In a report, that was not carried in the mainstream news, the US Treasury says that, by one measure, US housing prices are falling at a truly terrifying 28% annual rate.
Our source is the official April 30, 2008 "Report to The Secretary of the Treasury from The Treasury Borrowing Advisory Committee of the Securities Industry And Financial Markets Association." This was made publicly available as a press release on that date.
The relevant passage says:
In fact, housing price data from S&P/Case-Shiller was released hours before our meeting and highlighted that the decline in housing prices is not over but that prices are actually accelerating to the downside. For example, while year-over-year prices were reported to be down almost 13%, prices on a 6-month, 3-month and 1-month basis have declined 21%, 25% and 28% annualized, respectively.
The same gloomy report also says that the US budget deficit may increase from 2007's $163 billion to as much as $500 billion in 2008--which would be the largest ever in our history.
A recent survey of primary dealers estimates that the deficit for the 2008 fiscal year ending in September will exceed $400 billion with some economists expecting a deficit of more than $500 billion--a significant deterioration from fiscal 2007's deficit of $163 billion. Economic stimulus measures will complement the forces widening the budget deficit. This year's shortfall may surpass fiscal year 2004 as the largest on record in nominal dollars.
The folks over at The Wall Street Examiner say "The statements by the TBAC are so sobering and so stunning in their scope that it’s hard to believe that the Ministry of Truth would have allowed its publication."
Of course, hiding horrible truths is very easy in a world where the main stream media choose not to cover our national financial market disgrace, and the financial media itself has become simply a cheerleader for the Plutocracy. Long live CNN and Fox Business News.
1 comment:
Well said.
Post a Comment