I thought this was well done, and accurate.
Unfortunately, Bernanke was confirmed by the Senate. Hayek would not approve.
I kind of minimized the low interest rate problem before, but I changed by mind after my Dad talked to me about Robert P. Murphy’s “The Politically Incorrect Guide to Depression”. (I got it for him because he liked “The Politically Incorrect Guide to Capitalism” so much, as did I!)
Story from Yahoo News. (H/T ECM)
Excerpt:
NEW YORK (Reuters) – The percentage of U.S. homeowners who owe more than their house is worth will nearly double to 48 percent in 2011 from 26 percent at the end of March, portending another blow to the housing market, Deutsche Bank said on Wednesday.
[…]Covering 100 U.S. metropolitan areas, Deutsche Bank in June forecast home prices would fall 14 percent through the first quarter of 2011, for a total drop of 41.7 percent.
[…]Homeowners with the riskiest mortgages taken out during the housing boom have seen the greatest erosion in equity, in part because they were “affordability products” originated at the housing peak, Deutsche said. They include subprime loans, of which 69 percent will be underwater in 2011, up from 50 percent in March, Deutsche said,
Of option adjustable-rate mortgages — which cut payments by allowing principal balances to rise — 89 percent will be underwater in 2011, up from 77 percent, the report said.
Regions suffering the worst negative equity are areas in California, Florida, Arizona, Nevada, Ohio, Michigan, Illinois, Wisconsin, Massachusetts and West Virginia. Las Vegas and parts of Florida and California will see 90 percent or more of their loans underwater by 2011, it added.
Socialism destroys economic growth. There is no way around it.
With the aim of stopping future bailouts! (H/T The Maritime Sentry)
This video has lots of full-screen Michele, instead of split-screen.
Sarah Palin, who is almost as pretty as Michele Bachmann, also grabbed the spotlight by signing a bill recognizing the sovereignty of Alaska over all powers not enumerated and granted to the federal government in the Constitution.
Meh. Michele’s video is better.
WINTERY KNIGHT 