Was watching a classic episode of Married with Children. Peg Bundy represents the average American consumer!Spend/consume/complain. The American way.
USAtoday announced that the recession would be over in September. Now they are saying the housing slide is over and has reached its bottom.What is so sad is that the majority of people take idiotic crap like that as the final word.
There's a couple of scenarios that can work here. One is that housing and the stock market will continue up because we're already knee deep in hyperinflation (that's the only workable way housing and the stock market can be going up) OR as Mish is fond of saying, there's no way to escape the deflationary cycle we're in in which case housing will continue down. In other news, I hear FEMA is building 'housing' for the 1.5 million or so Americans who will have ZERO income by the end of the year as their extended unemployment benefits run out.
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