Dire Economic Straits

Oh no! [Link]

Yet for the past 167 months, unemployment has indeed been lower than 6 percent for all but a seven-month stretch in 2003, during a time when total nonfarm employment increased from 115.2 million to 137.6 million, according to the Bureau of Labor Statistics. Things are desperate!

But wait, home prices are falling hard, right? Yes! All the way down to ... 2004 levels. Which were still nearly double 1997 levels in real terms.

As for "outright recession," yes indeedy that has been averted, to the tune of 1.9% GDP growth in the second quarter.