Add this to the list of reasons the press is in trouble: Nobody is paying attention to what they’re saying, as evidenced by two statistics released today.
According to the S&P Case Schiller index, housing prices fell by 16% in July, the sharpest ever drop in the index’s 8 year history. But this bad news isn’t affecting consumer confidence, as “The Conference Board said its index measuring consumers’ mood rose to 59.8 in September from an upwardly revised 58.5. August was originally reported at 56.9.”
The survey was conducted before September 23rd, so the full effect of the financial meltdown probably wasn’t evident. At that point, just Bear Stearns and Lehman Brothers had collapsed. The government had taken over Fannie and Freddie and was investing in AIG. Merrill almost collapsed, but Bank Of America took over. And the $700 billion bailout was just on the tip of our tongues. Wachovia and Washington Mutual still existed, and John McCain was campaigning, so the public felt at ease. In light of the new developments, we expect this number to come down next month.
Unless nobody is paying attention, which is entirely possible. To wake those people up, here’s a video.
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