Key point: If you are faithful and pay your mortgage every month – no bailout money for you.
$26 Billion Mortgage Bailout
February 9th, 2012Unemployment Drops to 8.3%
February 3rd, 2012World Bank: Prepare for Global Economic Slump
January 18th, 2012Summary of forecast by World Bank:
Europe growth outlook for 2012: - 0.3%
U.S. growth outlook for 2012: + 2.2%
Slowdown in India & Brazil
“The global economy is entering into a new phase of uncertainty and danger,” said bank’s chief economist, Justin Yifu Lin.
Lin said, “no country will be spared. The downturn is likely to be longer and deeper than the last one.”
1.9 Million Foreclosures in 2011
January 12th, 2012Foreclosures were at lowest level since 2007 because of legal issues – not because the housing market is improving. Many lenders stopped all foreclosures to make sure the legal papers were correct. Most expect the number to grow in 2012.
U.S. Debt = 100% of GDP
January 9th, 2012We have now reached a major milestone or tipping point. The national debt (amount the government owes to creditors and government trust funds like Social Security) equals the value of all good and services produced in the U.S. in one year. Debt: $15.23 trillion. GDP: $15.17 trillion. Read article in USA Today.
Is Inflation or Deflation on the Horizon?
January 9th, 2012More people are talking about the possibility of deflation. Click here to read full article in USA Today.
Unemployment Rate Falls to 8.5%
January 9th, 2012Unemployment Rate Falls to 8.6%
December 2nd, 2011Unemployment rate fell to 8.6% – lowest rate in over two and a half years.
Super Committee Update
November 21st, 2011The Congressional Super Committee failed to cut $1.2 trillion in savings over the next ten years. The deadline was today, November 21, 2011. The Super Committee was established this past summer in a compromise to raise the national debt ceiling. Note the Super Committee was to find $1.2 in savings over the next ten years. That is $120 billion each year. Do you realize that our deficit in fiscal year 2011 was $1.3 trillion. Our nation is overspending $1.3 trillion annually and they are trying to find a way to cut $120 billion. We need to be talking about cutting $1.3 trillion in annual spending.
U.S. is $15,000,000,000,000 in Debt
November 16th, 2011According to the Treasury Dept. the United States of America owes over $15 trillion.
It is projected that our national debt will become $20 trillion in 2015.
Jefferson County Alabama: Filed for Bankruptcy
November 10th, 2011Jefferson County Alabama (Birmingham, AL) filed for bankruptcy on Wednesday. We can expect other counties and cities to follow in the months ahead.
Bernanke to Congress: Do not cut spending
October 4th, 2011Federal Reserve Chairman Ben Bernanke told the Joint Economic Committee to avoid deep spending cuts short term. Last week during a speech in Cleveland, Chairman Bernanke called long-term unemployment a national crisis. The first six months of 2011 economic growth rate was 0.9%.
[Ethan's comment: Spending more to solve a spending problem is not the solution. We need to cut spending now.]