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alstry (< 20)

Summer's Balance About to Tip!!!!! What about Capitalism?



April 14, 2009 – Comments (5)

April 14 (Bloomberg) -- The U.S. economy has presented “a more balanced picture” in recent weeks, signaling the severity of the recession may be easing, said Lawrence Summers, director of the White House National Economic Council.

Both statistical and anecdotal evidence is now “more encouraging than it was” in the beginning of the year, when the economy was contracting sharply, Summers said in an interview today on Bloomberg Television.

“The freefall we’ve been seeing is not going to be something we’re going to be living with indefinitely,” he said.

Whooa...Larry......not so quick my friend..........................from the WSJ:

Some of the nation's largest mortgage companies are stepping up foreclosures on delinquent homeowners. That will likely lead to more Americans losing their homes just as the Obama administration's housing-rescue plan gets into gear.

J.P. Morgan Chase & Co., Wells Fargo & Co., Fannie Mae and Freddie Mac all say they have increased foreclosure activity in recent weeks. Those companies say they have lifted internal moratoriums which temporarily halted foreclosures.

The resulting increase in the supply of foreclosed homes could further depress home prices and put additional pressure on bank earnings as troubled loans are written off.

Some of the mortgage companies are themselves receiving funds under the government's financial-sector bailout, which could make their actions politically sensitive. But mortgage companies say they are taking steps to keep borrowers in their homes, and are only resorting to foreclosure when there are no other options.

Hmmmmmmmmmmmmmmm.  What options does an unemployed family have to make mortgage payments with  little hope for a job?

Can they get bailed out by Uncle Ben like bankers who fraudulently disclose their financials when in fact they are bankrupt just like the homeowners they are foreclosing upon????

Does anyone see a trend of disenchanted citizens as more and more get their homes foreclosed?  Pretty soon, it won't be long before the majority of American's reject capitalism and beg for fascism or communism just to have food on their table or shelther for their families.

This is Alstry's greatest concern....are we being cornered into some kind of totalitarian form of government?

Prepare...NEVER Fear.....

5 Comments – Post Your Own

#1) On April 14, 2009 at 9:07 PM, 119862913 wrote:

1) Capitalism 53%

2) Socialism 20%

3) Not Sure 27%

4) No longer care (1)

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#2) On April 14, 2009 at 11:17 PM, alstry (< 20) wrote:

But CSX couldn't prevail against a 17.4% volume decline in the first quarter, which included double-digit drops in freight ranging from automotive goods to chemicals to housing-related products.

In recent months, the company has furloughed more than 1,000 workers and parked tens of thousands of rail cars.


Unless, of course, you work for the government or run a bank.

This is an amazing time in American History....we have bankrupt banks foreclosing on bankrupt citizens......the only difference is government is bailing out the banks and not the citizens of which it is supposed to represent.

Grab a drink and think about that one for a second....then grab a barf bag so you don't make a mess.

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#3) On April 15, 2009 at 7:22 AM, Chromantix (90.16) wrote:

+1 for the barf bag comment

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#4) On April 15, 2009 at 7:40 AM, alstry (< 20) wrote:

-9000 for job cuts.

Yahoo and UBS announcing cutting lots more jobs.

And some of you still can't see 30% UNemployment?

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#5) On April 15, 2009 at 7:49 AM, alstry (< 20) wrote:

April 15 (Bloomberg) -- Harvard University’s Faculty of Arts and Sciences, the teaching body for most undergraduate classes at Harvard College, will slice $220 million from its budget over the next two years because of endowment losses.

Investment losses that are expected to slash the value of Harvard University’s endowment by 30 percent are demanding that cuts be made in the school’s academic programs, Smith said. The working groups will be charged with finding ways to make those reductions, he said.

30% seems like a consistent number.

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