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"...based on the IMF's review of housing cycles going back several decades, the average country sees home prices escalate by 45 percent during booms (which last, on average, about 6 years), and then sees prices decline about 25 percent during busts..."
So....since our house price rise was *more* than 45%.....
Our bust will be more than -25%.
In the exchange with "Joe the plumber" Obama unintentionally revealed that he really is as radical as his early political mentors and acquaintances, Davis, Ayers, Wright, Khalidi etc., (gee, there sure seem to be a lot of them) and that he is into the failed economic policy of wealth redistribution. Now there is absolute proof. In 2001, Obama, the "community organizer" turned legislator, said in an interview:
"And I think one of the tragedies of the civil rights movement was that the civil rights movement became so court-focused, I think there was a tendency to lose track of the political and organizing activities on the ground that are able to bring about the coalitions of power through which you bring about redistributive change, and in some ways we still suffer from that,"
http://www.youtube.com/watch?v=iivL4c_3pck
2001 Chicago Public Radio Interview.
Obama's tax and spending plans alone would be bad enough, but add Reid and Pelosi to the mix, with the three of them controlling both houses of Congress and the executive branch without any effective restraint, and you have something that should causes concern even among moderate Democrats.
See Wall Street Journal: A Liberal Supermajority:
http://online.wsj.com/article/SB122420205889842989.html
Indeed, some democrats are publically saying as much. See Barney Franks comments on the news, including face the nation last week, stating essentially that Democrats in Congress intend to greatly raise taxes and go on a spending spree.
http://www.youtube.com/watch?v=u1Mazjm_A5k
http://www.youtube.com/watch?v=cJGnSAlqjoU
See http://www.taxfoundation.org/blog/show/23617.html
Obama's ill-conceived programs will require him to tax, and his health care plan alone is a substantial hidden tax on all business, large an small. In reality, it does not really matter who he taxes, those taxes are going to be passed through the economy. He has to tax, because it is they only way he can pay for his massive social engineering experiments. Any first year economics student knows that taxation is a tool used to contract an economy experiencing inflation, because it reduces demand by reducing the amount of money individuals and businesses have to spend. It is contractionary, which is exactly what you do not want to do when the problem is that the economy is contracting already into recession. Like Hoover and FDR, Obama's plans will only make it worse for longer.
See e.g. http://www.cbsnews.com/stories/2008/10/03/opinion/main4499465.shtml
And
http://newsroom.ucla.edu/portal/ucla/FDR-s-Policies-Prolonged-Depression-5409.aspx
The democrats failed social engineering policies in the housing market are what brought us to ruin. http://www.youtube.com/watch?v=Lr1M1T2Y314&feature=related
Even Bill Clinton says so. http://www.youtube.com/watch?v=XsynspIqAoE
Obama and a supermajority of Democrats simply is not the change we need, nor is it change we can afford.
http://www.youtube.com/watch?v=iivL4c_3pck
2001 Chicago Public Citizen Radio Interview criticizing the Warren Court as not radical enough for not pursuing redistribution of wealth.
Says that community organizing is for the purpose of assembling the political power to force redistribution of wealth.
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