Zander
Platinum Member
Washington Post
We are not in an economic recovery,we are not even close to the end of this. We are in a deep deflationary recession that is not going away anytime soon. Banks are unwilling to lend money on devalued assets, Businesses are not willing to expand in uncertain times, Unemployment is still rising, job losses are over 2.5 million since January with more to come, foreclosures are increasing at an alarming rate and will get worse in the 3rd qtr; yet Bernanke and his cronies say that "the worst is behind us"?
PT Barnum said it best: "There's a sucker born every minute". (shakes head)
The number of homes lost to foreclosures rose about 17 percent in the second quarter of this year despite the launch of an extensive government program aimed at helping borrowers save their home, according to government data released Wednesday.
Completed foreclosures reached 106,007 during the second quarter, compared with 90,696 during the first three months of the year, according to the report by the Office of Thrift Supervision and the Office of the Comptroller of the Currency, which regulates banks. Their quarterly report examines 64 percent of outstanding mortgages in the country.
We are not in an economic recovery,we are not even close to the end of this. We are in a deep deflationary recession that is not going away anytime soon. Banks are unwilling to lend money on devalued assets, Businesses are not willing to expand in uncertain times, Unemployment is still rising, job losses are over 2.5 million since January with more to come, foreclosures are increasing at an alarming rate and will get worse in the 3rd qtr; yet Bernanke and his cronies say that "the worst is behind us"?
PT Barnum said it best: "There's a sucker born every minute". (shakes head)