Tuesday, September 25, 2007


You shouldn't be. AP (09.25.07):
"The decline in U.S. home prices accelerated nationwide in July, posting the steepest drop in 16 years, according to the S&P/Case-Shiller home price index released Tuesday.

Home prices have fallen by more every month since the beginning of the year."

Home Prices Post Biggest Drop in 16 Years

AP (09.25.07):
"Wall Street pulled back Tuesday as investors got fresh evidence that consumer spending is slowing amid the worst housing slump in more than a decade and continued erosion in credit markets.

Traders were hit by a series of negative reports from companies that are considered barometers for the economy."

Wall Street Falls on Consumer Worries

"The retailers' Target Corp. and Lowe's Cos. trimmed their expectations for the year because of slowing sales [consumers are spending less], while homebuilder Lennar Corp. posted a fiscal third-quarter loss [biggest quarterly loss in 53 years] and sharply lower revenues."

Meanwhile, back at the ranch. Bloomberg (09.25.07):

"Consumer confidence in September fell more than forecast to the lowest level in almost two years, as falling home values, a deteriorating labor market and tougher borrowing standards took a toll on Americans' spirits."

U.S. Consumer Confidence Falls to 99.8 in September From 105.6

Never fear. Why just two years ago, the Prez said our economy "was 'strong and getting stronger' and declared that 'our growing economy is spreading prosperity and opportunity and nothing will hold us back.'"

Prosperity and opportunity. It's coming. Any day now, no doubt.

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