policies which allow us to start making, mining and growing more of our own stuff. This will be painful, but we’ll be out of the mess in two or three years.
What will Obama do? Hard to say – baseball season is heading our way and he might be trying to figure out who will win the pennant.
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