Posts Tagged ‘foreclosures’

U.S. Housing Is Now WORSE Than Great Depression (Thanks Barry Hussein!)

June 15, 2011

Here’s Obama’s constant and constantly false narrative.  Things are bad, but Barry Hussein has made then better.

I mean, thank God we don’t have that miserable 7.6% unemployment Bush left office with; due to Obama’s messianic leadership, unemployment has improved to 9.1%.

Unemployment with Obama’s “stimulus” boondoggle is actually HIGHER than the Obama White House said it would be WITHOUT the stimulus – and on top of the fact that his stimulus actually HURT employment, we still have to pay back that $3.27 TRILLION in debt that Obama saddled America with.

Obama constantly boasted about the “shovel-ready jobs” he created.  He is a liar by his own acknowledgment now.  The other day he heard someone bitterly complain about all the terrible regulations he created and how they stopped any meaningful recovery dead in its tracks [note: remember how Democrats deceitfully blamed all the problems on Republicans’ DEREGULATING], and Obama responded with a joke, dismissively saying, “Shovel-ready was not as shovel-ready as we expected.”

That’s RIGHT, you lying weasel!!!  And Republicans were only telling you this three years ago while you lied and lied and then lied some more every single day.

But that aint nothin’ compared to the havoc Obama has wreaked with his “wreckovery.”

Just yesterday I explained at length how Democrats and Obama were FAR MORE RESPONSIBLE for our housing crisis than Bush or the Republicans.

In brief, it was DEMOCRATS who created Fannie Mae and Freddie Mac.  It was DEMOCRATS who forced banks to make risky loans under the guise of opening up home ownership to those who could not qualify for traditional (i.e. safe and sane) mortgages.  It was DEMOCRATS who pushed Fannie and Freddie into the incredible risky subprime loan market.  It was DEMOCRATS who were at the very epicenter of subprime loans to even BEGIN WITH.  It was DEMOCRATS who allowed Fannie Mae and Freddie Mac to bundle huge blocks of these subprime loans together such that investors had no possible means of knowing how safe these mortgage backed securities (that ONLY Fannie and Freddie could sell) were and how much bad debt was in them.  It was DEMOCRATS who fiercely resisted all Republican efforts to reform Fannie and Freddie.  It was DEMOCRATS who falsely assured the American people that Fannie and Freddie were safe while Republicans correctly predicted these massive behemoths would lead us into a disaster.  It was DEMOCRATS who turned Fannie and Freddie into such a massive behemoth that it controlled more than half of the entire mortgage industry (to big to fail alert).  It was DEMOCRATS at the helm of Fannie and Freddie who doctored financial reports and benefited personally to the tune of hundreds of millions of dollars in bogus bonuses and fees.  And it was DEMOCRATS like Barack Obama who received more campaign money in a shorter period of time from Fannie and Freddie (not to mention corrupt crony capitalist private firms like Lehman Bros.) than ANYONE.  And ALL the top scumbags who benefitted personally from Fannie Mae and Freddie Mac money were ALL DEMOCRATS.

Fannie and Freddie went down – just like Republicans said would happen and just like Democrats promised us would NOT happen – and then the very people who created the mess and benefited from the mess turned around and demonized the people who tried to prevent the mess.

It was DEMOCRATS who created the housing crisis.  And it is under DEMOCRAT leadership that this crisis is so bad that it is even WORSE than the Great Depression:

US Housing Crisis Is Now Worse Than Great Depression
Published: Tuesday, 14 Jun 2011 | 12:04 PM ET
By: Jeff Cox
CNBC.com Staff Writer

It’s official: The housing crisis that began in 2006 and has recently entered a double dip is now worse than the Great Depression.

Prices have fallen some 33 percent since the market began its collapse, greater than the 31 percent fall that began in the late 1920s and culminated in the early 1930s, according to Case-Shiller data.

The news comes as the Federal Reserve considers whether the economy has regained enough strength to stand on its own and as unemployment remains at a still-elevated 9.1 percent, throwing into question whether the recovery is real.

“The sharp fall in house prices in the first quarter provided further confirmation that this housing crash has been larger and faster than the one during the Great Depression,” Paul Dales, senior economist at Capital Economics in Toronto, wrote in research for clients.

According to Case-Shiller, which provides the most closely followed housing industry data, prices dropped 1.9 percent in the first quarter, a move that the firm interpreted as a clear double dip in prices.

Moreover, Dales said prices likely have not completed their downturn.

“The only comfort is that the latest monthly data show that towards the end of the first quarter prices started to fall at a more modest rate,” he said. “Nonetheless, prices are likely to fall by a further 3 percent this year, resulting in a 5 percent drop over the year as a whole.”

Prices continue to tumble despite affordability, which by most conventional metrics is near historic highs.

The rate for a 30-year conventional mortgage is around 4.5 percent, just above the historic low of 4.2 percent in October 2010. The ratio measuring mortgage costs to renting is 7 percent below its norm, while the price-to-income ratio is 23 percent below its average, Dale said.

Yet other factors are constraining the market.

After the fallout from the subprime debacle, in which millions lost their homes when they defaulted on loans they could not afford, banks changed underwriting standards.

More than four in every five mortgages now require a down payment of 20 percent, and credit history standards have tightened. At the same time, foreclosures continue at a brisk pace, pushing more supply onto the market and pressuring prices downward.

Then there is the issue of underwater homeowners—those who owe more than their house is worth—representing another 23 percent of homeowners who cannot leave or are in danger of mortgage default.

Indeed, the foreclosure problem is unlikely to get any better with 4.5 million households either three payments late or in foreclosure proceedings. The historical average is 1 million, according to Dales’ research.

The only bright spot Dales found, aside from the slowing in price drop in March, was some isolated strength in states such as Nevada, Michigan, South Dakota, Alaska and Iowa.

The thing that was nearly COMPLETELY created by Democrats in the first place is now worse than at ANY time in the Bush administration, and in fact so bad under Obama’s watch that it is actually worse than it was even in the Great Depression.

But Obama has made it better.

You have got to be absolutely demonic to believe that.

Obama has failed.  He has utterly and completely failed.  He is the embodiement of God damn America, and God will continue to damn America until this wicked fool is removed from the White House.

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Latest AP Poll Giving Obama 60% Approval Assumes There Are 59% (+17 Points) More Democrats Than Republicans

May 12, 2011

This just another example of the legion of bias in the mainstream media:

59% more Democrats than Republicans?  Really?  And we’re supposed to believe that after that vicious asswhipping Democrats got in 2010?  Riiighhhttt.

Let’s quickly do the math: 46% Democrats – 29% Republicans equals a difference of 17.  And 17 divided by 29 (the base number) is .58.6.  So there are 58.6% more Democrats than Republicans for this poll to be valid.

All The President’s Pollsters: AP Poll Skews Democrat by 58%
By John Romano

(YBH) – Covering American politics is a minefield even working with good information which eschews partisanship.

The AP was not helpful today in that lonely quest for unbiased intel.

They released poll numbers which have President Obama lurching forward with a 60% approval rating.  Sounds great for the President doesn’t it?

However, the AP polled a full 58% (+17 points) more Democrats in this poll than Republicans.  The AP always polls more Democrats for some reason (no explanation is given why), but this month’s partisan gap is the largest since April and May of 2009 when the Dem-Rep gap was +18 and +14 points respectively.   The poll released today had 46% of respondents self identify as Democrats and just 29% who identify as Republicans.

Not surprisingly, the President’s approval ratings in the three polls noted above that skewed most Democratic were the highest of his administration.  Each had the President’s approval numbers at 60%+.

Conversely, the two lowest approval numbers reported by the AP during Obama’s time in office was when poll respondents were distributed evenly among Democrats and Republicans.  In April and November of 2010 Democrats edged Republicans in the poll by just one point (November = Dem. 39%, Rep. 38% and April = Dem. 41%, Rep. 40%).  President Obama’s approval in those polls were 49% and 47%.

So when the AP releases its own poll and reports that, “In worrisome signs for Republicans, the president’s standing improved not just on foreign policy but also on the economy, and independent Americans,” perhaps the poll should be taken with a grain of salt.  What the heck?  Make it a grain of salt and a shot of Tequila for good luck.

