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New York Times:
Unemployment is rising. Foreclosures are surging. Lending is still constrained. So why exactly is the Obama administration waiting to act?
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WAITING!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
They have bought hundreds of billions if not trillions of mortgage backed securities, and they have given out hundreds of billions more in loans under horrible terms for the government, and they have outright given homeowners money with the loan modification program.
And then the $8000.00 tax break on the top of all the other tax breaks homeowners already had.
What more should be done for the whining crybaby homeowners?
Are thet calling this News. This is an Opinion article based on no facts what so ever. This is why papers are going under. They stop reporting the News.
Obama did not run on providing relief. He was actually against it when McCain said he'd offer over 300 billion for relief.
How many people here think teachers pay taxes?
"BANK RESCUE The Obama administration has largely shelved, for now, its plan to finance the purchase of banks’ toxic assets, ostensibly because of the banks’ recent success in raising capital."
Gee, I wonder where they got the money?
obama can't act. He already did, like an emotionally driven child he unwisely spent all of his allowance. On crap. There is no more money, we are broke. Welcome to the 2nd depression.
Well, THAT'S pretty ridiculous...
Now put on a cowboy hat and tell us a Western.
What part of, we don't have anymore money do you not understand?, we are broke. Bush spent like a drunken sailor and obama kept it going. You can't spend money you don't have. get it yet. ohh lets tax the rich. 43 billion a year, whoooopiiiieeeee! It will take 40+ years to pay off iraq, afghan. and the 800B stimulus to be paid off. But we really need 36 czars. really.
Stop trying to read the future in your morning p00p, it only shows you to be the mental midget you are.
good discussion skills, your step dad would be proud.
The banks have no desire to prevent, slowdown or stop forclosures.
Jobs were on a fast track of decline long before this last January.
IF Obama has some plan to work out, it must possibly wait until he gets healthcare on the fast track. People this is the very core of our recovery for workers and jobs to come. Take this burden off employers and families and we can work towards competative jobs. If Obama has a major plan and implements it prior to health care, this will send everyone off track and well lose the momentum.Remeber the one most important common cause we all stated to reform was healthcare! We are close, lets get that! I have faith that Obama has plans to implement after this.
My faithfulness to him wavers often! Im almost out of the Federal extension and know exactly where many of you are speaking from. We are in this together. We knew it could be a long road back but we need to be on the correct road of recovery. We cant expect miricles as the old Congress just does not work that way. Be mad at them for the continueing of business as usual with lobby money being thrown at them. This is where all the problems lie. Obama does not make law, legislature does. Who you elect in your state you need to hold accountable for how they vote!
Amazing how the NYT is awesome when it is criticizing the Bush administration, but when it mentions that unemployment and foreclosures are not being curtailed by Obama, people come on here to claim how horrible it is, all of a sudden.
Exactly who are you referencing, or are you just making up facts to fit your belief?
Actually, the NYT could have been a teensy bit more awesome about criticizing the Bush administration in the run-up to the Iraq War...
and how about criticizing all the dimocraps who were right alongside - forgot that, did you, or chose to ignore it?
I've never really liked NYT. Too biased, (both ways). It seems like they have people on both ends of the spectrum, somehow hoping the news will get balanced.
the NYT is a populist paper. That is why they are going under. Everyone is tired of biased media.
And come 2010 when he loses his majority in the House because of unemployment over 10% and the record deficits he has racked up, he won't be able to act no matter how hard he tries.
bye bye repubes .thank you bush
Bye, bye repubs? Uh, the Dems are in charge of everything; don't try and blame this on someone else. Of course, they won't be able to say that in 2010, because once unemployment hits 10%, the likelihood of them maintaining a majority in the House will be about the same percentage as the unemployment rate.
Waiting to act because 1) he doesn't want to get his hands dirty 2) he doesn't have the moral courage to do the right thing by the people and 3) he basically lacks leadership.
Everything he has done has been in support of the status quo, not CHANGE WE CAN BELIEVE IN.
Like the banks & Wall St. were going to start lending when they got taxpayer money. Sitting on so much toxic debt, they had only one choice: keep the money to enhance their solvency, and continue paying top execs big bonuses.
All this while the economy is contracting, people are losing jobs, dying for lack of health care etc.
Now what?
.
Banks?? Lending??
What a dumb idea.
Why lend out perfectly good money that you can stuff in your own pockets??
Exactly!
In answer to your 1st part: "But he has so much experience. Afterall, he was in the senate for 2/3rds of ONE term...And was a neighborhood community organizer.
Why can't he fix this pain in my knee?
I want a higher paying job!
I wish he would fix this miserable weather!
Change Daylight Saving Time!
Fix Iran's election!
Man, I can't believe what a horrible job he is doing, McCain would have had a tax cut for everyone by now and the world would be a wonderful place.
It certainly couldn't be worse if McCain had been elected.
http://blogs.abcnews.com/politicalpunch/2009/07/thinly-veiled-threats-white-house-suggests-arizona-republicans-put-up-or-shut-up.html
"On This Week with George Stephanopoulos on Sunday, Sen. Jon Kyl, R-Ariz., said of the $787 billion stimulus package, 'the reality is it hasn't helped yet. Only about 6.8 percent of the money has actually been spent. What I proposed is, after you complete the contracts that are already committed, the things that are in the pipeline, stop it.'
A day later, Arizona Gov. Jan Brewer received letters from Secretary of Transportation Ray LaHood, Agriculture Secretary Tom Vilsack, Department of Housing and Urban Development Secretary Shaun Donovan and Secretary of the Interior Ken Salazar all pointing out the billions headed to Arizona."
Not only pointing out the billions going there, but an implied threat that they would take the money back if Kyle continued to "publicly question" Obama. We truly have a Thug-In-Chief now.
The housing delinquencies and foreclosures have seen an alarming rise in the first quarter of this financial year. Among the 34 million loans that are tracked by The Office of the Comptroller, the foreclosure rates rose by 22% and surprisingly, this is a 73% increase as compared to the same period last year. This puts forth a question whether the banks and policymakers are intelligently tackling the problem.
The Bush administration overlooked the foreclosure issues of the average homeowners which the Obama administration is struggling to tackle with various initiatives.
The earlier stimulus plan hardly made any impact. I am just waiting for some aggressive steps from this Administration so that the housing market does not deteriorate any further .
Read More http://www.housingnewslive.com/new-stimulus-plan-and-housing-market.php
It seems to be coming around, but we will have to remain patient.
what planet are you on, you delusional fruitcake - it's actually getting worse
repuke party is falling apart.thank you mr bush
He's "waiting to act" because he really can't act. He's stuck with the bad decisions he made 6 months ago. Krugman and the rest of the economists were right (again) while the bankers were very good for the bankers (again) and very bad for the nation (again).
The only "action" we can hope for from Obama is that he learned his lesson(s) from the last grisly 6 months and he'll work to undo some of the damage in the next 3.5 years.
are we talking about bush or obama
I still have (some) hope that Obama can learn and will accept this as a mistake. He may be too much of a republican to see anything wrong with it though.
No, Obama's better by a long shot than Bush but still far far short of what I had hoped and what this country needs as a president.
One of those bankers YOU are correctly referring too is Penny Pritzker. The lady who got Obama started in politics. His SPONSOR and long-time FINANCIAL-BACKER........jmpurser, connect the dots: She OWNS two AIG Financial Companies and sits on Board of Directors of Bank of America. Have you connected the dots yet?
Man, has anyone told Mulder and Scully about this?
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Posted: 07-15-09 01:06 AM