Chickens Coming Home to Roost

[dtotire]

Consumer Confidence Slips as Home Prices Drop



By MICHAEL M. GRYNBAUM
Published: April 29, 2008
Americans’ confidence in the economy continued to plunge this month as their homes lost value at the fastest rate in two decades, according to reports released on Tuesday.

The New York Times

The data suggested that the housing slump was far from a recovery and the job market might continue to weaken, ratcheting up pressure on the Federal Reserve, which began a two-day meeting on Tuesday, to take steps to stave off a prolonged slowdown.
The reports were consistent with a recession, economists said, though some optimists have insisted the economy is growing, albeit at a snail’s pace. President Bush remained in the latter camp at a news conference on Tuesday, where he said the economy was facing “a tough time .

http://www.nytimes.com/2008/04/29/business/29econ-web.html?hp