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New Home Sales Fell to Record Low in 2011

U.S. new home sales fell to an all-time low in 2011, amid growing consumer distrust of a housing industry that helped precipitate the worst economic climate for middle-class Americans since the Great Depression by placing short-term profit growth ahead of the greater good.

Officially, purchases fell 46% to a record low of 302,000 in 2011, from the 560,000 new homes sold to a much smaller population in 1963, when the government began tracking new home sales. The 2011 sales figures represent the third straight record low in as many years.

The real decline is actually 67% once the data is adjusted for population growth. The Cynical Times' figure for sales-per-million Americans is a more accurate measure of the broken bond of trust between American consumers and the U.S. housing and banking industries, and the damage that can be done when the Federal Reserve abandons the middle class to predatory business interests. New home sales per million Americans fell to 962 sales in 2011 from 2,958 in 1963 - the first time annual new home sales have ever fallen below 1,000 per-million-Americans.

"I blame the Fed – front and center," said economist Dean Baker, a member of the reality-based community who is co-director of the Center for Economic and Policy Research in Washington, D.C. "Amazingly, they just didn’t see the housing bubble and just didn't see how it could affect the economy."

Newsroom Insider: How New Home Sales Mislead US

It's frustrating to watch the handful of news organizations that cover United States economic indicators screw-up the same data month after month, as they...

The Epic Bullshit of January Home Sales

The Wall Street cheerleaders at CNBC would like you to believe new home sales surged to their highest level in more than...

Bullshit News: Black Friday sales

The geeks at TechCrunch may be hell on wheels when it comes to covering new computer software and hardware, but "not so much" when it comes to covering the economy.

Unless your idea of "news you can use" is the kind of shameless stock market cheerleading which is only good for getting on the wrong side of a bad trade, underpinning yet another knowing lie by a political hooker, or making overworked Americans feel like they're coming up short.

The kind of regurgitated economic journalism TechCrunch just vomited into the public forum pisses me off to no end, because I covered economic indicators in Washington, D.C., back in the day. And I know that this type of overly rosy economic story is a plague on Americans of every income and background, because it makes the average person feel like a loser by implying everyone else is doing better than they really are.

It’s not true. The economy sucks for everyone but the top 10 percent and has for about a decade now. The rest of us are all struggling. 

You are not alone.

TechCrunch implied otherwise with this misleading economic headline for the critical Thanksgiving weekend sales period: “Thanksgiving/Black Friday Online Sales Hit $4.5B, 34% Of Purchases Made On Mobile.”

They followed it up in the body of the story published Nov. 28 with a lede built around a sin of omission. By focusing solely on the natural gravitation to online shopping, instead of the decline in holiday spending which actually occurred on Black Friday, they turned the frown that was the biggest shopping day of the year upside down.

The result was a story which falsely implied to many casual readers that Americans spent more this Thanksgiving weekend and our economy has been thriving.

The painful reality is that they didn't and it's not.

Consumers actually spent 6 percent less on Black Friday 2015 than the same day a year ago, by my calculations of the relevant data TechCrunch cited from Shoppertrak and Adobe. Total purchases on Nov. 27, both online and in person, fell to $13.14 billion from $14 billion. 

Cory Booker: Wall Street’s Newest Political Hooker

If I've learned anything about elected officials during my 20 years in journalism, it's that while they act dignified around us peasants in the...

New Yorkers Rally With OWS For Embattled Greece

More than 250 people took to the streets of Lower Manhattan on Saturday to support decent working people in Greece against banking interests that wish to shield investors as the underwater global economy dries out. The Zuccotti Park protest was one of dozens held around the world on International Mobilization Day.

The New York crowd was evenly divided between Greek-Americans and members of Occupy Wall Street, but they had a common goal: support Greek wage-earners against austerity measures that punish the 99% for the sins of financial and political elites.

"The Greek economy has fallen apart," said Stephane Christane, 53, of New York City. "This idea that we're getting a bailout to prevent a default is ridiculous. The country is already insolvent. With the package they're talking about it will still be insolvent in 2020. So, you have to wonder who is really being bailed out."

"I was there at Christmas and I saw things that I have never seen there - homeless people, soup kitchens and people picking through the trash," said Christane, a Columbia University administrator who was raised in Greece. "My father said these things haven't happened in Greece since World War II."

A Rambling Tale of No Consequence

A trip through the Wikipedia rabbit hole from Trump's fabulists, to the artful lies of Iraqi War provocateur Ahmed Chalabi, to the group supremacy of The Me Too Movement.

The Moron Presidency’s Economic Fumunda Cheese

Think of the U.S. economy as a sugar bowl. You can put a spoonful of sugar in your coffee every morning or pour a spoonful of coffee in the sugar bowl and claim you just made the world a sweeter place. However, the amount of sugar is the same either way.

Trump’s Housing and Job Lies

Every four years, we get a presidential challenger who tells us the truth about the faltering American labor market at a time...

Liberal shooter targets DC baseball game

Sadly, it has come to this. Open violence in the streets against members of a Corrupt Corporate Congress who habitually turn a blind eye to...