Reported Economic data painting vs Real Economic data

As previously noted that the 2002-2007 economy was based on illusive and manipulated GDP data reporting better than real GDP which was the deceptive economic condition which triggered millions of Americans into bankruptcies.

Now we have massive debt spending economy which is just propelling deterioration of real wealth of Americans in reality. The Gov reported Economic data is manipulated, so that realistic economic numbers would be much worse, if not, detrimental. Unless we see serious policy changes in our economic fundamentals to produce more goods and to retain jobs in the country, we will continue to see massive wealth loss for massive Americans who are misled just same as in the past decades.

In order to recover from the massive wealth loss and to stop regressive wealth, we need to change massive changes in economic policies. Otherwise, it is just massive deception.

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CHICAGO (MarketWatch) -- Mortgage applications filed last week fell a seasonally-adjusted 14.2% last week, compared with the week before, as rates on 30-year fixed-rate mortgages ticked up, according to the Mortgage Bankers Association's weekly survey, released on Wednesday.

Applications were up 28.5% for the week ended May 22, compared with the same week in 2008. The MBA survey covers about one-half of all U.S. retail residential mortgage applications.