Tuesday, March 18, 2008

Quote of the Day

"But no question there's been a over-supply of housing, and it's going to take time to work through this over-supply."

President Bush, in Jacksonville, Florida.

Bush thinks every economic issue is based on supply and demand. His recent cluelessness about oil prices is a perfect example.

GHARIB: Well, you’ve pressed OPEC to increase oil production –

BUSH: I did.

GHARIB: And they didn’t do it. Let’s say that OPEC did pump more oil. How much do you think that that would bring down oil prices, by $20, $30?

BUSH: You know, I don’t know. You’re going to have to ask the experts that. I’m just a simple president. But I really don’t know what it would do. I do know that the main problem is supply and demand and excess supply obviously would help.

The housing market crashed hard in Florida. Overinflated property values led to higher property taxes and difficulty for people to sell their homes. A bad job market and stagnant wages worsen matters. Bush thinks that there are empty houses just waiting to be bought. New home construction has decreased for the past year in Florida. The stupidity of this man continues to amaze me.

Hat tip to Shakesville.



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