Here's a new angle on the universally grim economic picture. The housing bubble having burst in some hot markets such as California (this is one of those times that it's good not to be a sizzler), home buyers are suing real estate agents for putting them into houses that are now worth far less than their sale prices. (Could a similar lawsuit be far off in NW Ark.? It's already mirrored to a degree in the commercial sector, where lawsuit plaintiffs have argued that poor banking practices contributed to the shambles in which some developers find themselves.)
For a liberal, I'm conservative. I thought it was better to look at housing costs as a shelter expense, not as an investment. If value rose over time, great.
Speaking of bad economic news, the family financial genius predicts a bad day for the U.S.market following the implosion of world markets yesterday on U.S. recession fears. Didn't Krugman predict this?
UPDATE: The Fed has cut the lending rate by three-quarters of a point. Some say there'll be more.
ALSO: Hat tip to Bill: aren't you glad Bush didn't privatize Social Security and outsource investment management to the "write-down artists of Wall Street."