Just In Case You Forgot: There Was No Housing BubbleMonday, January 2, 2012
Some things are worth remembering, especially as we move into a New Year with the same old politicians repeating the same old myths about how fantastic the economy is, how rapidly markets are improving, and how prosperous things will be once the right people in government are given the right tools to fix the broken economy. I especially love the use of holiday spending reports to evaluate consumer “confidence” and economic trends.
So here is one of my favorite blasts from the past. This article is from the Washington Post from late 2007: “Bernanke: There’s No Housing Bubble to Go Bust.” A quote:
U.S. house prices have risen by nearly 25 percent over the past two years, noted Bernanke, currently chairman of the president’s Council of Economic Advisers, in testimony to Congress’s Joint Economic Committee. But these increases, he said, “largely reflect strong economic fundamentals,” such as strong growth in jobs, incomes and the number of new households.
Isn’t that fun?