The poll was joint effort between the AP and GfK Roper Public Affairs.  A call from YBH! to AP/GfK asking for a reason for the discrepancy was not returned.

If you trust the media farther than you can throw your giant-screen television across the front yard, you are a genuine fool.  It literally appears that they decided to give Obama 60% approval, and then figured out how many Democrats would have to be in their sample to obtain that pre-determined result.

Here’s a poll that is a little more based on reality:

Poll: Economy hampers Osama bin Laden boost
By JENNIFER EPSTEIN | 5/10/11 6:17 AM EDT
 
President Barack Obama’s approval rating continues to show a boost after the successful mission to kill Osama bin Laden, though it’s being weighed down by his lowest marks on the economy since taking office, a new poll suggests.

The president’s overall approval rating is at 52 percent in an NBC News poll released late Monday – a gain of three points since last month – while his disapproval rating dropped four points to 41 percent. The post-bin Laden bounce wasn’t quite as pronounced in this poll, conducted Thursday through Saturday, as it was in some polling done in the first two days immediately after the terrorist leader was killed.

Obama’s approval ratings are buoyed by big improvements in how Americans view Obama’s handling of foreign policy, with 57 percent approving, up from 49 percent in April. Meanwhile, Obama’s disapproval on foreign policy has dropped 11 points to 35 percent. Views of his handling of the war in Afghanistan have also improved, up 10 points since last month to 56 percent.

But views of how the president is handling the economy have dropped since April to their lowest levels since Obama took office. A month ago, 45 percent of Americans said they approved of his handling of the economy. That number is now down to 37 percent, while disapproval has risen six percentage points to 58 percent. Before this month, his lowest ratings on the economy came last August, when 39 percent approved and 56 percent disapproved of his job performance on the issue.

The poll was conducted May 5-7 and surveyed 800 adults. The error margin is plus or minus 3.5 percentage points.

So AP and those who follow them claim that 58% of the country are enthusiastic Democrats, while in reality 58% of the REAL people are looking at Obama, then looking at their empty pocketbooks and their foreclosure notices, and then looking to anyone who can save them from Obama.

And the unjustified approval Obama is receiving for relying on Bush policies to get Osama bin Laden EVEN AS HE DEMONIZES THOSE VERY POLICIES is going to have a very short shelf life, indeed, according to most pollsters.  We can all remember George H.W. Bush having more than 90% approval after winning Gulf War I, only to lose to Bill Clinton.  And yet you’d think that Obama must surely be unbeatable given the media propaganda.

I think back to the World War II generation.  If you read the German propaganda at the time, Adolf Hitler was beloved to the point of deity.  The fact of the matter was that he never received more than 37% of the vote in any legitimate election.  Which only goes to tell you that fascism always works much, much better when the journalists embrace it.

I don’t know if we’re heading toward a 1984 society or an Animal Farm society.  But either one of them starts with massive disinformation that just keeps getting worse and worse.

US Dollar, Housing, Oil And Food Markets Point To Dodo Bird Ending For America: The Beast Is Coming

May 2, 2011

This is your dollar.

This is your dollar on Obama:

APRIL 23, 2011
Dollar’s Decline Speeds Up, With Risks for U.S.
BY TOM LAURICELLA

The U.S. dollar’s downward slide is accelerating as low interest rates, inflation concerns and the massive federal budget deficit undermine the currency.

With no relief in sight for the dollar on any of those fronts, the downward pressure on the dollar is widely expected to continue.
The dollar fell nearly 1% against a broad basket of currencies this week, following a drop of similar size last week. The ICE U.S. Dollar Index closed at its lowest level since August 2008, before the financial crisis intensified.

“The dollar just hasn’t had anything positive going for it,” said Alessio de Longis, who oversees the Oppenheimer Currency Opportunities Fund.

The main driver for the dollar’s decline is low interest rates in the U.S. compared with higher and rising rates abroad. Lower rates mean a lower return on cash—and the pressure from that factor could intensify next week when the Federal Reserve’s rate-setting committee is expected to signal that U.S. short-term rates will likely remain near zero for many months to come. On Wednesday, Fed Chairman Ben Bernanke is scheduled to give the central bank’s first-ever press conference following a policy-setting meeting.

But it is worry about the U.S. budget deficit that is intensifying the selloff. On Monday, investors were spooked by a warning from Standard & Poor’s that it might take away the U.S. government’s coveted AAA rating status amid concerns the Obama administration and Republicans in Congress might not be able to agree to significant reductions in the deficit.

In addition, Chinese government officials have stepped up rhetoric hinting they might diversify their $3 trillion of currency reserves away from U.S. dollars. Such a shift would chip away at what has been a substantial source of dollar-buying in recent years.

I dare say that the Wall Street Journal got it wrong this time.   While it certainly might be technically true that the immediate driver of the dollar’s decline is ” is low interest rates in the U.S. compared with higher and rising rates abroad,” that is only a symptom of the ultimate cause of the dollar’s decline.  The bigger picture can be summed up in two words: quantitative easing.  Obama’s Federal Reserve is creating money out of thin air.  And with more dollars chasing the same amount (and actually fewer) finite goods and services, the value of each dollar devalues. 

A week is a long time in Obama’s God damn America.  A fool-in-chief can do a lot of damage in a week:

APRIL 29, 2011
Dollar Skids to New Three-Year Lows
By JAVIER DAVID

NEW YORK—Investors wasted no time in sending the dollar to new three-year lows after the Federal Reserve gave them little reason to support it.

Weak U.S. growth and unemployment data quickened the dollar’s fall. Initial employment claims jumped back above the 400,000 level in the latest week. Meanwhile, gross domestic product data showed that economic growth slowed sharply in the first quarter, led by surging food and energy costs that sent a key gauge of inflation, the personal consumption expenditures (PCE) price index, soaring to its highest level in nearly three years.

Late Thursday, the euro was at $1.4821 from $1.4794 late Wednesday. The dollar traded at ¥81.54 from ¥82.04, while the euro was at ¥120.85 from ¥121.37. The U.K. pound bought $1.6640 from $1.6636. The dollar fetched 0.8733 Swiss franc from 0.8738 franc, plunging to a new record low.

The ICE Dollar Index, which tracks the U.S. dollar against a trade-weighted basket of currencies, was at 73.12 from 73.519, its lowest level since July 2008.

Has Obama made our economy better?  Really?  You’ve been watching and reading mainstream media propagandist lies, haven’t you?  Here’s the reality: our dollar situation is every bit as bad now as it was when the terrible economic implosion of 2008 hit us.  That giant sucking sound you hear all around you is the value and purchasing power of your dollar sinking into the abyss.

Here’s another major economic indicator going right down the toilet:

Home price gains since spring 2009 vanish
The Standard & Poor’s/Case-Shiller index for 20 major U.S. cities in February comes close to its previous bottom reached in April 2009.
By Alejandro Lazo, Los Angeles Times
 April 26, 2011, 5:06 p.m.

The home price gains made after the housing market bottomed in spring 2009 have vanished, with 10 cities posting fresh lows in February, according to a closely watched index that tracks home prices in America’s biggest metropolitan areas.

The Standard & Poor’s/Case-Shiller index for 20 major U.S. cities, released Tuesday, came within a hair of its previous bottom hit in April 2009. The renewed drop in home prices indicates the nation’s housing woes continue despite a recovery in the broader economy.

“There is very little, if any, good news about housing. Prices continue to weaken, while trends in sales and construction are disappointing,” said David M. Blitzer, chairman of the index committee at Standard & Poor’s.

[…]

Foreclosures remain a significant part of the market and probably will remain so for the foreseeable future as borrowers continue to fall behind on their mortgage payments.

Patrick Newport, U.S. economist for consultancy IHS Global Insight, wrote in a note Tuesday that the decline in the index and drops in other home price measures — specifically a monthly index produced by the Federal Housing Finance Agency, which has seen steady declines in recent months — indicate that the housing slump is once again widespread.

