Wish in One Hand…
by Blake on May 29, 2009 at 09:10 Political
My goodness, there was only one thing that Barama HAD to get right in his first one hundred days, and that was the housing crisis, and he hasn’t even come CLOSE to making a dent in the bad news. One has to wonder if they even know how, or perhaps they are too busy naming “czars” to realize that the rest of the country, who don’t have cushy jobs with free housing, free food, free limos, are losing first their jobs, and then their houses.
About 5.4 million of the country’s 45 million home loans were delinquent or in some stage of the foreclosure process in the first three months of the year, according to the Mortgage Bankers Association. About 12.07 percent of all mortgages were delinquent or in foreclosure, up from 11.93 percent at the end of 2008.
Suspensions on foreclosures imposed by lenders and underwriters have mostly ended, and banks are moving quickly against homeowners who fall behind.
Housing specialists said the number of foreclosures would probably keep rising as more people lose jobs or are forced to trade full-time work for part time. Nearly six million jobs have been lost since the recession began a year and a half ago, and many economists expect unemployment to rise to 10 percent by next year, from 8.9 percent now.
More and more people are losing their homes simply because Barama has done nothing, except throw money away- the Chinese are appalled at the profligate behavior, specifically because they own most of our debt, and they do not want to lose their money. Money is serious business to them, and Barama’s mishandling of or nation’s finances horrifies them.
It’s not making us feel real good either. Five months into his reign- er , term, the situation has gone from bad to worse, as the Auto companies GM and Chrysler have gone bankrupt, AFTER receiving billions of dollars that are just GONE- we will never be able to recoup this money. We could have put these companies through the bankruptcies without all of that money disappearing. Now, even after giving control of these companies to the unions in a remarkable display of sheer idiocy- after all, unions are great at putting huts on bolts, but balance sheets are altogether different- these unions will survive, from the top down. Do any of you union people who will lose your jobs (and there’s an estimated 20,000 of you), truly think that any of the union bosses will lose THEIRS? Not in Barama’s world.
The wave of employment-driven foreclosures could pose new challenges for the Obama administration as it tries to stabilize falling housing values. In March, the administration outlined a multifaceted program that aims to help as many as nine million homeowners refinances mortgages and stay in their houses.
A group of economists at the Boston Federal Reserve said in a recent paper that foreclosure prevention programs could be more effective if they gave direct aid to struggling homeowners, rather than modified loans to reduce monthly payments.
The figures released Thursdaysuggested that prime fixed-rate loans were supplanting risky subprime loans and rising adjustable-rate mortgages as the force behind the foreclosure crisis.
Barama has been so concerned with doing as much as he can in a short time that he has done nothing effectively- it is possible to dilute any effectiveness by spreading it too thin, and that is what has been happening. Now, no one is satisfied, noone is better off, with the possible exception of union leaders and all the “czars”, with their fancy new titles, and do nothing jobs. So much tried to so LITTLE effect- an award for total incompetence should be called an “Obama”, but in this case, the entire administration can share in the shame of so utterly failing the American People.
Liberals love to point out that it was Bush who began this with the 350 billion that he spread out as the TARP funds, but that is now chump change, and this folly is fully Barama’s to own and enjoy. Boy oh boy, is he enjoying our discomfort now- he surely must, because he just keeps on piling on, using the mantra “Too Big To Fail”. Perhaps he can borrow Bush’s “Mission Accomplished” when he finally bankrupts this nation as seems to be his agenda.
They say when you find yourself in a hole, quit digging, but Barama just gets a bigger shovel- perhaps he’s digging his way to China.
That way it will be easier to go kowtow to them when asking for more money- after all we all know Barama must be “Too big to fail”- even if, in the end, nothing else is.
[tip]If you enjoy what you read consider signing up to receive email notification of new posts. There are several options in the sidebar and I am sure you can find one that suits you. If you prefer, consider adding this site to your favorite feed reader. If you receive emails and wish to stop them follow the instructions included in the email.[/tip]
Tags: foreclosures, gm, monetary waste, unions
First we have Obama has done nothing:
“More and more people are losing their homes simply because Barama has done nothing, except throw money away” –BLK
Then we have Obama is doing too much:
“Barama has been so concerned with doing as much as he can in a short time that he has done nothing effectively…” -BLK
Perhaps you can clear this up, but you seem to be criticizing him for doing too much and too little at the same time. Best to take a breath and avoid such a contradiction.
It’s a tricky situation. He was left with a profound mess and no one seriously blames the current situation, the current numbers, on him. There are no end of serious experts that think he is doing too much or too little. No one knows for sure. But these experts probably don’t suggest he is doing both of these things at the same time.
Lag times. A digression:
I have a letter I put together that documents the historical record of how the country has done, in all major categories we judge success, under the demo/repub presidents respectively. I wrote it just before the election because of all the noise (read lies) that were being spread about the dangers of having a demo president.
Letter shows that the demo’s win such a comparison in a land slide. The only serious rebuttal I have heard to this letter, (which references each claim carefully) is lag times. A presidents “record” shouldn’t start right away, obviously, because many if not most of his policies don’t take effect for some time, often years.
This makes sense. I have heard suggestions of lag times from a few months, to a year, to a couple of years or even a decade (with some programs, of course longer). On GM’s place the other day, Mark reached for a quote from a fellow who said it was ridiculous to even judge the results of a president during his term.
That’s pretty ridiculous of course. No one thinks Reagan didn’t have a lot of results during his term.
My point is, because of the lag time issue, Obama can hardly, honestly, be faulted for the current economic train wreck we are experiencing. In a few years? Then these charges will start to stick. Right now, they don’t stick at all.
As Jon Stewart suggested to republicans, “best to pace your outrage.”
Lest you run out.
D.
—————-
The letter I refer to above is posted here:
http://fayfreethinkers.com/forums/viewtopic.php?f=1&t=5317
Lets put it this way- Barama has done, nor will do anything effectively EXCEPT rid us of our money at a record pace.
He is TRYING to do as much as he can do, not because it needs doing, but before the rest of the people wake up to how badly he is doing it and cut off the money spigot.
As for Stewart, he’s never run out of outrage- he’s a little man, and has little man syndrome.
Again, no one knows what the future holds or if our efforts are too little or too much. Experts disagree:
***
“World Bank President Robert Zoellick warned policy makers that fiscal-stimulus plans are insufficient to turn around the “real economy” and rising joblessness threatens to set off political unrest across the globe.”
http://www.bloomberg.com/apps/news?pid=20601087&sid=a5u2Edh03MQ4&refer=home