Economic News
These articles relate to various aspects of the economic meltdown...
I'm glad to see some continuing effort in this direction. Since the finance and political sectors contributed a great deal to the economic collapse, they should fix it. Certainly they have more resources to do so than homeowners do. Furthermore, foreclosure often leads to homelessness, which creates multiple problems that are expensive and hard to solve; so preventing that is very good at conserving resources and preventing human wreckage.
This is a savvy analysis of the situation. I am particularly alarmed at the "backlog" of future foreclosures.
It would be nice to fix this system so that its expenses no longer cripples individuals, businesses, and America in general; and so that it actually provides health care for everyone. You may not care whether other people live or die if they don't have money, but you will certainly care if their miseries spill over onto you, which is already happening whether you notice it or not.
Band of House Dems Revisits Cramdown
Mike Lillis, The Washington Independent: "The Obama administration has all but abandoned it, and the Senate has already voted it down. But a proposal to allow struggling homeowners to escape foreclosure through bankruptcy got a boost Thursday from a small band of House Democrats convinced that voluntary mortgage modifications aren't alone solving the housing crisis. They have a point. Despite White House efforts to entice mortgage lenders and servicers to alter the terms of mortgage loans at their own discretion, participation in the program has been meager."
I'm glad to see some continuing effort in this direction. Since the finance and political sectors contributed a great deal to the economic collapse, they should fix it. Certainly they have more resources to do so than homeowners do. Furthermore, foreclosure often leads to homelessness, which creates multiple problems that are expensive and hard to solve; so preventing that is very good at conserving resources and preventing human wreckage.
Only Forceful Action Can Turn Foreclosure Crisis Tide
Mary Kane, The Washington Independent: "The time may be ripe for a shift in strategy as the foreclosure machine grinds on, and new foreclosure notices reach the troubling milestone of 10,000 per day. A weak economy has added job losses and falling home values to the mix of toxic loans that prompted the crisis two years ago, making an already difficult situation even more severe. Government measures from foreclosure freezes to loan modifications have only served, so far, to stall the inevitable - and to create an ominous backlog of millions of pending foreclosures."
This is a savvy analysis of the situation. I am particularly alarmed at the "backlog" of future foreclosures.
Robert Reich | The Health Care Clock, and Why Obama Has to Act Quickly
Robert Reich, Robert Reich's Blog: "Universal health insurance won't happen unless Obama can light a fire under the Senate Finance Committee this week."
It would be nice to fix this system so that its expenses no longer cripples individuals, businesses, and America in general; and so that it actually provides health care for everyone. You may not care whether other people live or die if they don't have money, but you will certainly care if their miseries spill over onto you, which is already happening whether you notice it or not.