The federal agency’s index’s “recent decline indicates that the vicious cycle in which falling prices lead to more foreclosures which lead to even lower housing prices, continues to play a role in keeping housing on the mat,” Newport wrote.

The Case-Shiller index has fallen to nearly the same level it was in April 2009, the last time it bottomed, evaporating the gains made last year after a popular tax credit for buyers fueled sales nationally. Experts predict prices will continue to fall this year, pushing past their previous lows into a much-feared double dip.

The only thing propping up the economy under Obama’s morally and fiscally idiotic policies is QE2.  Banks and major businesses are not being allowed to fail (it’s all too big too fail in an increasingly fascist system in which the government dominates the banking and corporate spheres).  Right now, the system Obama has only made more broken is being kept afloat in cash being created out of thin air.  The last time quantitative easing ended, the DOW immediately lost 16% of its value in two weeks.  And QE2 is set to end in June.

This means QE3, and then of course QE4.  Because “QE” means “Quack Economics” far more than it should mean anything else.

The following video WAS a fictional account warning us of what could happen.  But it is about to become news before history confirms it:

And do I really have to say anything about gas prices?  Gas was $1.79 a gallon when Obama took office; it is now $3.91 and going up every single day.  That is an increase of more than 118%.  How’s that hope n’ change workin’  out for ya?

Should I mention corn?  Field corn has increased 300% (from $2 a bushel in 2009 to $6 a bushel now) under Obama’s dreadful godawful policies

Wheat prices have more than doubled.  These are basic staples used in everything. 

Food costs more than at any time since 1974.  And it’s going to get much, much worse.  Prices for food and meat are going to soar in the coming days.

Liberals say they care about the poor.  But they don’t give a damn about the poor.  All Democrats want is to “fundamentally transform” America into a socialistic system where they can maintain power forever.

The other thing to say about the above is that Gerald Celente predicted in 2008 that food riots and revolution would overtake America by 2012.  I pointed out in a recent article that what he said is exactly coming to pass both here and around the most flammable region on earth.

And all the unrest you’re seeing around you is simply the Cloward and Piven strategy for bringing about the downfall of the United States of America finally coming to pass exactly like the left wants, and exactly like people like me were talking about for the last two years.

Nobody’s really telling you about what’s happening or about what’s coming.  And that’s mostly because nobody wants to hear about it.

When Adolf Hitler seized power (he never took more than 37% of the vote, but that doesn’t stop a big government tyrant from seizing total power), he began to ruthlessly suppress dissent.  Today, the Democrat Party has pushed on attempt to impose one euphamistically-named “Fairness Doctrone” after another to shut down competing voices, even as Nancy Pelosi now demands a system in which “elections shouldn’t matter so much” in the aftermath of the one that drove her from power).

I think of one journalist named Stephen Laurent who was impriosoned for trying to tell the truth about Hitler.  He wrote:

“I am writing this from cell 24. Outside a new Germany is being created. Many millions are rejoicing. Hitler is promising everyone precisely what they want. I think when they wake to their sobering senses, they will find they have been led by the nose and duped by lies.”

And that is where America is heading.  Only there will be no America to rebuild America the way the United States of America rebuilt Germany in the aftermath of Germany reaping its whirlwind after sowing the wind.  Obama himself will have seen to that.

The funniest thing about this – if anything about America turning into a socialist banana republic is “funny” – is that it will be the left who so rabidly despise the Word of God (otherwise known as the Holy Bible) who will bring about it’s ultimate fulfillment.

The beast is coming.  He will be a one-world global leader who will take over in the catastrophic aftermath of false messiahs like Barack Hussein Obama.  He will be the personification of the United Nations and globalism and a world without borders and all the other total idiocy the left has been jabbering about for decades.  He will represent the sum total of everything the liberals have ever yearned for.

The secular humanist left has said that if they could just take over, they would create a humanist Utopia.  God is going to give them their chance in the Tribulation with the big government Utopia of the Antichrist.

And in just seven years he will have brought a literal hell on earth.

It will be the left – it will be the people who most hate and despise and mock the Bible – that brings about all of the end times prophecies of the very Bible they so ridicule.

Barack Obama is an example of the sneering tone of the left toward the Word of God:

Which passages of Scripture should guide our public policy? Should we go with Leviticus, which suggests slavery is ok and that eating shellfish is abomination? How about Deuteronomy, which suggests stoning your child if he strays from the faith? Or should we just stick to the Sermon on the Mount – a passage that is so radical that it’s doubtful that our own Defense Department would survive its application? So before we get carried away, let’s read our Bibles. Folks haven’t been reading their Bibles.

But I have been reading my Bible, President Obama.  And I’m seeing more and more reasons to believe it and accept it as God’s Word about a time which is now at hand.

I see the dollar devaluing to nothing; I see the cost of food skyrocketing.  And I consider the words of the book of Revelation:

He also forced everyone, small and great, rich and poor, free and slave, to receive a mark on his right hand or on his forehead, so that no one could buy or sell unless he had the mark, which is the name of the beast or the number of his name” (Revelation 13:16-17)

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This ‘Blame Bush’ Crap Has Just GOT To End

August 23, 2010

Are you sick of Obama and the left unrelentingly blaming Bush for everything that is happening going on two years after he left office?  Do you think that Obama will ever man-up and actually become responsible for his presidency?

Me too, and me neither, respectively.

I went more than a little off on a liberal who dredged up this demagogic rhetorical garbage:

In Europe people laugh at us leaving in false dreams, wall streets spending false money, Bush starting a false war etc.

America is the land of dreams, how come? Idiots like George Bush can get elected to president. If he can Become president, then what can the smart people do? Jump to pluto?.

Do you really expect Obama to fix the worst recession in 80 years in a bit more than 18 months? Which was created by 8 years of Reagan, 4 years by bush, Clinton’s last period and 8 years by Bush? What is he some kind of god?

I didn’t vote for Obama but I expect him to put us in the right direction in this 6 years (he most likely) has left. in 2007-2008 they estimated that the recession will peak in 2012, so there is still a lot left. Just imagine how it would be with Palin/McCain. McCain who wanted to keep Bush’s politics moving and Palin who thought Africa was a country.

Here was my response:

First of all, I must pause to mock you for making Europe the gold standard of measurement. I guess if you like Nazism, fascism, Marxism, socialism, and genocide up the wazoo, Europe must be the coolest place on earth.  I can see why you lefties love it so much.

What was it that Jefferson said? “The comparison of our governments with those of Europe, is like a comparison of heaven and hell.” Not that you give a damn what Jefferson said about anything.

Let me assure you that the Iraq War – which 60% of Democrat Senators voted to authorize (just for the record) – was a REAL war indeed.

Here’s a record of how Democrats were for that war before they were against it:

Truth or Fiction
Freedom Agenda
Snopes

And at least Bush had the decency to actually WIN his war. Barack Obama demonized the Iraq War and demonized the surge strategy that enabled us to win it. And Obama made Afghanistan “his war” in order to maintain the facade that he really wasn’t a weakling on foreign policy.  Bush did so well in Iraq that the Obama administration actually tried to take credit for the victory. And now we’re “floundering in Afghanistan” under Obama’s failed leadership.

That Sarah Palin who thought Africa was a country thing? False, you demagogue. It was a made-up “fact” that was reported as truth. And the ONLY documented “source” behind it has been revealed to be a hoax.

Now, you want to see a REAL idiot in action? How about a guy running for president who thinks there are 58 states? This is a man who is so fundamentally ignorant he doesn’t even know jack squat about his own country.

Youtube:

Quote:

It is wonderful to be back in Oregon,” Obama said. “Over the last 15 months, we’ve traveled to every corner of the United States. I’ve now been in 57 states? I think one left to go. Alaska and Hawaii, I was not allowed to go to even though I really wanted to visit, but my staff would not justify it.”

So let’s talk about what a total and absolute ideologue you are to condemn Sarah Palin for a bogus fabricated quote that she didn’t even say, and to then defend a guy who is on video saying something about 20 times as stupid.  Because that’s how the Democrat Party operates, in a nutshell.

For the factual record, Obama actually called Europe a country.  How is that not just as stupid as calling Africa a country?

