Ron Blackwell of the AFL-CIO says housing prices falling faster than during Great Depression.
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Federal government nationalizes troubled mortgage giants Fannie Mae and Freddie Mac becoming one of the biggest players in the US Mortgage Market. Many private analysts worry that it may not be enough to stabilise the slumping housing market, given the glut of vacant homes for sale, rising foreclosures, rising unemployment and weak consumer confidence. Ron Blackwell, Chief Economist at the AFL-CIO says “Housing prices are falling faster presently than during the Great Depression. This is very serious.”
Ron Blackwell is Chief Economist for the AFL-CIO, where he has also worked as Director of Corporate Affairs. Before coming to the AFL-CIO, Blackwell was assistant to the president of the Amalgamated Clothing and Textile Workers Union, and chief economist of UNITE (Union of Needletrades, Textiles and Industrial Employees). Prior to joining the labor movement, Blackwell was an academic dean at the New School for Social Research in New York (now the New School University), where he taught economics, politics and philosophy.
[tags]fannie mae collapses, fannie mae government, freddie mac purchased[/tags]