Quote:
Originally Posted by roachboy
i keep not understanding how folk are thinking about the relation between making a statement that an initiative is going to happen and seeing effects from it. it's most strange, like there's an instant gratification thing that cuts across otherwise reasonable people's judgment.
the situation that neoliberalism generated--all the while providing more than enough ideological blah blah blah so that there was no need to look too hard at this situation as it was taking shape--is complicated. look at it this way: it took the united states 30 years of sustained reactionary stupidity to get itself into this mess, so it hardly makes sense to assume that somehow a new president is going to be able to wave a magic wand about and everything will be all better.
|
When you claim to have a middle class task force and fill it with all politicians and talk to not 1 person from the true middle class.... it's a farce. That may change, we will see.
No, there is no quick fix for this, but bailing out the banks and knowing you will have to tax the middle class more to pay for it because you have no idea how to build a tax base (manufacturing, good paying jobs, less imports or higher tariffs is a good way to get this tax base).... you are in no way fixing the country long term because you are adding more to the bill that will be coming due with fewer tax payers.
It's not instant gratification to want to hear and SEE plans to truly change things for the better.
"I will veto all pork" man shows me nothing but he is the same as Bush, just a slightly different platform but no ideas to change the direction of this country.
---------- Post added at 02:49 PM ---------- Previous post was at 02:47 PM ----------
Quote:
Originally Posted by filtherton
It's like nobody has ever heard of momentum.
|
Momentum eventually slows down and starts swinging the other way unless pushed in the same direction.... Obama is keeping that negative momentum moving farther into negativity. He isn't trying to slow it down, he's speeding it up.
---------- Post added at 02:56 PM ---------- Previous post was at 02:49 PM ----------
Quote:
12 pct. are behind on mortgage or in foreclosure
NEW YORK – A stunning 48 percent of the nation's homeowners who have a subprime, adjustable-rate mortgage are behind on their payments or in foreclosure, and the rate for homeowners with all mortgage types hit a new record, new data Thursday showed.
But that's not the worst of it.
The reckless lending practices in states like Florida, California and Nevada that were the epicenter of the housing crisis are no longer driving up the nation's delinquency rate. Instead, the foreclosure crisis now is being fueled by a spike in defaults in states like Louisiana, New York, Georgia and Texas, where the economies are rapidly deteriorating and thousands are losing their jobs.
A record 5.4 million American homeowners with a mortgage of any kind, or nearly 12 percent, were at least one month late or in foreclosure at the end of last year, the Mortgage Bankers Association reported. That's up from 10 percent at the end of the third quarter, and up from 8 percent at the end of 2007.
Prime and subprime fixed-rate loans saw sharp increases in the fourth quarter, a sign that the problem is now the economy.
"We're seeing increases in fixed-rate categories and that's where the problems are coming from," said Jay Brinkmann, the group's chief economist. "The foreclosure picture is more clearly driven by the jobs market."
That trend highlights one of the biggest challenges confronting the Obama administration's mortgage relief plan launched this week. While the $75 billion plan could help change the loan terms or refinance up to 9 million homeowners, unemployed borrowers will have a hard time qualifying.
On Thursday, the Labor Department said new unemployment claims last week totaled 639,000, lower than expected, but still at elevated levels. Factory orders also slipped for the sixth month in a row in January, the Commerce Department reported.
"There can be no doubt that employers continue to shed labor at a frightening pace, with no end in sight," Ian Shepherdson, chief U.S. economist at High Frequency Economics, wrote in a client note Wednesday.
The key is what kind of workers are losing their jobs, Brinkmann said. Unemployment for people with college degrees, some college education or technical training — those most likely to own homes and have prime fixed-rate loans — has nearly doubled over the past six months.
In New York, for example, where the financial industry is handing out pink slips like ticker tape, homeowners who once had good credit are defaulting at an increasing clip.
The only bright spot in the report is the devastation wrought by subprime ARMs appears to be waning. Their 30-day delinquency rate continues to fall and is at the lowest point since the first quarter of 2007.
That offers little reassurance to Florida, where 60 percent of homeowners who have a subprime ARM are at least one payment behind and one in five of all mortgage holders aren't current.
|
12 pct. are behind on mortgage or in foreclosure
For this we continue to bail out banks with our tax money. And Obama keeps wanting to shell money out to them.
Why not shell the money out to the taxpayers or give tax holidays so that maybe people can catch up on a payment.
But we love to blame the people in these situations and not the ass wipes in Washington that keep giving the banks money while they foreclose, raise rates and fees and give big bonuses and parties.
Yeah, change is just another word for more of the same but under a different banner.