Sunday, April 6, 2008

Hackonomics: George Will Edition

George Will is quite possibly the dumbest commentator alive. His column in the Washington Post today confirms this fact yet again. In an amazing feat of irony, he condescendingly chides the Democrats for not understanding "the market," while simultaneously displaying a complete ignorance of market economics:

"The market, which bewilders and annoys liberals by correcting excesses without the supervision of liberals, is doing that as housing prices fall far enough to stimulate demand. Witness this recent Financial Times headline: 'Property sales pick up as prices plummet.' The story began: 'Sales of previously owned homes in the U.S. rose for the first time in seven months in February, while sale prices fell by their most in at least 40 years.' By golly, the Gershwins were right: The age of miracles hasn't passed."
Memo to George Will: Existing home sales aren't measured month-to-month, they're measured year-over-year. And year-over-year, February existing home sales are down 23.8%. Touting the February existing home sales as evidence that the market is "correcting excesses" or that the housing market is rebounding is not an argument that is subject to debate, it's blatant misrepresentation. Why does the Washington Post mislead its readers by printing this kind of garbage by hacks like George Will?


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