Jeff Ostrowski
Alexandra Clough
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Specter of stagflation brings ’70s flashback
Jimmy Carter’s all over the news. Oil prices are soaring. Stagflation is back on the lips of economists. Can polyester leisure suits be far behind?
The University of Florida Bureau of Economic and Business Research says its consumer confidence index fell to a 16-year low, and survey director Chris McCarty pointed to the pocketbook-pinching possibility of stagflation.
“Falling housing prices, stricter guidelines for all forms of credit, rising gasoline and food prices are hitting consumers all at once,” he says. “This has raised the possibility of ‘stagflation,’ a circumstance where gross domestic product retracts while inflation rises.”
In a bit of good news for homeowners, McCarty reiterated his prediction that Florida home prices will hit bottom in July.
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Comments
By Good News McCarty!
April 29, 2008 1:08 PM | Link to this
Here is the rest of McCarty’s quote for those interested: “grrrrrwwwrawwww I need to flip Condos Asap! Granite Countertops, vaulted ceilings, grrwwwwwwrrrwwwwww all the amenities (foaming) Buy today and get a years HOA free (projectile spewing) Location Location Location! did you know that Real Estate quadruples in value every ten years…. (Gargle gaggle spew!) So talk to your local Real-Tor and start investing in your families future, today! (Spewing foam) grwwwwwww grwwww!”
By Get in the Game
April 29, 2008 2:10 PM | Link to this
Again, go back and read some of the posts for the last year…
Same reporting…
Now what?
Simple question - do we keep cutting interest rates for the irresponsible house ‘owners’ OR do we raise rates so we strengthen the USD?
Cannot do both
By Curious
April 29, 2008 3:59 PM | Link to this
And here is substantiation from The Man:
http://news.yahoo.com/s/nm/20080428/bsnm/buffettrecession_dc
I really enjoyed an email I received a few days ago from a PBC Realtor touting some property and telling me that now is really the time to buy, prices have stopped dropping, and all his other Realtor friends have confirmed!
I see no kindness or constructive purpose in rebutting with 10 or 20 links exposing facts and comments to the contrary.
IMHO, things is tough and only going to get worse.
Wish it weren’t so. But as Ayn Rand said, “A wish is not a logical argument.”
Hang in there!