Youtube:

Quote:

“One of the things that is a huge advantage for America compared to countries like Europe is, actually, we’re constantly replenishing ourselves with hungry, driven people who are coming here, and they want to work, and they start a business, and our population is younger and more dynamic, and that’s a good thing!”

Which is to say that Obama is unfit to be president by your own deceitful example.

And as for Bush being an idiot, at least he didn’t need a pair of damn teleprompters to say his name right. Maybe Bush would have sounded more “intelligent” to you if he read absolutely everything he said at every venue he went to off his teleprompters.

Here’s Obama without his teleprompter for one minute:

Which is why he needs to bring one everywhere – even to sixth grade classrooms – to not sound like the gibbering idiot he truly is.

So, oh, yeah, the country is much better off with its “Genius-in-chief,” isn’t it?

You don’t give one damn about the truth; you live in your own self-created reality in which Sarah Palin is stupid for something that she never said, while Barack Obama who said something stupider than Sarah Palin ever said in her life is still brilliant.

You would be completely ashamed of yourself, if you were capable of that attribute of moral character.

I write an article that shows how BY THE DEMOCRATS VERY OWN STANDARD OF MEASUREMENT Obama is the worst president in American history. And you’ve got nothing to say about that. Nothing but more “blame Bush.”

Another demonstration of your rabid leftist ideology that will NOT be fair: the economy goes into an absolute TOILET under Obama, but he’s not responsible for any of his policies.

The unemployment rate was 7.6% when Bush left office. But Obama is not responsible for the fact that it’s near 10% now and by most expert accounts will rise higher after he pissed away $862 billion (actually $3.27 TRILLION) in his boondoggle “stimulus”???

Why is it that you refuse to hold Obama to any kind of standard at all – even the standard he set for himself? The Obama administration said this was a terrible economy, but he had the solution, that his stimulus would keep unemployment from going over 8%. And by his own administration’s standard did he not utterly fail? Wasn’t he elected to make the economy better, instead of far worse?

And what do we say about the fact that unemployment is going up, rather than down?  Wasn’t Obama supposed to make things better rather than worse?

Jobless claims rise to highest level in 9 months
By CHRISTOPHER S. RUGABER, AP Economics Writer – Thu Aug 19, 2010

WASHINGTON – Employers appear to be laying off workers again as the economic recovery weakens. The number of people applying for unemployment benefits reached the half-million mark last week for the first time since November.

It was the third straight week that first-time jobless claims rose. The upward trend suggests the private sector may report a net loss of jobs in August for the first time this year.

Initial claims rose by 12,000 last week to 500,000, the Labor Department said Thursday.

Construction firms are letting go of more workers as the housing sector slumps and federal stimulus spending on public works projects winds down. State and local governments are also cutting jobs to close large budget gaps.

The layoffs add to growing fears that the economic recovery is slowing and the country could slip back into a recession.

Isn’t Obama kind of going the wrong way, Mr. “Blame Bush”???

We’ve got all kinds of measures showing that things are far worse than they ever were under Bush. But you, total rabid fundamentalist leftist ideologue that you are – can only shout “blame Bush!” all the louder.

Here’s one example from August 21, 2010 in the LA Times:

With consumers and businesses keeping a lid on expenses, more and more small and mid-size restaurants are throwing in their dish towels and closing up shop. […]

Nationwide, the number of restaurants dropped in 2010 for the first time in more than a decade, according to NPD, falling 5,202 to 579,416.

So, wow. That means that things haven’t been this bad since Bill Clinton was president and the Dot-com bubble he created blew up. That means that things were NEVER this bad under George Bush.

Bush inherited a terrible economic situation, too. First of all, the Dot-com bubble that Clinton passed to Bush created huge economic upheaval – to the tune of Nasdaq losing 78% of its value. Trillions of dollars of Clinton economic growth were just blown away like a fart in a hurricane.  The mainstream media didn’t report the facts of Clinton’s recession because they are shockingly biased liberal propagandists. Which is why so few Americans trust them anymore. Clinton took all the credit for the Dot-com build-up; Bush got all the pain when it blew up, suffering a huge recession that was all on Clinton’s tab. Then you add to that the 9/11 attack, which crippled the airline and tourism industry for months, and you should understand how bad Bush had it. But he didn’t blame Clinton a gazillion times; he manned up and solved the problem. He took an economic lemon and made 52 consecutive months of job growth.   In contrast, Obama hasn’t solved anything. All he’s done is blame and demonize.

Here’s another one from the August 21 2010 Associated Press report:

In the wake of news about a spike in new applications for unemployment benefits comes another potentially troubling sign: A record number of workers made hardship withdrawals from their retirement accounts in the second quarter.

What’s more, the number of workers borrowing from their accounts reached a 10-year high, according to a report issued Friday by Fidelity Investments.

Wow. Again, things haven’t been so bad since the last time a Democrat was president. Again, it was NEVER this bad under George Bush’s presidency.

How about trade deficit figures? From November 19 2009 Reuters:

WASHINGTON: The US trade deficit widened in September by an unexpectedly large 18.2 per cent, the most in more than 10 years, as oil prices rose for the seventh straight month and imports from China bounded higher, a US government report showed on Friday.

Hey, again, things weren’t so bad since a Democrat president last ran things. And it was never so bad under George Bush.

How about all the foreclosures? Surely Obama has made that better? Oops. Again, things were NEVER this bad under Bush’s presidency:

US foreclosures up 4%; top 300000 for 17th month on the trot
by Jaspreet Virk – August 12, 2010

Foreclosure crisis doesn’t seem to be loosening its hold on the housing sector. After declining for the last three consecutive months, foreclosure activity is back up in the United States.

As per the ‘Foreclosure Market Report’ released by RealtyTrac, an online marketplace, giving insights into foreclosures, 325,229 houses received foreclosure filings in the nation, 4 percent up from June.

Not only there has been a jump in the number of houses receiving filings, the foreclosures have exceeded 300000 for the 17th straight month. One in every 397 houses received foreclosure notice from the lenders in July.

Hmmm. Obama’s been president for all of those 17 months. And Bush was president for none of them. But it’s all Bush’s fault, anyway, isn’t it? At least if you’re a hypocrite liberal, it is.

Under Obama, and ONLY under Obama, foreclosures are up 75% in the major metropolitan areas:

NEW YORK (Reuters)Foreclosures rose in 3 of every four large U.S. metro areas in this year’s first half, likely ruling out sustained home price gains until 2013, real estate data company RealtyTrac said on Thursday [in its midyear 2010 metropolitan foreclosure report].

Unemployment was the main culprit driving foreclosure actions on more than 1.6 million properties, the company said.

We’re not going to see meaningful, sustainable home price appreciation while we’re seeing 75 percent of the markets have increases in foreclosures,” RealtyTrac senior vice president Rick Sharga said in an interview.

Has Obama done anything to solve this problem – which was why our economy blew up in the first place? Absolutely not.

Obama failed – because he is a failure, and failing is what he does:

WASHINGTON – Nearly half of the 1.3 million homeowners who enrolled in the Obama administration’s flagship mortgage-relief program have fallen out.

The program is intended to help those at risk of foreclosure by lowering their monthly mortgage payments. Friday’s report from the Treasury Department suggests the $75 billion government effort is failing to slow the tide of foreclosures in the United States, economists say.

More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to foreclosure listing service RealtyTrac Inc. Economists expect the number of foreclosures to grow well into next year.

The government program as currently structured is petering out. It is taking in fewer homeowners, more are dropping out and fewer people are ending up in permanent modifications,” said Mark Zandi, chief economist at Moody’s Analytics.

There’s “hope and change” for you.  A failed president with failed policies.

As an update (August 24), I add the following headline:

Instant View: Existing home sales plunge to 15-year low
Tue Aug 24, 10:28 am ET

NEW YORK (Reuters) – Sales of previously owned U.S. homes dropped in July to their lowest pace in 15 years, implying further loss of momentum in the economic recovery.

Existing home sales dropped by a massive 27% in July.  And, again, omigosh.  We haven’t seen terrible numbers like this since the last time a Democrat was president.  We NEVER saw anything like this during the Bush era.

