Saturday, August 30, 2008

You're Out of Touch, Were Out of Time

The fiction:
Bush points to signs that economy is on upswing
The facts:
Study: Bankruptcies soar for senior citizens
Rate falling for those under 55 while many elderly retire with debt
The older the age group, the worse it got — people 65 and up became more than twice as likely to file during that period, and the filing rate for those 75 and older more than quadrupled.
July incomes drop by largest amount in 3 years

Personal incomes plunged in July while consumer spending slowed significantly as the impact of billions of dollars in government rebate checks began to wane.

The Commerce Department reported Friday that personal incomes fell by 0.7 percent in July, the biggest drop in nearly three years and a far larger decline than the 0.1 percent decrease that analysts had expected.
Fannie, Freddie Slip After Key Gains

When shares of Fannie Mae and Freddie Mac dropped sharply yesterday, it marked a sour end to an otherwise unusually upbeat week for the ailing giants of mortgage finance.
But yesterday Fannie's shares fell 14 percent to close at $6.84 and Freddie's fell 15 percent to $4.51, a reminder that the companies face significant tests in reviving their financial health and restoring investor confidence.

The sell-off came with news that the Bank of China reduced its exposure to Fannie and Freddie's debt by 29 percent over the past two months.
Yep, sounds like an upswing to me![/snark]

On the positive side, rich people got even richer!

Cross posted at VidiotSpeak

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