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