How about budget deficits? Bush never had a trillion dollar deficit in his entire presidency, and the Democrats still blamed him for his spending; but the CBO now says that Obama will run a trillion-plus dollar defict next year, making it three years in a row. And we will have massive trillion-plus dollar deficits for as long as the eye can see because of Obama’s reckless unsustainable spending programs and the debt they will create. How about this? Obama’s deficit for July alone was more than Bush’s entire 2007-year deficit! And how about this one? Obama outspent Bush’s entire eight-year presidency’s deficit in just 20 months – after demonizing Bush for his spending!!!

From The Wall Street Journal, which, unlike the New York Slimes, the LA Slimes, the Chicago Tribune, and other major liberal papers, ISN’T actually financially and morally bankrupt:

Mr. Obama cannot dismiss critics by pointing to President George W. Bush’s decision to run $2.9 trillion in deficits while fighting two wars and dealing with 9/11 and Katrina. Mr. Obama will surpass Mr. Bush’s eight-year total in his first 20 months and 11 days in office, adding $3.2 trillion to the national debt. If America “cannot and will not sustain” deficits like Mr. Bush’s, as Mr. Obama said during the campaign, how can Mr. Obama sustain the geometrically larger ones he’s flogging?

Bush’s deficits were 2-3% of GDP.  Obama’s are at 12.8% of GDP – which is five to six times higher and bringing us closer and closer every day to the point of collapse.

Are the people better off under Obama than they were under Bush? I don’t think so:

More Americans are on food stamps now under Barack Obama’s failed presidency than at any time in history. And that certainly includes George Bush’s presidency.

But now Obama and the Democrats are going to raid the Food Stamp program to pay for their pet liberal projects. Because “Let them eat cake.”

How about bank failures? We kind of need banks for a healthy economy unless we want to go back to the barter system, you know:

Banks are failing at double the rate of last year.  During 2009, which the government claims was the peak of the recession, the total number of bank failures at this point in the year was 40.  It is already 83 for this year.

For the record, only 25 banks failed under Bush in 2008.  That number soared to 140 banks under Obama’s watch in 2009.  And now we’re already past 118 bank failures this year in 2010 with four more months to go.

But you can’t hold Barack Obama responsible for the fact that things are far, far, FAR worse under his presidency than they ever were under Bush’s. The ONLY reason you’ve got to “blame Bush” is that the 2008 economic meltdown happened under Bush’s presidency. You don’t even offer an actual reason or state an actual policy reason for the failure; you just blame Bush because he was there.  You don’t consider the fact that things were great until Democrats took control of both the House and the Senate in 2006 and royally screwed up the country (the unemployment rate before Democrats took over Congress in January 2007 was 4.6%).  Nope. Bush was president in 2008, so it was all his fault. Even though he warned SEVENTEEN TIMES that we needed to reform Freddie Mac and Fannie Mae or have an economic disaster on our hands, and even though Democrats were in lockstep refusal to deal with the landmine that caused us to implode in the first place.  But you are way too much of a twisted unhinged ideologue to apply the same argument to Obama now. What happened while Bush was president was Bush’s fault; and what happened while Zero was president is still Bush’s fault.

Do I want to go back to Bush’s “failed policies” when unemployment never got above 7.6% and averaged 5.2% for his presidency? As opposed to “moving forward” with Obama and his 10%-and-rising level? Pardon me, but I’ll take Bush.

Democrats are currently saying, “Do you want to go back to the way things were when Republicans were in control?”

When Republicans were last in control prior to 2007, we had full unemployment with an unemployment rate of only 4.6%.

So, yeah.  I WOULD like to go back to the way things were when Bush and Republicans were in control.  And I frankly want to know what idiot wouldn’t?

As for your question as to whether Obama is some kind of a god, I can’t help but point out that it wasn’t conservatives who kept putting the halo on Obama’s head:

A funny video provides a giant montage of Obama halos.

We weren’t the ones who said “This is the moment when when the rise of the oceans began to slow and the planet began to heal,” either.

We weren’t the ones who said, “You can divide history. BB Before Barack. AB After Barack.”  So don’t blame us for Obama not living up to the ridiculous expectations he and his liberal minions fed to the culture.

The fact of the matter is that Obama is such a miserable, total failure that I see that even you can’t admit you voted for him.

The Dirty Secret About Our Unemployment Rate

January 9, 2010

First of all, did Obama’s stimulus create jobs and help the economy?  I put it this way the other day, while writing an article about how ObamaCare amounts to a profoundly dishonest and secretive scheme to hijack one-sixth of the economy:

It’s rather like the stimulus.  Obama fearmongered the economy to get his $3.27 trillion stimulus-porkulus through Congress.  Obama falsely promised that unemployment wouldn’t go above 8% if it passed.  The legislation was raced through so quickly that no one could have even possibly read it.  Obama has said it was a success, citing the never-before-in-history-seen category of “created or saved jobs.”  But even then, he had to resort to a series of galling lies to sell his giant failed stimulus.  Not only were jobs created out of thin air (Obama claimed that a single lawnmower created 50 jobs through his website!!!) to fraudulently make a failed stimulus appear successful, but phantom congressional districts and even zip codes that don’t exist began to collect huge sums of stimulus money.  Meanwhile, the thoroughly dishonest Obama administration transformed their stimulus into a gigantic Democrat slush fund, with double the money going to Democrat districts and with no regard to unemployment.

The answer is readily obvious.  No, the stimulus didn’t help the economy.  As a solid plurality of Americans now rightly believe, the stimulus HURT the economy.

And they are right.  What we find out when we look at the economies of countries that either had or did not have stimulus packages is that the countries with huge stimulus packages (like the U.S.) had much more unemployment than the countries that didn’t:

As President Obama and other Democrats have correctly pointed out many times, this has been a worldwide recession. But if Summers and Biden are right in their assessment of the stimulus measures, one would think that the U.S. economy should be recovering better the many other countries, countries not wise enough to follow Obama’s lead of an extraordinary $787 billion increase in government spending.  It is also particularly timely to evaluate the spending since Christina Romer, the chairwoman of President Obama’s Council of Economic Advisers, told Congress today that the stimulus had already had most of its impact on the economy. […]

But it is not just Canada where the unemployed are faring better. Other countries, too, decided against a massive stimulus plan. In March, with German Chancellor Angela Merkel nodding in agreement at his side, French President Nicolas Sarkozy declared: “the problem is not about spending more.” Later that month, the president of the European Union, Prime Minister Mirek Topolanek of the Czech Republic, castigated the Obama administration’s deficit spending and bank bailouts as “a road to hell.” The Washington Post wrote that there was a “fundamental divide that persists between the United States and many European countries over the best way to respond to the global financial crisis.”

The unemployment rate in the European Union was higher than in the United States to begin with even before the Obama administration’s spending. By January, the EU unemployment rate stood at 8.5 percent — almost a whole percentage point higher than ours.  So what has happened since the big U.S. stimulus spending spree was passed? We more than caught up with the EU’s high unemployment rate.  By August, the last month data is available for the EU, the U.S.’s unemployment rate slightly exceeded the EU’s — 9.7 versus 9.6 percent.

Germany has particularly been out front resisting the call for more public spending.  Yet, from January through September, the German unemployment rate only rose slightly, from 7.9 to 8.2 percent.

Data on unemployment rates from 27 countries from Japan and South Korea to Brazil and other South American countries to Europe shows that from January to August display the same consistent pattern.  Even in the EU it isn’t just a few countries that are driving the relatively small increase they have experienced.  The U.S. had a larger increase in unemployment than 22 countries — that is, 81 percent of the countries had a smaller increase in unemployment this year than the United States. Unemployment in some major countries such as Brazil and Russia has actually fallen since January (see Table here).  Other countries, from France to Mexico to Australia to Switzerland, have seen unemployment increase by only about half the amount of the U.S. rate. Indeed, the average increase in unemployment for the 27 countries is slightly less than half the US increase.

The article should be read in its entirety to see just how powerful the evidence is that the stimulus failed.

In other words, to the extent that there has been any improvement in the economy, it has been in spite of – and VERY CLEARLY NOT because of – the stimulus.

And one of the most frightening things we have in the wake of the failed Obama stimulus is shockingly high unemployment levels.  The Obama White House said that if Obama’s stimulus wasn’t passed unemployment would rise to 9% (it was 7.6% when Obama took office; and the Obama White house said it would remain under 8% if the stimulus was passed).  But it didn’t, did it?

Thus we come to Obama’s dirty little secret of unemployment:

Unemployment: The Dirty Little Secret Everyone’s Ignoring

By John Lott – FOXNews.com

The problem of people getting discouraged and giving up looking for work is ballooning.

The unemployment rate might be stuck at 10 percent, but the more detailed numbers in the Department of Labor’s Household survey data paint a more dire picture. The number of people with a job fell by 589,000 in December. Even worse, the number of people not in the labor force grew by an astounding 843,000 during just the last month. The Household survey data is what is used to measure the unemployment rate.

To get an idea of the size of this increase in the number of people not in the labor force, since February, when the stimulus package was passed, I repeat, the number of people not in the labor force has grown by 3.2 million. But the number for December represents 26 percent of the entire increase over that period of time. The problem of people getting discouraged and giving up looking for work is ballooning. Of course, they have had good reasons to be discouraged. Similarly since February, the total number of people employed has fallen by 4 million.

In September, Larry Summers, President Obama’s top economic adviser, claimed: “We have walked a substantial distance back from the economic abyss and are on the path toward economic recovery. Most importantly, we have seen a substantial change in the trend of job loss.” Christina Romer, the chair of President Obama’s Council of Economic Advisers, made a similar statement today. While conceding that the December numbers were a “slight setback,” she argued: “In a broad sense the trend toward moderating job loss is continuing, consistent with the gradual labor market stabilization we have been seeing over the last several months.”

The growth in the U.S. unemployment rate has continued to outpace the rest of the world. Since February, the average unemployment rate for the European Union has grown by 1.2 percentage points. By contrast, the US unemployment rate has grown by 1.9 percentage points — a 58 percent greater increase. Nor does the rate look particularly strong compared to what economists were predicting at the beginning of the year. Back in mid-January, business economists and forecasters surveyed by The Wall Street Journal expected the December unemployment rate to be at 8.6 percent.

Unemployment should start to improve, but the numbers indicate that the improvement in unemployment that economists and forecasters were predicting has occurred much more slowly than was expected at the beginning of 2009. By moving huge amounts of money from one industry to another, the stimulus as well as all the regulatory changes have caused a lot of churning in the labor market — movement of people from one job to another than has caused temporary unemployment. Unfortunately, the huge number of people who have withdrawn from the labor force represent a big hangover that will make reducing unemployment a slow process.

The “unexpected” (the lamestream media always naively expects good news when Democrats are in charge) and disappointing December job numbers released yesterday have more economists worrying about a double-dip recession.  We lost jobs even during the Christmas temp hiring frenzy, which will force the federal reserve to keep interest rates artificially low, which will have a negative impact on our economy down the road.

Obama could care less about the millions of workers who have despaired of finding a job to the point where they don’t even bother to look for work any more, because those people fall off out of the measurement categories.  If you consider them, unemployment is now at 17.3%.

Let me introduce you to an economist who – unlike so many others – was correct in her prediction of the economic meltdown: Meredith Whitney.

Unemployment is likely to rise to 13 percent or higher and will weigh on the economy for several years, countering government efforts to stabilize the banking industry, analyst Meredith Whitney told CNBC. […]

“We underestimate how much the whole economy is dependent on the mortgage industry, and that has to change,” Whitney said. “This is what happens when you delay the inevitable. We’re buying time here, but we’re not restructuring the economy.”

Not only has Obama failed to improve the mortgage industry, but what he has done has actually made the system WORSE, even according to the left.  I mean, even the New York Times has said Obama’s solutions are adding to the housing woes.  The first paragraph of their article said:

The Obama administration’s $75 billion program to protect homeowners from foreclosure has been widely pronounced a disappointment, and some economists and real estate experts now contend it has done more harm than good.

To serve as an ironic reminder of Obama’s message of “hope and change,” here’s a recent Business Insider article entitled, “How Obama’s Mortgage Modifications Are Making Things Worse By Giving Desperate Homeowners A False Sense Of Hope.”

Well, Obama promised hope.  If you were dumb enough to believe his promises had any reality, then doom on you.

And it isn’t any better for residential mortgages:

(June 9) – Commercial real estate mortgage defaults are at a 15-year high and will more than double by the end of 2010, according to a new report from research firm Real Estate Econometrics (REE).

And again:

NEW YORK, Jan 7 (Reuters) – U.S. commercial mortgage-backed bond defaults may more than double this year as the economic recession hurts office building, retail store and multifamily housing assets, Fitch Ratings said on Wednesday.

It was the mortgage industry – imploded by Democrats – that caused the economic implosion of 2008.  And our failure-in-chief hasn’t done a damned thing to make that industry better.  All he’s given, characteristic of his entire presidency, is false hope.

And now we’re looking at a double dip for the housing and mortgage industries, as well.

One day, years from now, an honest Obama administration official (if there is one) will be saying something similar to FDR’s Treasury Secretary:

“We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong… somebody else can have my job. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises… I say after eight years of this Administration we have just as much unemployment as when we started… And an enormous debt to boot!” – Henry Morganthau, FDR’s Treasury Secretary, May 1939

In April 1939, six years after FDR rolled out his failed New Deal, unemployment was still at 20.7%.

We are now only 3.4 percentage points away from Treasury Secretary Henry Morganthau’s moment of clarity.

With Eyes Finally Wide-Open, Reconsider Why The Economy Collapsed In The First Place

December 31, 2009

We are now able to see that from the very beginning of the Obama administration, the Republican Party has again and again demonstrated that they were completely right and Democrats were completely wrong.  Whether you look at the stimulus, cap-and-trade, bogus climate change claims, health care, or terrorism, Americans now solidly agree that Republicans were represent the people; and that Democrats do NOT represent the people.

Right now, a solid plurality of Americans thinks the stimulus (that 99% of Republicans voted against) harmed the economy.  And the people are starting to realize what an ideological partisan slush fund the stimulus was (also predicted by Republicans).

When Obama was elected, unemployment was at 6.6%.  He promised that his stimulus would prevent unemployment from reaching 8%.  And now it’s at 10%, and it’s going to get higher.

Obama demagogued Bush’s spending.  But Bush deficits -bad as they were – were only 2-3% of GDP.  Obama’s deficits are 12.8% of GDP – which is five to six times higher.

Now that your eyes are finally beginning to open wide and see Obama and the Democrats for who and what they truly are, let me point out a few things about the past collapse.

What Americans – and particularly Americans who actually vote – need to realize is that Democrats were trying to do this kind of crap and play these kind of games all along.  They were trying to do it throughout the Bush years, when George Bush tried 17 times to regulate the out of control and Fannie-Mac-and-Freddie-Mae-dominated housing mortgage markets – and Democrats thwarted him over and over again.

Why do I mention the Government Supported Enterprises (GSEs) Fannie Mae and Freddie Mac?  Because they were at the very heart of the mortgage meltdown.

The LA Times writes on May 31, 1999 that:

Lenders also have opened the door wider to minorities because of new initiatives at Fannie Mae and Freddie Mac–the giant federally chartered corporations that play critical, if obscure, roles in the home finance system. Fannie Mae and Freddie Mac buy mortgages from lenders and bundle them into securities; that provides lenders the funds to lend more. . . .

LaVaughn M. Henry, Ph.D. Director, U.S. Economic Analysis The PMI Group, Inc. December 9, 2008, pointed out:

The Role of the GSEs is to provide liquidity and stability to the U.S. housing and mortgage markets. Step 1 Banks lend money to Households to purchase and refinance home mortgages Step 2 The GSEs purchase these mortgage from the banks Step 3 GSEs bundle the mortgages into mortgage-backed securities Step 4 GSEs sell mortgage-backed and debt securities to domestic and international capital investors Step 5 Investors pay GSEs for purchase of debt and securities Step 6 GSEs return funds to banks to lend out again for the issuance of new mortgage loans.

