Just In Case You Forgot: There Was No Housing Bubble
Monday, January 2, 2012Some 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?
mike miller says:
January 4th, 2012 at 10:31 pm
I don’t have a comment about this issue, but a question about bank of America. since you are a c.p.a. maybe you can tell me who is making their stock purchases in the millions every day. They are the most traded stock on almost every day.WHO IS DRIVING THIS? Thanks Mike Miller
Larry Calloway says:
January 7th, 2012 at 12:13 pm
That is why I sent an e-mail to Peter Schiff commending him on dealing with the crap that Fox News and CNBC were giving him – as he discussed the pending collapse – of the B.S. masquerading as an economy (and he replied and sent me additional hilarious links).
The housing bubble was just as obvious that housing prices had no relationship with reality just as the phony tech stock rise in the 90′s – although Bernanke is just lying – it just amazes me still how some people fall for this nonsense and don’t realize that thieves are stealing from them.