People are writing about the just-released transcripts for Federal Reserve deliberations during the 2008 financial crash, and who knew what and when. No one at the Fed knew, didn’t get it even after it started, and still say no one could have known.
The first “Today’s Housing Bubble Post” on this blog appeared on April 5, 2005. Yes, I was already writing about the housing bubble and its dangers so often that I started giving the post a “Here we go, again” title…
I was not alone. Bloggers all across the country were screaming that a crash had to come from this.
The warning signs are everywhere that a mortgage/housing fiasco is unfolding and the silence is deafening. Except for newcomers like Cramer, the media isn’t covering this debacle or the Doral matter. The home builders having their head handed to them after record existing and new sales, plus record earnings, should put the media on notice that we have a problem.
Perhaps asking the media to quit cheerleading and look at the housing crisis objectively is too much. What of our representatives in Washington? The congress had better be meeting to figure out what the heck they are going to do instead of debating who is more responsible for Fannie.
It was heartbreaking because I happened to see this comment today, which is dated 2005 – 9 years ago:
Our economy is awash with problems right now:
- lack of jobs
- manufacturing moved offshore
- pending health care crisis
- pending social security crisis
- housing bubble
- foreign investors fleeing the dollar.
Do you hear the media or government discussing any of this in great detail ? Instead they focus the publics attention on trivia personal interest stories.
… If the media started focussing on the real above mentioned issues, maybe the general public would start making better life decisions…
The post I linked to is titled, “Media, Congress Need To Wake Up.” Inflation is not a problem today, potential deflation is. (In fact inflation hurts bankers but helps working people…) The health care crisis will be helped a lot by Obamacare. There is and was no “pending social security crisis.” Foreign investors are fleein to the dollar. But “lack of jobs” and “manufacturing moved offshore” are worse, and the housing bubble is back in some areas.
Yeah, well, fat chance with that, it’s much worse 9 years later. The media and Congress have their heads even further up their asses.