Republican Recession Watch: Confidence Drops, Home Values Drop

1:49 pm EST April 29th, 2008 | Republicans | 4 Comments

House For Sale

Clearly this is good for out of touch John McCain.

Americans’ confidence in the economy continued to plunge this month as their homes lost value at the fastest rate in two decades, according to reports released on Tuesday.

The data suggested that the housing slump was far from a recovery and the job market might continue to weaken, ratcheting up pressure on the Federal Reserve, which began a two-day meeting on Tuesday, to take steps to stave off a prolonged slowdown.

The reports were consistent with a recession, economists said, though some optimists have insisted the economy is growing, albeit at a snail’s pace. President Bush remained in the latter camp at a news conference on Tuesday, where he said the economy was facing “a tough time.”

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4 Responses to “Republican Recession Watch: Confidence Drops, Home Values Drop”

  1. C.S.Strowbridge says:
    April 30, 2008 at 1:46 am

    I read there’s a serious issue with jingle mail. People mailing in their keys to their bank because abandoning the property is the easiest solution for them.

    Scary.

  2. durablend says:
    April 30, 2008 at 4:56 am

    Some of them don’t even bother with the stamp–just leave the keys under the doormat and vamoose

  3. C.S.Strowbridge says:
    April 30, 2008 at 5:17 am

    Just read that a third to 40% of foreclosures are own by the bank. That is to say, they can’t even sell them at an auction to investors. They have no equity at all.

    … Shit.

    There’s almost no way there is going to be a fast recovery here.

  4. Butch H. says:
    September 29, 2008 at 12:08 pm

    This is the bed America made for itself, by putting Bush in office (TWICE!) It’s time to lie in it, and shut up the whining. You notice the oil companies don’t need to be bailed out, right? We’ve already done that with our 200% increase in gas prices. The same people that touted Bush as a solution are now touting McCain as a solution. People never learn. Which is more important, far right and far left ideology, or the American taxpayer and the American economy, and the perceived value of all things American around the world? Sometimes men don’t think with their brains. And it’s just as clear that Americans don’t vote with their brains, either. When they start, things will get better. Until then, suck it up, buttercup. We deserve this, because we didn’t have the fortitude and common sense to prevent it from happening.