October 19, 2007
Rafael Pacheco vs. Ash
The Spanish Government yesterday played down fears of a crash. Rafael Pacheco, the Housing Director, said the figures showed that Spain was experiencing a “gradual and gentle landing for house prices. You cannot speak of a crisis,” he said.
That was then. This is now.
April 24, 2009
Unemployment in Spain Hits 17.4%
“These figures are bad and worse than expected,” the finance minister, Elena Salgado, said. The sharp quarterly increase was a sign of “how severe and how deep the crisis is,” she said.
Nobody expects the...
I'm sorry. That joke never gets old to me.
Here's an update. I found another gem from the past. That which must not be thought!
September 18, 2007
David Taguas vs. Vizzini
``To talk about severe adjustments or a meltdown in prices is ridiculous,'' Taguas said in response to reports pointing to an end of the Spanish real estate boom. ``That sort of crisis is unthinkable.''
Here's yet another gem.
Septebmer 19, 2007
The Sarcasm Report v.10
Spanish officials have furiously denied reports that the country’s property market is heading for a crash or that a clutch of banks may be in the same boat as Northern Rock.
That which must be furiously denied!
NBER Paper: "Strategic default rarely occurs" - Ht to Nick Timiraos for link to the paper. An NBER paper from Kristopher Gerardi, Kyle F. Herkenhoff, Lee E. Ohanian, and Paul S. Willen Can’t Pay or Won’t...
1 minute ago