Imagine. Our housing crisis is officially now worse than the Great Depression:
It’s official: The housing crisis that began in 2006 and has recently entered a double dip is now worse than the Great Depression.
Prices have fallen some 33 percent since the market began its collapse, greater than the 31 percent fall that began in the late 1920s and culminated in the early 1930s, according to Case-Shiller data.
The news comes as the Federal Reserve considers whether the economy has regained enough strength to stand on its own and as unemployment remains at a still-elevated 9.1 percent, throwing into question whether the recovery is real.
“The sharp fall in house prices in the first quarter provided further confirmation that this housing crash has been larger and faster than the one during the Great Depression,” Paul Dales, senior economist at Capital Economics in Toronto, wrote in research for clients.
According to Case-Shiller, which provides the most closely followed housing industry data, prices dropped 1.9 percent in the first quarter, a move that the firm interpreted as a clear double dip in prices.
Moreover, Dales said prices likely have not completed their downturn.
I have lived all my life on stories of the Depression (topped of by the 1937 Ohio River Flood) lived through by my dad and mom. I am listening to my mom talk about it right now as I type this. She is telling me everybody’s family nicknames, and she just came up with a zinger: “We were so poor all we could afford to give each other was nicknames.”
Fortunately I don’t have any children so they will not need to be marked by stories and memories of this depression. It will all just die off right here. I think that is for the best. My little contribution to slowing down the wheel of Samsara.
It sure helps when the media is a co-conspirator, huh? In the middle of the shittiest economic period in the history of the country and you would have absolutely no clue if you depend on corporate media for information. I’m telling ya, don’t picket in front of the Court House, do it at the local TV station.