Super Mega Housing Bill on Bush’s Desk

Staff / Truthdig Jul 24, 2008 There's a lot the president doesn't like about the new housing bill, just passed by the House, but he'll hold his nose and sign it. The package includes huge guarantees for Freddie Mac and Fannie Mae -- the national debt ceiling had to be lifted by about $800 billion, just in case -- but also rescue for hundreds of thousands of homeowners at risk of foreclosure. Dig deeper ( 1 Min. Read )

Fed Forecasts Economic Gloom

Staff / Truthdig Jul 9, 2008 Federal Reserve Chairman Ben Bernanke expects America's economic struggles to continue well into next year and has asked Congress to expand his regulatory powers. Lawmakers are unlikely to fulfill his request any time soon. Bernanke also suggested that the Fed could continue to bail out investment banks. Dig deeper ( 1 Min. Read )

The Plague of Potomac Fever

David Sirota / Truthdig May 2, 2008 Congress is ravaged by a disease inside the Washington Beltway inhibiting emotions like compassion and integrity. As the housing crisis intensifies, this malady is getting worse. Dig deeper ( 3 Min. Read )

Fed Forecasts Slow Growth in 2008

Staff / Truthdig Feb 21, 2008 Officials at the Federal Reserve are running out of creative ways to stave off a recession and expect the U.S. economy to slow to a crawl in 2008, with a growth rate of only 1.3 to 2 percent over the year. Dig deeper ( 1 Min. Read )

Fed Steps Into Mortgage Mess

Staff / Truthdig Dec 19, 2007 The term "subprime mortgage" has certainly been in heavy rotation in recent months, and economic panic has spread as a result of lenders playing fast and loose with their home-lending criteria, causing chaos in the mortgage market. Enter the Federal Reserve to try to undo some of the damage and prevent a recurrence. Dig deeper ( 1 Min. Read )

The New British Invasion

Staff / Truthdig Nov 19, 2007 With the dollar getting weaker all the time, the ailing housing market is getting a little relief from an unexpected source: foreigners. Brits in particular have been tempted by bargain homes in glamorous locales such as Manhattan, where one-third of all new condominiums are selling to foreign buyers. Dig deeper ( 1 Min. Read )

Thanksgiving Blues

Mike Luckovich / Truthdig Nov 17, 2007 Dig deeper

Paul Krugman on the ‘Conscience of a Liberal’

James Harris / Truthdig Nov 16, 2007 The New York Times columnist brings his liberal conscience and economic expertise to bear on the housing crisis and sheds light on the dirty secret behind many political victories by conservatives: "The consistent source of [Republican] success has been race." Dig deeper ( 6 Min. Read )

Home Prices Plummet

Staff / Truthdig Aug 29, 2007 If you're caught up financially in the housing bubble (who isn't these days?), you might want to skip this item. Home prices have fallen by 3.2 percent -- the sharpest drop in 20 years, while the median price for homes has gone down for the 12th consecutive month -- another record. That's not good news for a market eager to return to the good ol' days of easy loans and overpriced homes. Dig deeper ( 1 Min. Read )

Domino Theory

Mike Luckovich / Truthdig Aug 14, 2007 Dig deeper

Pop! Housing Bubble Burst is Real, and Consequential

Staff / Truthdig Aug 28, 2006 Economist and N.Y. Times columnist Paul Krugman writes that the downturn in the housing market is "a recipe for a major bust, not a soft landing," and that it will likely drag the entire economy down with it. As evidence, check out this Cincinnati Enquirer article about consumers tightening their belts in the face of the housing slump and high gas prices. Dig deeper

Don’t Take Any More Money Out of Your House

Staff / Truthdig Jul 30, 2006 The cooling of the U.S. housing market has begun to pull down the entire economy, just as experts had been predicting for several years now. This was inevitable after the ludicrously overheated highs of the last few years, and we can only hope it's going to be a slow leak. Dig deeper ( 1 Min. Read )