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"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 ....
TonyandClaire89 that is an excellent post. I completely agree. Things are getting worse and not better. All the talk from the feds including "The Savior" and Ben Bernake about the economy is smoke blowing. The biggest farce of all was when they revised the unemployment number down from 9.5% to 9.4% for July by claiming that 420,000 people were no longer looking for work. This was a lie, and just done to make Obama look good.
And here's why we should be optimistic about the future. Corporate America continues to outsource thousands of jobs every month in order to compete with fierce competition in the world and U.S. markets where deflation is the rule--not inflation. Still, 3000 to 4000 illegal Mexicans are still crossing our border everyday "to do the jobs that Americans just wont do".
Yes sir, because of what Obama has done, and will do, we can be sure that everything will be alright. I'm not even going to get into what will happen with the Chinese quit buying our monopoly money.
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.
Last edited by Sandhillian; 09-10-2009 at 06:11 AM..
Reason: add
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.
You must be joking. Obama has bankrupted this country with his reckless spending. If you have children you should be very worried about their future standard of living. They will not have it as well as we have and that is just sad.
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.
Yes a democrat who is now doing what GWB did X4!!!!!!!!!. The deficet this year under Obama is close to 1.8 Trillion. Under Bush it was 450 billion/year. Your democrats are dillusional. You live in a fantasy land. I guess that's why you voted for Obama.
If you are drawn into partisan infighting, you will miss the REAL problem.
[] Dollar bills are not dollars (see: Title 12 USC Sec. 411)
[] Dollar bills are worthless (no par value), since 1933 (House Joint Resolution 192, June 1933)
[] Dollar bills, being debt, cannot pay debt (Art. 1, Sec. 10, USCON)
[] National debt (11.8 Trillion and rising) is impossible to pay (not enough gold in the world)
[] You can't question the public debt, pursuant to the 14th amendment, clause 4
[] The Secretary of Treasury is U.S. Governor of the World Bank and IMF. Pursuant to Title 22 USC Sec. 286a, he shall not be paid by the U.S. government.
[] Every participant (voluntary) in Socialist InSecurity is a human resource pledged as collateral on the impossible debt.
.... And since there is no law compelling participation, nor punishing Americans who do not participate, it is 100% VOLUNTARY.
He who consents cannot complain!
P.S. - write a polite letter to your "representatives" in government and ask for the procedure to volunteer out of national socialism.
They will spin any recovery as the result of their Generational Theft Act. Just like they believe that FDR had any impact at all to do with the end of the Great Depression other than to prolong it and place America deeper in the clutches of the Rothschilds. These are the same people who watch the sunrise while tapping their foot and want you to thank them for bringing the sun back up.
"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:
Well claire, you accomplished two things with this. You managed to miss the point of the very paragraph you quoted and illustrate it at the same time.
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.
clinton had a republican congress. the truth is that we never have had balanced budgets, since the money just gets shifted from one program to another to cover the losses, kicking the can down the road.
unfortunately, now what we recently have is a bailout of the financial sector, with the rest of the population being forced to committed to stimuli worth $11 trillion dollars, with checks issued $2.8 trillion dollars thus far in 2009.
Neil Barofsky, the Special Investigator General for the TARP program, has estimated that the total cost to the US taxpayer could be as high as $23 trillion.
The vast majority of this stimulus has been directed at the financial sector - a complete waste of money, supporting a segment of the economy that never deserved to be bailed out.
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