The Rich have Already Suffered Enough
by digby
Erin Burnett has been hired for her own show on CNN. It should be very illuminating for all of us. Here’s Cenk Uyger taking Burnett to task for her brilliant analysis of the financial crisis in early 2009:
Here she was around the same time talking to Norah O’Donnell about the stimulus package:
Norah O’Donnell: There is some good news out there about the housing market.
Burnett: Yes there was, and this is funny, I guess it’s the world we’re in right now Norah. This is going to sound horrible but it’s actually better news than expected. Home prices were down 15% from a year ago, but existing home sales overall were up, and what really sticks out here was inventory, how much of the stuff we’ve got to work through before we are to get back to a healthy market. We saw a big drop there, we have 9.3 months of inventory which means at the current selling rate it would take 9.3 months to actually work through everything but that is a big improvement from where we were just a month ago.
So there are a few signs of improvement, raising the question of how big and how quick this stimulus actually needs to be to stimulate. The economy’s trying to turn itself around.
She’s awfully good. I can see why the best political team on television wants her.