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During the Middle Ages the Church and State were the two supreme powers. Today it is the Banks and the State. Why the change? Let's face it. Money is so much more tangible and this-worldly than faith.

Most people just don't have the patience anymore to wait for their reward in the afterlife. They want it now and their battle-cry has become, "We want it all and we want it now."

The politicians and bankers have their own unique rallying cry which is somewhat reminiscent of pigs at the trough and sounds something like, "Gimme, gimme, gimme."

Readers who pay close attention will note I'm not very fond of fiat money or the governments that print it. Nor are academic economists among my favorite people.

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February 2, 2012

US HOUSING STILL WEAK. IN OTHER NEWS, THE SKY IS BLUE

by SIMON BLACK

February 1st, 2012

The latest Case-Shiller numbers released yesterday showed that the US residential housing market is still very weak. After three straight months of declines, home prices are now at 2003 levels. Duh.

To some, it was a shocking revelation. The pundits I saw discussing it yesterday practically had a seizure they were in such disbelief. CNBC even ran an article on their website in response, extolling the strong fundamentals of US housing.

Let’s look at those fundamentals:

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Filed under economy US housing U.S. housing housing market residential housing market mortgages