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Recent Posts Tagged With 'housing bust'
CBS 60 Minutes: Wilmington’s Long Recession
When I watch videos like this on 60 Minutes, I realize the Great Recession that has been declared over by many economists is wrong. They may take some reports to rationalize that things are better, but when you see all the people still hurting and ...
Ron Paul: Bernanke is World’s Greatest Counterfeiter 12.16.2009
It’s funny to me that people still believe that Bernanke has done a good job. The media makes it sound like he saved the world, when he actually contributed to the global recession. He was nominated by our former President who has also failed...
2009 Bank Closures Update 140 Year To Date
Every Friday after 5 pm, the FDIC comes in like a ninja in the night and starts taking over failed banks. This last Friday it was very busy as it took over 7 failed banks bringing the total to 140 year to date. The bank closures are a contradicti...
Daily Show Jon Stewart: Clusterf@#k To The Poorhouse – Flight Delay
The post of the title says it all. Enjoy! The Daily Show With Jon Stewart Mon – Thurs 11p / 10c ...
Why Does Our Current Congress Suck?
Most of our elected politicians claim they are trying to make things better for most Americans. Why is it they always have actions that contradict their words and promises. All you have to do is follow the money. Lobbyists giving certain politi...
November Credit Card Delinquency Up
Do you find it odd that banks are paying back TARP, unemployment supposedly went down from 10.3% to 10%, and GDP expanded by 3.5% and yet the credit card delinquency is still rising? At least for the credit card companies who are not cooking the bo...
Rolling Stone’s Matt Taibbi: Obama’s Big Sellout
This writer puts together a very cohesive view of Wall Street and all the back room deals made with our government. Taibbi offers insight to why corrupt banks were able to get bailout funds from the taxpayers. Watch his video below. Below is an art...
How Do You Get A Loan Modification?
The banks are still breaking foreclosure records and the inventory is growing. I have heard references that it costs the banks between $30,000 to $50,000 per foreclosure. That is a lot of money just to take back a house. So why don’t the ...
7.1 Million Foreclosures 2008-2009
That’s how many foreclosures the United States has had which is bigger than the population of most countries. Many media outlets are trying to focus on the positive that there are less foreclosures now than July 2009 (the truth is we had mo...
“Mish” Shedlock: unemployment rate will be over 10% all the way through 2015
This is very bearish news and if it proves to be true, I recommend preparing for the worse. We have only had 10% unemployment for 2 months officially, so if it maintains double digits for 5 years, things are going to be rough for everyone in every ...
Meredith Whitney latest video on the economy 12.08.2009
This is the latest Meredith Whitney video I could find with her assessment on the current economy. I have to agree with her. She has been accurate with her previous forecasts and based on what she says here it looks like more bad news up ahead....
The Obama Home Affordable Modification Program (HAMP)
I think the idea and the intent is good. The execution is terrible. I sincerely think Obama needs to surround himself with more hands-on result oriented people than academic professors on his economic team. Bernanke (there is no recession), G...
Are Debtors Revolting Against the Bailed Out Banks and Credit Card Companies?
Awhile back, I saw this video from Rockerchic4God and posted her video here on my blog. I will repost her video below so you can listen to her explanation of why she has decided to withhold her payments from her credit card company. In a nutshell...
Wall Street Cheers Unemployment Numbers
The unemployment number went down which should be a good thing no matter what. Right? The question is how accurate are the numbers and which reports are they reporting. Just a week ago, the TV media showed how crowded the stores were for Black ...
Senator Jim Bunning: failures of Federal Reserve Chairman Ben Bernanke
I do hope we have enough senators like Senator Bunning with courage to do the right thing for the American people and get rid of the establishment that created this financial debacle we are in. Senator Bunning knows Bernanke is a failure in the rea...
The Federal Reserve, 0% interest rates, and the housing crisis.
The same economist Brian Wesbury, chief economist at First Trust, has another video on his views on the Federal Reserve, the origin of the housing crisis, and the weaknesses he sees with the Fed’s chairman Bernanke. The more I listen to this ...
US Housing Foreclosures and Recovery
Foreclosures in the United States have not stopped. It is still increasing and there is a shadow inventory of bank REOs sitting empty and not for sale. This is probably due to accounting rules of mark to market. Regardless, the efforts of keepi...
How high will gold go? part 2
I purchased gold ETFs near the beginning of the year instead of jumping back into stocks. This was more of a defensive move because I was worried about the US dollar and the crazy deficits we were and are still incurring. I think many others share...
More Rooms Than Guests
I know the Dubai Debt Debacle was the biggest news on the stock markets yesterday and then it is Black Friday. I am not sure how big of an effect they will have on the US economy. On top of unemployment and foreclosures, I think the commercial si...
Judge Erases $525,000 Mortgage in Long Island
This is just one of the stories where the big banks lose and the little guy wins. I thought it was worth sharing. This is an example of a bailed out bank just being evil. We should have never bailed out any banks with Taxpayer money and this ...
Negative Home Equity
The housing bust has really crushed a lot of homeowners. Some of the prices of homes have deflated to the pre-bubble years of 2000 to 2003. The problem is many people bought there homes from 2004-2008 and during those years we had lenders do...
Credit Card Delinquency Getting Better And Worse
As always different sources try to spin the same stories as good and bad. According to Transunion the delinquency has improved. They base that on the data they collect (which they don’t do very accurately). Just pull up your credit report...
Housing Crisis 2009: A Foreclosure On Every Block
The recession will continue to get worse until the housing issue is dealt with and resolved. The housing bust was the giant domino that put our economy into the worse recession since the Great Depression. Now that foreclosures have worsened, bo...
California is on the brink…
California is a huge economy and will affect the entire country as it tries to resolve its budget issues again. Most people don’t realize the domino effects from this huge state with a big population. The major problems plaguing California r...
2009 YTD 123 Bank Closures 11.14.2009
It seems that the pace of bank closures are increasing as we get closer to the end of the year. These are not just single banks but chains of bank representing many branch locations. We are up to 123 officially closed banks taken over by the FD...
Housing Deals in a Recession
The housing bubble has burst and it is still deflating. I think because many people are losing their homes or just walking away from an underwater house (loan greater than the value of the house) that is making great deals available. Depending on y...
True National Unemployment is at 17.5%
Forget about focusing on the 10.2% unemployment rate because that doesn’t show the whole picture. Right now in America our true unemployment rate is at 17.5% if not more. That figure comes from the Bureau of Labor Statisitics (BLS) known as...
PBS Frontline: Close to Home
I always enjoy watching these PBS Frontline shows. They are more objective and always put together real well. The good thing is if you miss the actual show, they give you the opportunity to watch it online anytime. Again, extremely informative and...
FOX is anti-Obama and anti-Democrat..who gives a crap?
For the most part, when it comes to politics these shows are against the current Obama administration, the House, and the Senate (both of which are currently Democratic majority). We all know this because during the Bush administration, this media ...
Bank failures top 106 on 10.23.2009
Everyone who watches how many banks are being shuttered for failure was expecting number 99 today. So it was a big surprise, at least to me that the FDIC announced 7 bank closings. Each bank of course represents multiple branches. That is 7 ban...
