More than 6 million homes will go into foreclosure before this housing collapse is finished, and the number of houses now sitting empty in America has reached a staggering 18.6 million — including 2.3 million currently on the market.
Imagine every housing unit in the entire state of California suddenly empty. That's about how many houses are vacant today.
Columbia professor and Nobel Laureate Joseph Stiglitz did an interview with CNBC on Friday. Guess what he said about the combination of food and energy inflation plus the housing collapse?
"This is going to be one of the worst economic downturns since the Great Depression."
1)Wonkette adds, with typical snark, "And this is why we need to take a long, hard look at Jeremiah Wright's religious sermons about black people." I'm not so sure I agree with their implicit point (i.e., that just maybe there are more important things the candidates should be discussing.) The thing is, based on everything I've heard about the candidates' economic positions, the question really seems to be: whose underinformed, ill-conceived, special-interest-pandering-to economic policy will make the upcoming crisis the least worse?
2)My generation doesn't really have a work ethic, from what I can tell. There was a spate of trend pieces a few years ago about how people around my age joining the workforce for the first time were pissing off their supervisors by whining too much and expecting praise for their every action. Recent studies indicate that a vast majority of my peers want to be famous, and I'm pretty sure the percentages just increase as the kids get younger.
I'm making a prediction: in 2011, President Obama announces that he's rescuing the economy by nationalizing MTV and making everybody the star of their own reality show.