Posted tagged ‘recovery’

Delinquencies Hit Record High

August 20, 2009

AP reports record high mortgage delinquencies:

With the recession throwing thousands of people out of work daily, more than 13 percent of American homeowners with a mortgage have fallen behind on their payments or are in foreclosure.

The record-high numbers published Thursday by the Mortgage Bankers Association are being driven by borrowers with traditional fixed-rate mortgages, rather than the shady subprime loans with adjustable rates that kicked off the mortgage crisis. As of June, more than 4 percent of all borrowers were in foreclosure while about 9 percent had missed at least one payment.

And the layoffs keep coming. Lockheed Martin Corp. said this week it’s handing out about 800 pink slips in its space systems division, and audio conferencing company Polycom Inc. said it will cut about 80 positions.

New jobless claims rose last week to a seasonally adjusted 576,000, the Labor Department said Thursday. While the recession, measured by the nation’s total economic output, is likely over, most economists expect layoffs and foreclosure to keep rising for many months as companies remain in cost-cutting mode.

“Their confidence has been shattered,” said Brian Bethune, chief U.S. financial economist at IHS Global Insight. “They are going to be very conservative. They don’t want to be blind sided by a false dawn economy.”

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But the visual at ZeroHedge makes it all so painfully clear:

delinquent

But recovery is just around the corner. Can’t you see the green shoots and glimmers?

Stimulus Spending Slows to a Trickle

August 14, 2009

000-0809232947Hot Air’s Ed Morrissey reports the following:

Two months ago, Barack Obama ordered his Cabinet to pick up the pace of stimulus spending after the public began losing confidence in its ability to generate an economic recovery.  With the unemployment rate heading to 9.5%, the need for Obama’s urgency was obvious.  So the federal government must really have turned on the cash spigots, right?  Wrong:

Stimulus bill spending has slowed to a trickle, despite President Obama’s June order to his Cabinet to speed it up.

The average stimulus spending per week has dropped severely, to just $4.2 billion over the past month from $9.7 billion during the prior four months. The government spent $2.9 billion in the week ending Aug. 7.

Taxpayer groups say the numbers show spending decisions are random and prove that the $787 billion stimulus program has had no effect on the economy.

“This is a typical bureaucracy. They don’t operate in an efficient way. They can’t operate in an efficient way and make an impact,” said Leslie Paige, media director for Citizens Against Government Waste.

When Casey Stengel managed the New York Mets in the team’s debut season — a team that had as many rookies, retreads, and screw-ups as the Obama Administration apparently does — he moaned, “Can’t anyone here play this game?”  It’s been six months for Team Obama, and they keep proving themselves inept at governance.  Instead of picking up the pace, they’ve cut the flow by two-thirds.

But by all means let’s put the government in charge of health care! What could possibly go wrong?

We Will Recover – Obama… No We Won’t Says Celente

March 1, 2009

statueoflibertyThe wealth of plain, hard facts upon which The Trends Research Institute’s forecasts are based belie the lofty promises made by President Obama’s first address to Congress.  
 
“We will rebuild, we will recover, and the United States of America will emerge stronger than before,” said President Obama.  
 
Said Celente, “The government has yet to fix the levees in New Orleans. There is still a hole in the ground where the World Trade Center once stood. Washington has started two wars it can’t win and doesn’t know how to finish. The massive bank, brokerage, auto and insurance company bailouts have done nothing to resuscitate the sinking economy. The Troubled Assets Relief Program (TARP) that candidate Obama championed has not “relieved.” President Obama’s $787 billion American Recovery and Reinvestment Act will not lead to recovery and the nation will not ’emerge stronger than before,'” Celente continued.

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Who are you going to believe – Obama or your lying eyes?

obama_the_end