George Will: Economic Crisis May Only Be ‘A Financial Problem, While Rest Of Economy Is Doing Rather Well’

November 30, 2008

Now there’s some wistful thinking, too bad the facts tells a different story.  I guess we can call Will’s rosy economic picture moronic musing.

Construction Industry: The construction sector is “beset by one of the biggest drops in employment in the current economic downturn” and had an unemployment rate of 10.8 percent in October.

Labor Market
: The economy lost nearly 1.2 million jobs in the first 10 months of 2008, including 240,000 jobs in October. Unemployment is now at roughly 6.5 percent.

Housing Industry
: New home sales in September 2008 were 33.1. percent lower than the same time last year. “The median price for existing homes fell by 9.0% and prices for new homes by 9.1% during the same period.” One in 11 mortgages is delinquent or in foreclosure.

Auto Industry
: The auto industry just experienced another month of “record low sales.” Recently, Detroit automakers plead with Congress for a financial rescue package in order to avoid bankruptcy.

Vodpod videos no longer available.

more about “George Will: Economic Crisis May Only…“, posted with vodpod


Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: