Biggest Reduction in Excess Since the Great Depression
Posted by madjillmom on February 18, 2009
I just read Victor David Hanson’s post entitled “Depresssion, Recession, Downturn – Whatever”. If you have a few minutes, read it. It is very good. Definitely unsettling. Most of us are making adjustments to our lifestyles, cutting some here and there. My husband has a job. He just survived a large layoff that took out 5 of the 7 in his group. That is scary. My sister’s husband is looking at being laid off every third week or so. At that rate, it will take a long time to deplete his unemployment benefits. But still, this is even scarier.
Pres. Obama likes to tell us we are in the worst economy since the Great Depression. I think not. Not even statistically. He is now telling us his plan for foreclosure relief. Somehow, I am pretty sure I am going to feel like a chump after he finishes. I played by the rules, we pay our bills.
6 million in danger of foreclosure – that isn’t that many. What are the stats on who is in foreclosure? Is it minorities, speculators, the investment bankers? Much of this just has to work itself out. Many places with high foreclosure rates were at the top of the bubble. If you can make your payment and are underwater, you won’t be able to move in the forseeable future. You will have to stay there until the market goes up enough for you to get out without writing a check. This is what happened in Houston in the big oil bust. It will work itself out. Today, housing starts came in low. Isn’t that good for taking down the inventory of houses for sale?
Pres. Obama is at a High School in Phoenix and there is loud cheering from the crowd. It is like all of his campaign appearances. Is the audience all in foreclosure? Probably.