Jump in Foreclosures Dims Obama's 'Glimmers of Hope' for Economy

To put things in a better perspective

These are MARCH numbers, folks. The TARP was approved in Nov 08 and wasn't handled well (in that it's widely reported that banks kept the money to ward off insolvency and stopped loaning). The stimulus plan was signed into law on 2/18/09 and much of it goes to create jobs and provide tax cuts (although they were small), not to mention provide unemployment benefits for those who'd lost their jobs. The plans to have private investors buy the toxic assets off of the banks balance sheets was just beginning in late March.

Am I concerned about the big deficit spending that's happened. OF COURSE! We certainly should be if we have any brains. But nonetheless, we are where we are and the plan has been set in motion and I hope it works. After studying what appears to be majority of economists say, either doing nothing (and hoping the markets adjust), or lowering taxes just isn't enough to avoid plunging us into another Great Depression, which would be much worse that a huge deficit. (Yes, some economists disagree but there aren't a lot of them) Besides if we lower taxes, how do we pay for the trillion dollar deficit leftover from the Bush administration?

We didn't get into this mess overnight and we're not going to get out of it overnight. It takes time for funds to be allocated and a country as big as us (we're third largest in the world) to change directions. For the majority of the recovery plan, it's been nearly 60 days or less, hardly enough time for March 09 numbers to reflect anything. If the situation is still on a downward trend by the end of this year, or if there isn't marked progress by this time next year, then we'll really have something to worry about and the comments here would have some validity, but it's a little too preliminary to whine so loudly right now. It actually makes many of you sound like a bunch of not-too-bright, unrealistic babies with the 'instant gratification' syndrome.

short sales have to go somewhere

With so many short sales on the market it's no surprise these are finally turning into Foreclosures. The banks make it too time consuming and frustrating for many to be able to buy a short sale property. These homes are destined to be foreclosures eventually - and better sooner than later so that those who would like to buy a home now can actually do it. I don't think anyone should look at this and think it speaks poorly of the economy. Just a postponement of what was already there.

Hope does not put bread on the table

Businesses and entreprenuers do not have confidence. Just hearing all the hope nonsense doesn't get the job done. Lowering taxes would have stimulated the economy. Banks have been browbeaten into taking funds when they did not want them. So, credit is not loosening up. Does any sane borrower have confidence that things are getting better? No, so why incur debt! Only the Sock Puppet espouses Hope and keeps printing money for political gain(elections in 2010 and 2012) which doesn't solve the problem in 2009!

$ und Mushi comment

Obamination. I like that. First time I heard that term. Very catchy.

Glimmer of Hope

Obama is shaping up to be a great leader. I base this on his use of the word "hope" - when all around is gloom and doom, we need to have hope, and a leader will not allow any amount of negativity to destroy this. We should remember that our current economic plight was caused by many factors, all coming to a head during the Bush presidency. Thank God that Bush had to go, because I think he had become totally disillusioned with life, liberty and the pursuit of happiness. At the least he was disengaged from the problems of the nation - by now we would all have been in the depths of despair if he had been elected to another term. Anyone who thinks otherwise could be described as a dreamer by some, by me as one with his head in a very dark place.

Lame!

The Feds and their policies created the problem and according to Obama and his thugs the Feds are the answer to the problem. Welcome, to insanity! America is ever drifting into the sea of statist socialism...change I can believe in I suppose!

Bail Out not freeing up $$ to people and small biz

Well duh.... If the money is not getting to the people or small business so they can generate income, jobs, business growth so people can be re-hired then it was all just a big waste of time.

No matter what kind of bail out you have if people are not working or business is not expanding it solves nothing.

I believe in the Obamination

So much for the "Dream" and "The Great Change" that we were promised. Let's all close our eyes and continue dreaming we can fix the situation by electing incompetence because “It” can read well in front of a teleprompter. I for one am glad that I did not have a dream that one day things would get any better. Hey, why doesn’t he have another flamboyant speech to tell us how he dreams to have a dream to help the economy? Delusional.