Bursting Bubble Blues: PAUL KRUGMAN - Housing Bust ; The System’s Broken: BOB HERBERT +
Por PAUL KRUGMAN, BOB HERBERT - New York Times - Monday, Oct. 30, 2006 at 10:00 AM

PAUL KRUGMAN: Housing Bust - "...much of the good news in the latest economic report is unsustainable at best, suspect at worst. Almost half of last quarter’s estimated growth was the result of a reported surge in automobile output, which some observers think was a statistical illusion, not something that really happened." - US Loses Hundreds of Thousands of Weapons in Iraq - THE COMPLETE ARTICLES AND MORE

October 30, 2006
Op-Ed Columnist
Bursting Bubble Blues
By PAUL KRUGMAN


Here are the five stages of housing grief:

1. Housing bubble? What housing bubble? “A national severe price distortion [in housing] seems most unlikely in the United States.” (Alan Greenspan, October 2004)

2. “There’s a little froth in this market,” but “we don’t perceive that there is a national bubble.” (Alan Greenspan, May 2005)

3. Housing is slumping, but “despite what you hear from some of the Eeyores in the analytical community, a recession is not visible on the horizon.” (Richard Fisher, president of the Federal Reserve Bank of Dallas, August 2006)

4. Well, that was a lousy quarter, but “I feel good about the U.S. economy, I really do.” (Henry Paulson, the Treasury secretary, last Friday)

5. Insert expletive here.

We’ve now reached stage 4. Will we move on to stage 5?
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Coming Up Soon

October 30, 2006
Op-Ed Columnist
The System’s Broken
By BOB HERBERT
Greencastle, Ind.

The middle-aged woman filling her gas tank on a day of endless rain laughed when a reporter asked her about the coming elections. “Politics,” she said, “are for silly people. Those ads come on television and I reach for the remote.”

I asked if she was planning to vote on Nov. 7.

“No,” she said. “That stuff really turns me off.”

If you pay close attention to the news and then go out and talk to ordinary people, it’s hard not to come away with the feeling that the system of politics and government in the U.S. is broken.

And More On Today's Newswire
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MARC PARENT

CRIMES AND CORRUPTIONS OF THE NEW WORLD ORDER NEWS
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