Home construction dropped 25 percent from 2006 to 2007, and has even further to go, say "some economists," whoever they are. (The Commerce Department. Those economists.) The last decline of this magnitude was in 1980, when the feds attempted to reverse inflation by fiddling with interest rates to post-WWII numbers. Some believe that current housing woes could reach late 1970's— early 1980's proportions, when construction rates fell for four straight years. (Recall that recession, anyone?)
In other other financial news, G.
Herbie Walker B. and Federal Reserve Chairman Ben Bernanke have shown support for a quick 'n dirty $100 billion economic stimulus package that would "[put] money into the hands of households and firms that would spend it in the near term." Though Bernanke has promised to slash interest rates— some expect a full half-percent drop— the deets are to be worked out during a three-way later today between Bush, Bernanke, and so-called Congressional leaders. Holding ...
· Home Construction Drops 25 Percent [SF Gate]
· Bush, Bernanke Support Stimulus Package [SF Gate]
[Ed. note: OK, so we got carried away . . .]