Obama Being Blamed For U.S. Economic Woes

U.S. President Barack Obama's popularity has taken a massive dive, as he is catching up with former President, George W. Bush, in the blame department, regarding the ongoing financial crisis rocking America.

Where Bush precipitated the problem with the terrible management of the nation's finances and massive spending, Obama has exacerbated it with unruly, socialist spending, not suited to the U.S. economy.

Some good news in the midst of troubling financial headlines: GM repaid $8 billion of the bailout money it was given, 5 years in advance. Well done to GM.

Bush still gets blame for economy, but Obama catching up

April 21, 2010, 6:07 PM EDT - Former President George W. Bush still gets most of the blame for the nation’s current economic ills, but the government’s current chief executive is catching up, according to a Gallup poll released Wednesday.

President Barack Obama takes at least a moderate amount of blame among half those surveyed by Gallup late last month, up from 32% when Gallup last asked the question in July. The survey of 1,033 adults shows that 26% think Obama should take a “great deal” of the blame while another 24% believe the current president shoulders a “moderate amount.” Fifty percent say Obama gets little or no blame...

http://blogs.marketwatch.com

Park Avenue Banker Arrested On Stimulus Charges

Charles Antonucci

Charles Antonucci, the former head of Park Avenue Bank, was arrested by the U.S. federal government on charges of stimulus fraud, regarding misuse of TARP funds.

The privately owned, Park Avenue Bank, recently collapsed and was seized by federal regulators, who now allege Antonucci stole $6.5 million dollars in TARP money, to fund a lavish lifestyle.

U.S. Homes Sales Down Again

U.S. President Barack Obama

Two days ago it was announced, new U.S. home sales declined to its lowest levels on record for the month of January 2010. Today, it was reported the sale of preexisting homes in America fell to record low numbers as well, as people are having great difficulty unloading their properties, with a lack of eligible buyers.

This is not good, as it will create more foreclosures, with 2009 establishing a record number of mortgages going into default. Some banks are being cooperative, but some are not. I have heard and read of success stories, regarding homeowners who had their mortgages successfully modified.

However, some banks are still swooping in on mortgages attached to homes with a significant amount of equity and charging excessive, exorbitant penalty and legal fees, in trying to maximize profits.

In one such case, a property was valued at double the amount the bank is owed and a devastated homeowner bulldozed the property rather than let the bank auction it off.

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New Home Purchases In America Hit Record Low

U.S. Economy: Sales of Previously Owned Homes Unexpectedly Fall

February 26, 2010, 12:52 PM EST - Feb. 26 (Bloomberg) -- Sales of previously owned U.S. homes unexpectedly dropped 7.2 percent in January to a seven-month low, indicating a lack of job growth is undermining government incentives to bolster the housing market.

The decline to an annual pace of 5.05 million, reported today by the National Association of Realtors in Washington, was the second-largest on record after December’s 16.2 percent plunge. A separate report showed the economy grew at a 5.9 percent pace last quarter, faster than initially estimated...

http://www.businessweek.com

Stimulus Has Lost Its Effect

National Numbers Begin To Plunge Again

U.S. President Barack Obama

The U.S. economy continues to lose homes and jobs at a rapid, record rate, indicating the current government intervention is not working. The U.S. economy refuses to stabilize.

Stimulus money will not solve the nation's ills. It is an artificial sugar high - a temporary financial fix that has already begun to wear off in a matter of months.

It is the equivalent of giving medicine to an economic condition that ends up making it worse. The stock market is also being spurred on by ridiculously low Fed rates and artificially inflated government reports, propped up by stimulus money, whose effect is already in rapid decline.

Additional fiscal steps being taken are not going to work either. Houses of government and leadership need to be wary of following this model.

A sizable reduction of government spending and tax increases on the nation's most wealthy is the appropriate course of action, while giving lower and middle income families a chance to get back on their feet, as they constitute the backbone of the economy and it is the humane thing to do.

What is a matter of concern is the fact, Washington sees that the stimulus' effect has worn off and pushed things even further into negative financial territory, but all they can talk about is spending more money.

In days to come, you shall remember these days and regret them, as the time you spent the nation even further into a colossal financial hole that is not easily filled in or fixed. Desist with the unruly spending of taxpayer money and take a sensible, sound approach to the financial crisis.

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Obama Incorrect Regarding No Financial Depression