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The Washington Post Still Hasn't Heard of the Housing Bubble
A front page article notes the flood of homes awaiting foreclosure and tells readers: "it masks the full extent of the foreclosure crisis and threatens to depress prices even further just as some parts of the country are hinting at recovery.
An article in the business section quotes an economist from Global Insight: "historically, it has taken a while for home prices to rebound after a major decline."
Actually, prices do not recover from a housing bubble. The Post and its expert sources should know that.
--Dean Baker
COMMENTS (7)
Besides still not recognizing what a housing bubble is, the Washington Post was in fine fettle this morning writing about the decline of the dollar without once mentioning the chronic trade deficit or the Chinese trade surplus with the U.S. and how that would be affected if the Reminbi no longer was pegged to dollar as was allow to float.
Posted by: Rick Kane | June 24, 2009 12:40 PM
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Posted by: lotro powerleveling | June 25, 2009 5:27 AM
The Post is having a horrible month. Won't July be worse?
They can continue to blow their coverage of health care funding, our two wars, the economy.
Something to look forward to!
The Post needs a new editor and publisher.
Posted by: John Krogman | June 25, 2009 9:17 PM
Actually, prices do not recover from a housing bubble. The Post and its expert sources should know that.
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