It’s Official… Worst Jobs President Since Great Depression Oversees Worst Housing Downturn Since Great Depression

Another Grim Milestone.

(NY Times)

It’s official. The worst jobs president since the Great Depression is now overseeing the worst housing downturn since the Great Depression.
The New York Times reported:

Housing prices fell in March to their lowest point since the downturn began, erasing the last little bit of recovery from the depths plumbed two years ago, according to data released Tuesday.

The Standard & Poor’s Case-Shiller Home Price Index for 20 large cities fell 0.8 percent from February, the eighth drop in a row. Prices are now down 33.1 percent from the July 2006 peak.

“Home prices continue on their downward spiral with no relief in sight,” said David M. Blitzer, chairman of the S.& P. index committee.

Housing is in persistent trouble, industry analysts say, not only because so many people are blocked from the market — being unemployed, in foreclosure or trapped in homes that are worth less than the mortgage — but because even those who are solvent are opting out.

The desire to own your own home, long a bedrock of the American Dream, is fast becoming a casualty of the worst housing downturn since the Great Depression.

That’s not all…
The New York Times added this on the grim economic news.

A month ago, when an initial gauge of first-quarter economic growth came in surprisingly weak, many policy makers and economists expected the bad news to prove fleeting. But when revised data were released last week, the growth estimate remained stuck at an annual rate of 1.8 percent, compared with 3.1 percent at the end of last year.

More troubling in the latest figures, consumer spending — the largest component of the economy — was especially slow. Stagnant wages and higher prices for gas and food are squeezing family budgets, while falling home equity hurts consumer confidence. That suggests more bad news to come.

When consumers are constrained, so is hiring, because without customers, employers are hard pressed to retain workers or make new hires. A recent Labor Department report showed a greater-than-expected rise in the number of people claiming jobless benefits even as private-sector economic forecasts are being revised downward — both very bad omens for continued job growth.

More… Economists downgrade the prospects for economic growth.

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  • Mikey

    Funny, how the MSM and the Dems all say he is unbeatable. Really?

  • chicago

    proof that Bernanke’s QE I and II were ineffective and only accelerated inflation….BUT, this piece of data will be used by both Obama and Bernanke to facilitate QE III and IV.

  • Militant Conservative

    This is Keysian economic theory, how’s that stack up against Capitalism????

    Women and Minorities hardest hit. LOL , You minorities voted FOR this??? IDIOTS

    Now you know why its more important to vote for the content of character instead

    of the color of the skin. Your getting what you deserve, me I’m not participating.

    Chumps, powder is dry

  • hermie

    ‘Greater then expected’…Is that like ‘unexpected’?

    The Obama regime should be re-labeled the ‘Unexpected Presidency’.

  • Militant Conservative

    keynesian economics


    It’s Official… Worst JOBS President Since Great Depression Oversees Worst Housing Downturn Since Great Depression

    should read worst MOO SLUM president….get rid of this POS

  • Reconstitution

    Liberal government intervention (regulation) was enacted by the left, such as the Community Reinvestment Act and other well-meaning policies aimed at making housing more available for lower income people. The enacted policies removed the risk faced by lenders when lending to people who could not pay the loans. The net consequence was a huge bubble in housing (the desired result), followed by a collapse of the market (the unintended consequence). What’s frustrating is that the people who distorted the market to get the short term result are in complete denial about the unintended consequences of with their policies continue to propose more regulation and government intervention to solve the problems their policies create in the free market. They continue to propose more legislation to fix the problems caused by their last attempt to fix the problem despite the disastrous consequences these superficially attractive liberal policies inevitably bring about. If only the left would think things through instead of causing disaster after disaster acting on the emotional desire to help and quickly bring in more votes for their party.

  • regularguy

    Whewwwww! It’s a good thing we blew a trillion dollars bailing out folks who never had any business being in a home, or as nice a home. It’s so much better we’re in the same economic boat two years later, but now saddled with all that debt for our grandkids to suck up and pay off. Otherwise, geez, we might be able to recover and cleanse the system of graft, criminal behavior and sheer stupidity, and who’d want that???

  • Valerie

    By this time in his presidency, George Bush had won me over with his tireless (and largely ignored by the media) efforts to deal with the great crisis of his presidency. By all accounts, he was unprepared for this responsibility, but he rose to the occasion and grew in office

    Barack Obama has won my contempt, because he is busy following some ugly advice, namely “do not let a crisis go to waste.” He clearly does not take either the global war by the terrorists to destroy our societies or our current fiscal crisis seriously, preferring to use them to re-order our society along the lines of ideas that had justly been discarded in the dustbin of history.

  • Robert

    … focusing like a laser … in between 70 rounds of golf … one on Memorial Day.

  • This President is a political animal not a leadership or economic animal. He really doesn’t have a clue as to what caused the economic crisis of 2008 (he half believes his demagoguing about Bush being the cause) and consequently does not have the foggiest of what to do about it.

    None of his economic initiatives are job creating – except temporarily with the Stimulus Package. On the other hand they have created the serious permanent damage of insurmountable national deficits. He would not accept any policy from his economic advisors that is not conducive towards re-election. We are mired in a political swamp.

