It appears the housing slump is deepening, as home foreclosures and late payments continue to set records.
According to the Mortgage Bankers Association's first-quarter report, more than 1 million homes across the country were in foreclosure as of March 31.
Of course, according to the Republicans, this does NOT indicate that there is anything wrong with the economy. Everything is just GREAT. It HAS to be, because...well, because their ideology says it MUST be.
It's like a religion without a god. Or a religion where God is The Market. Mammon himself.
And that is the basic problem with Republican economics: their ideas don't work, and they can't change those ideas, because it is a religion.
Their Republican Religion says that the Market is A PANACEA.
Their Republican Religion says that Government solutions are ALWAYS BAD.
REALITY, of course, says that sometimes one is the best tool, sometimes the other.
But the Republican Party has now taken an ideological economic position that is AS EXTREME AS IT IS POSSIBLE TO BE.
And of COURSE that doesn't work. No more than Communism - which is the equal and opposite error - works.
And they can't change.
The Democrats on the other hand - for all their faults - at least recognize the idea of BALANCE in economics, and are therefore able to ADJUST WHAT THEY DO to deal with pragmatic reality.
Which is why Republicans policies turn everything FUBAR. The economy, foreign policy, everything.