CNN hearts obvious

Laugh? I nearly died.

Forecast: Housing woes pose risk of recession

Ongoing weakness in the housing market will push the national economy to the brink of recession, but growth in other areas should put the country back on a slow road to recovery by 2009, according to an economic forecast released Wednesday.

Also in today’s breaking news: study find that the mainstream media is so slow people wonder how they survived the glaciers. My God.

More choice pieces from CNN Money’s folk:

That growth is just above the traditional definition of a recession – two consecutive quarters of decline in gross domestic product.

They think there’s a better definition? Oh, I get it. The ‘media’ want to get straight to stories about the recession and how they know why it happened. But it isn’t one, yet. But they don’t want to wait. Look out for the “some people say…” approach to American Journalism, coming soon to a recession story near you.

The declining housing market could remain at the heart of the nation’s economic woes for some time.

Oh. That’s…ugh.

Other key factors affecting the economic slowdown could include further credit tightening, which could discourage corporate investment, and the willingness of foreign investors to hold dollar-based assets, the report said.

Shulman expects Congress to pass tough new regulations for the mortgage industry as a result of rising defaults and the demise of the subprime lending market.

There’s also a link to a story I refuse to visit, entitled When home ownership isn’t a good thing. Here’s the short version:

  • When you’re too poor to own a home. They’re expensive. So are borrowing costs.
  • Always, for many people. Who should never be told otherwise.
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