It was steps 3-5 that messed us up.  Fannie and Freddie bought mortgages – including many mortgages that poor and minority homeowners couldn’t begin to afford under the mandate of the Community Reinvestment Act – bundled them such that no one could assess their risk, and then sold them to private companies such as Bear Stearns and Lehman Brothers.  Fannie and Freddie were exempt from SEC [Securities and Exchange Commission] regulations.   The GSEs could bundle up mortgages, which would then be rated AAA, with no requirement to make clear what was in the bundle.  Private companies believed that the bundled securities were guaranteed, since they were essentially being sold by the federal government.

But there were many who predicted that this system – created and maintained by Democrats – could explode.

From the New York Times in September 30, 1999:

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.“

”From the perspective of many people, including me, this is another thrift industry growing up around us,”
said Peter Wallison a resident fellow at the American Enterprise Institute. ”If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.” . . .

And that is precisely what happened.  There was a downturn (and there will ALWAYS be downturns, won’t there?), and Fannie and Freddie were so leveraged that they collapsed and caused the collapse of the entire industry.  Financial experts anxiously pointed out that a decline of only 1.3% would bankrupt Fannie and Freddie because they were leveraged to the tune of 60%? to 78%.

Democrats were the priests and acolytes of the GSE system.  They protected it, and they were the ones who pressed all the buttons and pulled all the levers.

Keven Hasset concludes an article titled, “How the Democrats Created the Financial Crisis“, concludes by saying:

Now that the collapse has occurred, the roadblock built by Senate Democrats in 2005 is unforgivable. Many who opposed the bill doubtlessly did so for honorable reasons.  Fannie and Freddie provided mounds of materials defending their practices.  Perhaps some found their propaganda convincing.

Watch this video showing how Goerge Bush and John McCain repeatedly warned of the economic collapse (length=4 min):

Watch this video of Democrats protecting and covering for Fannie Mae (length=8 min):

Here’s a video entitled “Burning Down the House: What Caused Our Economic Crisis?” (length=11 min)

And then we find that Barack Obama was in bed with Fannie and Freddie and their shockingly risky policies:

Who really exploded the economy in 2008, liberals or conservatives? Who do you think?  The liberal mainstream media allowed Democrats to blame George Bush simply because he was president at the time, never mentioning that the Democrats who controlled both the House and the Senate relentlessly opposed everything Bush tried to do; and it allowed Democrats to not have to account for the fact that they’d been in complete control of both the House and the Senate.  But remember that the economy went from outstanding to collapsed during the two years (2006-2008) that the Congress was under Nancy Pelosi and Harry Reid.  The unemployment rate was 4.4% when Republicans last ran Congress.  What is it now, three years of Nancy Pelosi and Harry Reid later?

Few people understand how huge Fannie and Freddie are, or how deeply burrowed they are in the mortgage industry.  But let me put it to you this way: the federal government now underwrites 9 out of 10 residential mortgages.

John McCain tried to warn us in 2006:

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

But he was ignored.

When George Bush first tried to regulate an already out-of-control liberal bastion of Fannie and Freddie, Barney Frank led the united Democrat opposition and said:

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

And just before Fannie and Freddie collapsed and brought down the entire housing mortgage industry with it creating the economic meltdown, Barney Frank – continuing to stop any regulation of Fannie and Freddie – said this:

REP. BARNEY FRANK, D-MASS.: I think this is a case where Fannie and Freddie are fundamentally sound, that they are not in danger of going under. They’re not the best investments these days from the long-term standpoint going back. I think they are in good shape going forward.

Fannie Mae and Freddie Mac went completely bankrupt, and had to be bailed out by the government.  It had been Fannie and Freddie which had the sole authority to buy mortgages, bundle them into the mortgage-backed securities which ultimately exploded, and sell those securities to private companies (as I have already shown).  Just as it was Fannie and Freddie which had been the seller of subprime loans.

Democrats demonized and demagogued Republicans by blaming them for a mess that DEMOCRATS created.  And Republicans were to blame primarily because they didn’t do enough to stand up and courageously oppose the disaster that Democrats had created

A couple weeks ago the New York Times reported that Fannie and Freddie would get a whopping $800 billion to cover losses incurred under the Obama administration (and see another article on this $800 billion fiasco here):

Fannie Mae and Freddie Mac, which buy and resell mortgages, have used $112 billion — including $15 billion for Fannie in November — of a total $400 billion pledge from the Treasury. Now, according to people close to the talks, officials are discussing the possibility of increasing that commitment, possibly to $400 billion for each company, by year-end, after which the Treasury would need Congressional approval to extend it. Company and government officials declined to comment.

But it turned out that that was wrong.  Fannie Mae and Freddie Mac weren’t going to get $800 billion.  That won’t be nearly enough.  They are going to get an unlimited amount of funding (potentially in the trillions):

From the Wall Street Journal, December 26, 2009:

The Obama administration’s decision to cover an unlimited amount of losses at the mortgage-finance giants Fannie MaeFreddie Mac over the next three years and stirred controversy over the holiday.

A Newsbuster article, entitled, “Relief Without Limits,” provides an excellent resource of facts and commentary on this incredible and terrifying development.

Remember the righteous outrage of Democrats and the Obama administration over the compensation of CEOs of private banks?  The Democrats don’t seem to mind when Fannie and Freddie execs get huge compensation packages.

The monster rises yet again, and larger and uglier and more dangerous than it has ever been before.  And just like the first time it collapsed, Democrats are in total control of it.  Fannie and Freddie stock went up significantly as the news was announced.  Watch it dwindle back to zero by the end of 2010.

We’re facing another tsunami of foreclosures in 2010.  And three mortgages get worse for every single one that improves.

And even uber-liberal sources like the Huffington Post are acknowledging that Obama’s policies have utterly failed:

Anatomy of a Failed Foreclosure Program (dated 12-07-09)

Just how badly is President Obama’s $75 billion foreclosure program working out? Consider these newly-released numbers: Out of every 100 homeowners who came to JPMorgan Chase for help under the program, just 15 have or will likely receive a permanent payment reduction.

What happened to the other 85? For every 100 trial plans initiated from April through September 2009 under the Home Affordable Modification Program:

  • 29 borrowers did not make all required payments under their trial plan;
  • 20 borrowers did not submit all documents required for underwriting;
  • 31 borrowers submitted all required documents but the documents did not meet HAMP underwriting standards, due to such things as missing signatures or nonstandard formats;
  • 4 borrowers were or are likely to be rejected for undisclosed reasons;
  • 1 borrower will not or is not likely to get their payment lowered.

The data comes from the prepared remarks bank officials plan to make Tuesday before the House Financial Services Committee. The testimony was posted Monday on the committee’s website.

It adds up to a brutal illustration of just how the HAMP program, which is supposed to reduce troubled homeowners’ monthly payments to 31 percent of their income, is failing.

Failing.  As in “failing grade.”  As in failed Obama presidency.

You still don’t know the half of it.  Obama’s $75 billion mortgage modification bailout is costing taxpayers an average of $870,967 PER HOUSE when the average house is worth only $177,900.

Famed analyst Meredith Whitney predicted that unemployment would rise to 13% or higher primarily due to the failure to contain the failure to deal with the mortgage industry:

Unemployment is likely to rise to 13 percent or higher and will weigh on the economy for several years, countering government efforts to stabilize the banking industry, analyst Meredith Whitney told CNBC. […]

“We underestimate how much the whole economy is dependent on the mortgage industry, and that has to change,” Whitney said. “This is what happens when you delay the inevitable. We’re buying time here, but we’re not restructuring the economy.”

Under the radar, and against the objections of Republicans that was primarily covered only by C-SPAN, Democrats implemented and then fiercely protected policies that were almost guaranteed to doom our economy.  When the meltdown finally occurred, the same Democrats who created the black hole in the first place flooded the airwaves and blamed George Bush – whom they had already vilified and brought down through unrelenting attacks using the Iraq War as their main foil.

