Last month closed with some far from comforting news about the state of the US housing market (sales and prices still falling), US financial institutions (Fannie Mae and Freddie Mac in need of rescue), Australian banks (NAB’s 90% write-down of its US CDO portfolio). Then ABS figures showed that retail sales had fallen “unexpectedly” by one percent in June. The recent rally in stock markets came to a sudden end. The question “how much worse can “It” get?” is once again doing the rounds.
August 6th, 2008 | Dr. Steve Keen | 3 comments | ContinuedArchive for Dr. Steve Keen
Dr. Steve Keen is Associate Professor of Economics at the University of Western Sydney. You can find more of his work on line at www.debunkingeconomics.com or at www.debtdeflation.com/blogs
