Posted on 09/03/2012 11:22:48 AM PDT by whitedog57
The Obama Administration has launched 13 loan modification programs since 2009 and participated in the Attorneys General Settlement against the largest banks. Did these programs help? The Department of Housing and Urban Development (HUD) produced a HAMP Scorecard for July 2012.
Here is a snapshot of the economy between January 2009 and today. Clearly, we are worse off as nation and that has been to the detriment of the loan modification programs by the Administration and mortgage servicers.
House Prices
Using the Case-Shiller 20 city house price index, house prices have fallen 4.17% since January 2009. House prices rallied at the end of the recession (gray bar), but started declining again until the beginning of 2012.
Number of Unemployed
The number of unemployed rose 6.18% from January 2009, but has improved since reaching its peak in 2009.
The real killer for a recovery is the 4.75% decline in household income since January 2009.
An alternative measure, wages and salary income divided by Real GDP, shows a similar decline.
Gas Prices
It doesn’t help the economy when gasoline prices (regular) rise 122.61% since January 2009.
SNAP (Food Stamps)
The number of households on food stamps, a negative economic indicator, has risen 45.38% since January 2009.
Federal Debt
The Federal government debt has grown by 50.47% since 2009.
All in all, the United States is worse off since January 2009 since we have expanded Federal government debt by 50.47%, saw a decline in household income of -4.75% and still have almost 13 millions unemployed.
It is challenging to have a vibrant economic and housing recovery (and successful loan modifications) under these conditions.
(Excerpt) Read more at confoundedinterest.wordpress.com ...
"Remember in those years, in 2001 and 2003, Congress passed two of the most expensive tax cuts for the wealthy in history... And what did it get us? The slowest job growth in half a century. Massive deficits... Remember that in those same years, thanks to some of the same folks who are now running Congress, we had weak regulation, we had little oversight, and what did it get us? ...mortgage lenders that tricked families into buying homes they couldn't afford, a financial sector where irresponsibility and lack of basic oversight nearly destroyed our entire economy..." said Obama.
What did Americans do? Allowed the MSM to convince them how lousy every thing was, and replaced the GOP Congress with a Democrat Congress.
Two years later, with unemployment rising, the DOW falling, and the US auto industry heading into bankruptcy, the people allowed the MSM to blame Bush. Yeah, right, like it was Bush's fault people were buying Toyotas and Hondas instead of Fords and Chevys. People could look in their own driveways and see what the problem was, but they allowed the MSM to convince them to blame Bush and hire an inexperienced Senaror to fix things instead. How has that worked out?
Yikes, “Senaror” should be “Senator”.
The liberal media create a mythos then use it as a fulcrum to assault any Republican. If anyone compares the economic statistics between 2003( a little over a year past 911) and 2006, our economy was doing just fine. Then the Democrats took over Congress, and it’s been all downhill since then. So this rubbish about a “Bush Recession” is a complete media creation. Romney’s campaign needs to say this, over and over.
I only credit Gov't for destroying prosperity and wealth. The GOP and Dems have so far exceeding my wildest expectations.
We have overspent, over-promised our way to 'growth'. Obama is but a symptom of our decline.
Click on the article link and go look at the graphs. Depressing to say the least.
I don't. Just the opposite, the GOP tried to reign F&F in, but the Dems had enough members in Congress to block them.
BTW, according to this link, then Senator Obama was one of those who blocked reigning in F&F. That's right, President Obama inherited this mess from Senator Obama.
I only credit Gov't for destroying prosperity and wealth. The GOP and Dems have so far exceeding my wildest expectations.
It wasn't the GOP's fault that the US auto industry has been losing it's own market to foreign brands since the mid 70s, and we all know why. Ask any Toyota why they bought a Toyota instead of a Chevy, and they'll answer "quality". Now if you want to blame the Dems and their UAW supporters, I won't stop you.
Bubble and easy credit. Classic Keynes.
In order for Romney to turn the good ship America around will require massive govt cuts. I hope he does and good luck to the man.
It would have continued if those employed Americans had bought American cars, instead of half of them buying foreign cars. And understand that I'm not blaming them. I'm blaming who ever is responsible for the US makes losing half of their market to foreign makes.
In order for Romney to turn the good ship America around will require massive govt cuts. I hope he does and good luck to the man.
Agreed and agreed.
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