Andrew Leonard at Salon points out "another horrible housing data point". He quotes Dean Baker, co-director of the "left-ish think tank", the Center for Economic and Policy Research in Washington, D.C. Baker calls the drop 'really big news' and adds:
The idea that the economy will somehow brush off a decline of this magnitude and keep moving along at a healthy pace seems almost bizarre.
Technorati Tags: crash, economy,, housing,, subprime,
Citizen journalism advocate Dan Gillmor has long criticised the MSM for not covering the housing bubble, and now with the crash, he continues his scathing critique, saying that many of the sub-prime buyers were never owners because they never had equity.
Why aren't the news organizations focusing at least some of their fire on that part of the scandal? And where were the stories telling this truth while the bubble was in its final inflationary burst?