The propaganda worked, and Barack Hussein Obama – a politician who is more beholden to corrupt and frankly un-American entities like Fannie Mae and Freddie Mac, ACORN, and the SEIU than any president in history.

And now we’re truly paying for our stupidity.

Obama is taking the same policies that imploded our economy, and multiplied them by a factor of ten.  It’s only a matter of time before his policies create a rotten floor for our economy to plunge through all over again — only this time far, far worse than before.

Someone might say, “But look, Obama is rebuilding the economy.  He’s brought back the stock market, and things are getting better.”

First of all, they really aren’t getting better, and the Dow can drop a lot faster than it can rise (history lesson: there were several rises and crashes of the stock market during the Great Depression).  And second of all, if you loan me a few billion dollars to spread around, I can temporarily bring up the production of my local economy, too.

Just don’t expect either me or Barack Hussein to repay the loan when it comes due.

Obama has been compared – and has compared himself – to FDR.  We now know that for all of FDR’s popularity, his “reforms” during the Great Depression were massive failures which actually kept the United States in depression for seven years longer than if he’d done nothing at all.

Henry Morganthau, FDR’s Treasury Secretary, said in May 1939, after nearly seven years in office:

“We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong… somebody else can have my job. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises… I say after eight years of this Administration we have just as much unemployment as when we started… And an enormous debt to boot!”

In believing the propaganda and lies of the Democrats and Barack Obama, Americans may have well placed the nation in a hole that it very may well not be able to climb out of.

Bizarro Obama’s Credit Bill Subsidizes Stupidity By Penalizing Prudence

May 23, 2009

Elaine and Jerry have the following dialogue in a famous Seinfeld episode titled, “Bizarro Jerry”:

“He’s reliable. He’s considerate. He’s like your exact opposite.”
“So he’s Bizarro Jerry.”
“Bizarro Jerry?”
“Yeah, like Bizarro Superman, Superman’s exact opposite, who lives in the backwards Bizarro world. Up is down, down is up, he says hello when he leaves, goodbye when he arrives.”
“Shouldn’t he say badbye? Isn’t that the opposite of goodbye?”
“No, it’s still goodbye.”
“Does he live underwater?”
“No.”
“Is he black?”
“Look, just forget the whole thing.”
– Elaine and Jerry, in “The Bizarro Jerry”

Well, let’s not forget the whole thing, Jerry.  Because Bizarro Superman is now among us.  Art, imitation, and boob-tube television have come to life: Barack Obama is our Bizarro Superman.

Bizarro Superman is the sort of Superman who saves the guilty by beating the snot out of the innocent.

Did you buy a house you could afford?  Bizzaro Superman flew in and established a system whereby you subsidized those who foolishly overextended themselves.  After bailing out these fools who received assistance primarily by belonging to traditional liberal voting blocs, three out of five of them are already defaulting again (necessitating yet another bailout from you).

Do you have an account with a bank that took (in many cases was forced to take) TARP money?  Bizarro Superman wants to impose his political agenda on banks, so he won’t allow them to repay their loans.

Did you hope to be able to improve your lot in life with the gigantic stimulus package?  Sorry, Bizarro Superman’s stimulus turned out to be the porkulus that conservatives said it would be, with far more money going to 40 years’ worth of liberal pet projects than to job creation.  We’ve also recently learned that due to massive structural flaws the stimulus is bypassing all of the counties that most desperately needed help.  It might have helped if someone had actually been allowed to read the bill first, but Bizarro Superman didn’t want to take any chances that someone would see what a socialist power grab it truly was.

Did you invest in secured debt from Chrysler and GM?  Sorry, buddy: Superman has flown in and given your safe and secured investment dollars to his UAW cronies.  When the secured investors – who by law were entitled to be at the head of the line in any bankruptcy – balked at being paid pennies on the dollar while the UAW was given the farm – Bizarro Superman demonized them as “greedy hedge funds” and threatened them with public propaganda attacks.

Bizarro Superman has flown in and promised that 95% of Americans will get a tax cut under his plan (which actually just means more welfare for the 43.4 percent who already don’t pay any federal income tax at all even as our small business owners who employ most American workers are increasingly taxed into oblivion).  Will people pay less in taxes under Bizarro Superman?  Just for your information, the average 30 year old will pay $136,932.75 just for the interest of just Obama’s 2010 budget over the course of his or her working lifetime. Americans will be paying FAR more of their money to the government – and they will have Bizarro Superman to thank for it.

Only in Bizarro world does an administration say it’s “the patriotic duty” for some to pay a an even more massive tax burden imposed on them even as it promises that the other 95% should be LESS patriotic by paying less in taxes.

Are you one of the 100% of Americans who use energy?  Get ready for the price of it to skyrocket (“necessarily skyrocket,” to quote Bizarro Superman).  Even the Obama administration admits that Bizarro Superman’s energy plan will increase the average American’s electric bill by $1,800 a year.  Which means it will very likely be a hell of a lot worse than that.

Only in Bizarro world does Congress actually hire a speed reader to read really fast a terrible energy bill that Representatives and Senators won’t bother to read at normal speed.

Now Bizarro Superman has flown in and saved risky credit-card borrowers by establishing a system that will penalize those who have always paid their bills on time and in full.  From the New York Times:

Credit cards have long been a very good deal for people who pay their bills on time and in full. Even as card companies imposed punitive fees and penalties on those late with their payments, the best customers racked up cash-back rewards, frequent-flier miles and other perks in recent years.

Now Congress is moving to limit the penalties on riskier borrowers, who have become a prime source of billions of dollars in fee revenue for the industry. And to make up for lost income, the card companies are going after those people with sterling credit.

Banks are expected to look at reviving annual fees, curtailing cash-back and other rewards programs and charging interest immediately on a purchase instead of allowing a grace period of weeks, according to bank officials and trade groups.

“It will be a different business,” said Edward L. Yingling, the chief executive of the American Bankers Association, which has been lobbying Congress for more lenient legislation on behalf of the nation’s biggest banks. “Those that manage their credit well will in some degree subsidize those that have credit problems.”

Again and again, on issue after issue, our Bizarro Superman, Barack Hussein Obama, has come to the rescue of the irresponsible by punishing the responsible.

Our economy became the greatest in the history of the world by policies that rewarded sound and prudent investment while punishing foolish behaviors.  Those days are long gone.  We’re in Bizarro world now.

I pulled out of the stock market following the Democratic National Convention when I had that first moment of genuine fear that Obama would probably win, and put my nest egg into gold and silver.  Betting that Obama would be a disaster for the economy has been the best financial move I’ve ever made: I’ve made a 15% return on precious metals even as investors in the stock market lost about 30%.

I still remember the day I came across the following poll results from the September/October issue of CEO Magazine:

According to the poll, which is featured on the cover of Chief Executive’s most recent issue, by a four-to-one margin, CEOs support Senator John McCain over Senator Barack Obama. Moreover, 74 percent of the executives say they fear that an Obama presidency would be disastrous for the country.[…]

In expressing their rejection of Senator Obama, some CEOs who responded to the survey went as far as to say that “some of his programs would bankrupt the country within three years, if implemented.” In fact, the poll highlights that Obama’s tax policies, which scored the lowest grade in the poll, are particularly unpopular among CEOs.

I’ve pulled out of the US economy due to Bizzaro Superman and his Bizarro economic policies.  No investments in stocks, no purchases of US bonds.  Not with Obama’s mind-boggling deficit spending acting like a 10 ton anvil hovering over the economy due to debt as a percentage of GDP rising like a rocket ship.  I’m making as few purchases as possible.  And I’m not coming back to investment in America as long as Bizarro Superman is our president.

And I’m going to pull out of credit cards now, too.  If I see one fee, or if I see my interest rate go up so much as 1 point due to my cards’ charging interest from the moment of purchase, I’m cutting them up and going back to the tried and true checkbook.

The only question I have is this: at some point Obama’s and the Democrat’s policies of subsidizing stupidity by penalizing prudence are going to implode the economy.  In the aftermath of that disaster, will there even BE a U.S. economy worthy of investing in?

I’m not betting on it.