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CNN Stumped by Bad Economy

BEGIN TRANSCRIPT

RUSH: "The percentage of US homeowners who owe more than their house is worth will nearly double to 48% in 2011 from 26% at the end of March, tending another blow to the housing market said the experts at Deutsche Bank yesterday." The underwater aspect of this... Folks, if that's remotely accurate prediction, what recovery? What prosperity? "Unleash prosperity for everybody, not just the few." What prosperity? Your number one asset's worthless? The guys that are talking about this on CNN, they don't understand this. They are stumped by the bad economic news and they just... They're very upset. Heidi Collins is talking this morning about business correspondent Christine Romans. Heidi Collins, the anchor said this:

COLLINS: Is the president doing enough to protect your livelihood and, of course, your life savings. The Obama administration has said the economy is improving, but Deutsche Bank is predicting big trouble in the housing market. CNN's Christine Romans is here now to explain. How does this affect everybody?

RUSH: And here's the CNN economics babe.

ROMANS: We know the economy but many people think the free fall is over, but this report shows you that the value of your house is still a very big question mark. This report shows the number of homes that it expects will be underwater. The number of homeowners underwater on their mortgage by the time there is a recovery. That will be almost half of all mortgage holders, Heidi, will owe more on their home than it's worth.

RUSH: By the time there's a recovery? What recovery, Christine? We're in big trouble, apparently. CNN, they declared the recession over last week. But now this news is just discombobulated. The anchor, Heidi Collins, was just amazed when she heard it. She said, "So it's not getting any better?"

ROMANS: No, and it seems to be THE problem. The number of foreclosures, people are losing their jobs, and that feeds into the foreclosure crisis. The fact that home prices keep falling and have just now recently shown a little glimmer of stabilization, what this report suggests is that (snicker) recent sign of strength should be taken with a bit of a grain of salt, quite frankly, because we have more tough sledding in the housing market ahead.

RUSH: But the recession was over last week, she said! We were rescued. Prosperity for all!

END TRANSCRIPT

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