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..."Home prices (will) drop almost everywhere by at least 10%." ... Home prices actually rose in many parts of the U.S., including California, Florida, and Arizona....

I'd like to see the stats on Arizona for 2006, cuz just not be true. Checked my house the other day, after coming down 70,000 dollars from the original 579k ask, I see it has been pulled from the market. Sits empty, eating up someone's capital, the one next to it still has the For Sale sign out, flapping gently in the Phoenix breezes. That be the facts.

Speaking of, glad to see Ben Stein slap Kudlow and Bush upside the head yesterday on their ridiculous claims, especially on the mythical federal tax revenue gusher. Mr. Stein quite rightly pointed out that all Bush/Kudlow/Laffer have proved again is that by cutting taxes you can seriously cut tax revenues, increase spending at an incredible rate, and stuff 2.8 trillion dollars into the economy and corporate profits in a orgy of standard borrow and spend Keynesian economics. Quite an achievement!

Such an achievement that wrong headed Americans threw the bums out not more than a couple months ago because they were so overjoyed at Kudlow's story and the fact that a barrel of oil was all the way down to $60 or so, gold was running rampant and the DOW saw 16%, more or less the global story. Silly Americans, so ungrateful they just don't recognize how good they've got it. If you believe Kudlow and some at TMF. How very odd.

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