Washington Post: Boom, Bust & Aftermath Part III

Tuesday, June 17, 2008 | 09:15 AM

The 3rd and final part of the WaPo series is posted, and this one is subtitled: "How the housing bust started a panic in Florida, felled a storied bank and raised the specter of recession."



The Bubble
Alec Klein and Zachary A. Goldfarb
Washington Post, June 17, 2008; Page A01

Tuesday, June 17, 2008 | 09:15 AM | Permalink | Comments (4) | TrackBack (0)
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Why can't the business press understand that the "housing bust" has not "raised the specter of recession?" Without the "housing boom" we would have had no recovery whatsoever from the recession which occurred in 2001-2002 engineered so masterfully by Greenspan with his rate hikes right through all of 2000. Bush's tax policies did nothing to promote the economy, other than to make it easier for the uberwealthy to move their money offshore beyond the reach of the IRS. We had no economic growth from 2001 to 2008, despite the talking heads' best efforts to chat up the US economy and its prospects. This is especially true if we look at the real inflation-adjusted "growth" we've seen. Our Fourth Estate has become totally complicit in this charade which the plutocrats have been operating for the last eight years. It's worse than a shadow puppet play in Indonesia, although our economy comes to resemble a Suharto-like kleptocracy with every passing day.

Posted by: PrahaPartizan | Jun 17, 2008 9:28:34 AM

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