    Perhaps we have let the democratic and federalist system we inherited from our founding geniuses to deteriorate and fall into all the traps that all democracies are susceptible to.

  • Militant Conservative

    #7 May 31, 2011 at 10:32 am
    Reconstitution commented:

    You WISH this regime would consider this an unintended consequence.

    Obama et. al. WANT this to happen. Cloward and Piven.

    Obama is happy to preside over a declining America.

    Bought a thousand dollars of physical silver this weekend.

    Obama is going to make me a very secure and quick profit.

    powder is dry

  • ahem

    As much as I hate to say this–because I thoroughly despise Obama–the drop in housing prices is not due entirely to him. The housing market is is the down-side of a massive credit bubble caused before Obama was even a serious politician. Of course, it was fueled mostly by the Democrats and, undoubtedly, his policies are doing nothing to ameliorate it–in fact, they make it worse– but the housing market is merely descending to its historial average. So expect it to drop even more until it reaches equilibrium.

    Obama’s not responsible for the housing bubble, but he is responsible for the current credit crisis and Depression.

  • Oldpuppymax

    Of course, we’re unlikely to hear this from the “mainstream” media OR from John Boehner!!!!!

  • RedBeard

    Wait… let me understand this… you mean it DIDN’T help that we elected an un-American socialist jackass with zero experience managing anything more complex than a street corner flyer handout?

    But… but… but… what about the thrill going up Chrissy Matthews’ leg?

  • Well, Peggy the Moocher was evidently right: since Obama was elected, we don’t have to worry about paying our mortgages.

  • Lee

    If the Republicans can’t figure out some way to capitalize on this, they’re hopeless. Not that I have high expectations, since a lot of the leadership are closet quasi-Keynesians, anyhow.

    I keep waiting for the next “unexpected” shoe to drop.

  • retire05

    Have you ever noticed how the leftist media, time after time, uses the term “unexpectantly” when talking about how the unemployment rate has gone up or “suprisingly” when talking about a weak economy? You would think after watching the [in]actions of this administration for 28 months, the lame stream media would ceased to be surprised or taken aback unexpectantly. But month after month, the adjectives remain the same. They are unexpectantly surprised at how bad the economy not only remains under Mr. HopeyChange, but that in fact, it is actually getting worse.

    You see, if the media tells the truth, that Mr. HopeyChange was not the great savior of the economy they claimed him to be waaaay back in 2008, Obama’s approval rating would be in the toilet.

    What has been proven is that when the Democrats are in control, and are forcing their social engineering down our throats, it takes time to see the adverse consequences of those policies. Professor Stan Liebowitz predicted years ago that the rules on mortgage lending due to the Community Reinvestment Act being put on steroids by Bill Clinton, and followed through by Bush, would come back to bite us hard. He wasn’t wrong.

    Keynesian economics doesn’t work, but even Keynes didn’t subscribe to spending your way out of debt to the extent that this administration has done. The Stiumlus bill didn’t work, and now all we have is more debt and more unemployment and more mortgage failures. You see, Sheriif Joe [Biden] let states use that money to bail out their budgets so that they could pay the salaries of state workers, not create jobs.

  • Ma

    Not according to the moonbats that I talk too…all will be well…the anointed will make all things well..hoping the R’s find a strong candidate choice very unlike Dole and McJuan.

  • Ma

    Isn’t it odd that there is no constant reporting of Irag or Arghan nor seeing anti–war protests? Where are they? We illegally attacked Libay but not a peep from our moral superiors. Not a word on Syria and what they did to their own 13 yr old citizen. If I attach a D to my name does that make me better then you?

  • tommy mc donnell

    #7…i disagree with you that the liberals enacted well-meaning policies. everything the liberals wanted is working according to their plan. they knew what the consequences of these policies would be before they enacted them. the poor, blacks, women, ect. are just pawns in their game. they use these groups as weapons to get people to go along with their bad policies.

    people would never agree to destroy the qualifications for employment except for liberal america saying its for the blacks, its for women, its for whomever. people would never agree that loans should be given to people that can’t or would NEVER pay them back. but, its for the poor.

    americans need to stop being afraid of liberial america’s phoney charges of bigotry and stick to the principles and standards that built a great country. stop letting liberal america bully us into accepting the policies that built marxist russsia, cuba and all the other workers parsdises.

    there are no leftist unintended consequences.

  • chuck in st paul

    “surprisingly weak”…???
    What part of 10% unemployment and 17% underemplyement don’t they get?!!? Add to that the real inflation rate approaching 10% driven mostly by the cost of feed/seed corn and transportation fuels and these economic morons are surprised?

    Of course these are the same people that feel entitled to run everything in your life like your healthcare. G*d deliver me from intellectuals and experts before we’re all dead.

  • contessa61

    The view, that everyone deserves a house, shows the follies of political left.

  • P. Aaron

    ‘Unexpectedly’ no doubt.

  • Always Vigilant

    In some related video, we find that another one of Hussein Obama’s mysterious relatives has come forward: