If It's Thursday...

...it must be time for a new 26-year high for unemployment claims. A whopping 2/3 of a million this week, 667,000 new claims, and the total number of people drawing benefits easily broke the five million mark (5.112 mil).

Go go Gadget stimulus bill! (please.)

[UPDATE] Sales of new homes fell to an all time low, the worst levels since the government started keeping track in 1963. That's scary enough. There are so many unsold homes on the market that housing prices will simply continue to fall even further...and America knows it.

The inventory of homes available for sale in January was at 342,000, the lowest in over five years. However, because of the weak January sales pace, the supply of homes available for sale is now at 13.3 month's worth, a record high.

And why should anyone buy now when you know the house will be cheaper later? Would you buy now if you know the price of the home your looking at will be several thousand dollars cheaper in a couple months? You would be insane to do so.

Right now we're looking at an almost permanent housing price death spiral, and there's just no bottom to the mess...which means there's no bottom to the economy in sight.