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Clinton inherited massive debt from Bush Senior and was able to balance the budget. After Bush Junior came to office, our country was again plunged into even greater massive debt. Thanks be to God, that we have a Democrat in office again to try and save our country from the Republican's fiscal irresponsibility.
Now please go take your wake up pills. I know you forgot them this morning.
Clinton inherited massive debt from Bush Senior and was able to balance the budget. After Bush Junior came to office, our country was again plunged into even greater massive debt. Thanks be to God, that we have a Democrat in office again to try and save our country from the Republican's fiscal irresponsibility.
Things were humming along until the poo hit the fan with all the Fannie and Freddie loans imploading. This train wreck was already in motion decades before it hit and to simply blame Bush...again and again, may sink in the smaller brains, but seriously, we were credit card maniacs for a looooong time. Let us see how quickly we can dig ourselve out of this hole now.
The whole speech was more of the same old bashing of the previous government and not taking responsibility for his own actions....in the end he also threatened every one who is against him and I don't know why pelosi was so shocked about the "Lie" remark...wasn't she the one who called the CIA "lyers"!
"As any American who is still looking for work or a way to pay their bills will tell you, we are by no means out of the woods. A full and vibrant recovery is many months away. And I will not let up until those Americans who seek jobs can find them; until those businesses that seek capital and credit can thrive; until all responsible homeowners can stay in their homes. That is our ultimate goal. But thanks to the bold and decisive action we have taken since January, I can stand here with confidence and say that we have pulled this economy back from the brink."
Fact:
Defaults on commercial mortgages are DOUBLING: Bloomberg reported that the mortgage default rate on office buildings, shopping malls and other commercial properties more than doubled in the second quarter.
Home mortgage defaults just hit new record highs: It’s no secret that, since 2007, plunging home values and stock prices have wiped out a record $13.9 trillion of household wealth. And today, industry insiders are reporting that this historic wealth destruction is actually accelerating in real estate.
In the second three months of this year, defaults on home mortgages hit a new all-time high. About one in every 25 properties was in foreclosure — the greatest number ever reported.
Worse: The crisis has now spread to the very top of the housing market. The number of homes listed for $1 million or more surged 27.3% in July from last October. The number of $1 million to $2 million homes that actually sold plunged 23% in July from a year earlier.
Bankruptcies are soaring — even among the rich: Plunging real estate values, massive stock market losses and the still-shrinking U.S. economy have caused bankruptcy filings among wealthy individuals to explode 73% higher in the second quarter from a year earlier, according to a new report from the National Bankruptcy Research Center.
Nearly one in ten American workers are now unemployed: The most recent Labor Department report just showed the jobless rate has now risen to the highest levels in 26 years. A staggering 6.9 million Americans have lost their jobs since the recession began in December 2007.
When discouraged workers who’ve given up looking for jobs are added to the equation, the real unemployment rate is now 16.8%. That means a shocking one in every six U.S. workers is now without a paycheck.
Consumer borrowing is cratering: According to yesterday’s report from the Federal Reserve, consumers slashed their borrowing in July by the largest amount on record as job losses and uncertainty about the economic recovery prompted Americans to rein in their debt.
The Fed said consumers slashed their credit by $21.6 billion from June — SEVEN TIMES MORE than economists expected and the largest decline in consumer borrowing in recorded history.
This is crucial: Since nearly 70% of the U.S. economy is driven by growth in consumer borrowing and spending, shrinking credit markets are a clear warning sign we could see declining corporate earnings and stock prices ahead.
Yeah Obama...I give you full credit for the economic recovery ....
Clinton inherited massive debt from Bush Senior and was able to balance the budget. After Bush Junior came to office, our country was again plunged into even greater massive debt. Thanks be to God, that we have a Democrat in office again to try and save our country from the Republican's fiscal irresponsibility.
WAKE UP!
Newt and the rep party took Clinton out of the hole and balanced the budget.
Talk about debt, Obama in 9 months have double the debt and spent more money then all of those Presidents combined.
Fiscal responsibility is not something the dems are very good at.
Unless you mean tax and spend us to death and we get nothing for it.
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