Thoughts Today

WASHINGTON (AFP) - Intelligence has nothing to do with wealth, according to a US study published Tuesday which found that people with below average smarts were just as wealthy as those with higher IQ scores.

Here is where the paper of record stands:

Tonight PBS is broadcasting ""Buying the War," Bill Moyers' devastating hour and a half long indictment of the US news media's complicity in helping sell Bush's invasion of Iraq.

You'd think, given the gravity of the issue and the status of Moyers, that the newspaper of record would review the program.

You'd be wrong.

And housing continues to look even scarier:

http://www.dailykos.com/story/2007/4/26/73731/9576

A few points.

1.) This number, well, sucks. Housing is not anywhere hear a bottom.

2.) All regions dropped. The smallest drop was 6.2% in the South. The Midwest had the largest drop of 10.9%.

3.) The total inventory available for sale increased 17.1% from year ago levels, increasing from 3,198,000 to 3,745,000. Current months available for sale inventory increased from 6.8% to 7.3%.

4.) There is further to do on the downside. While sales dropped, the median price increased from $213,600 in February to $217 in March. Seller's still haven't gotten the message that to move houses off the market they're going to have to lower prices.

5.) While weather was probably partially responsible, this drop is fundamental -- that is demand is weakening. Credit standards are tightening, consumers already have a ton of debt on their books and there are simply a ton of houses on the market to sell.

So go read some gossip, the world doesn't look very pretty.