AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.
I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
Wow -- 45 million of our 313 million people are on food stamps!
That's 14.38% -- closing in on twice the rate of the "official" unemployment figure .. and pretty much close to being equal with the unofficial unemployment rate.
These are good stats to present, as it helps to dispel the myth that we're "recovering".
As long as our jobs are still being off-shored, we'll still be doling out food stamps.
When the election is over and we open our eyes, it will sadly be too late to wonder what the hell just happened.
For a small family (2 kids - mom/dad) Min wage is under $2K a month - around $12K a year. . . that's far less than the poverty level.
It's not so much a reflection of unemployment - it's a reflection of how little money people can make when they even do work full time: and how costly it is to live in a society every everything must be bought and paid for in large sums.
A screaming comes across the sky.
It has happened before, but there is nothing to compare it to now.Pynchon - Gravity's Rainbow
Huh? Investors default or take a loss on investments all the time, for some reason the same rules don't apply to home buyers. If an investment loses 50% of its value and has little chance of recovering for many years if ever, there is no financial reason to keep adding good money to bad.Wealth loss is not a justifiable reason to re neg on your mortgage agreement.
Do you realize how that sounds, "just because they can't make their mortgage payment on an underwater investment due to job loss.... is no excuse".You're excusing the actions of these people, by saying they lost their jobs.
As if that were something new.
Aw, the poor borrowers that knew full well they couldn't afford the $2500. per month mortgage they were signing for, but signed it anyway to get the house because they knew that by the time they were forced to sell they could cash out the fake equity being added at the 20 and 30% fake rates per year, and come out ahead. Nah, don't feed me the unsuspecting poor borrower had nothing to do with, as with the liberals that forced the lenders to make loans they knew were not going to be paid either. That is just pure BS, and in the situation where there is plenty of blame to go around, you are trying to pin it on one scapegoat that you don't like, and that is just dishonest.
Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.
Alexis de Tocqueville
If a borrower is forced to sell, due to not being able to meet payments since income is deficient, there is NO equity in the house because you are way, way underwater. The value is gone, it is below what you paid. You are selling at a loss, it is called a short sale. Of course again, the lender is covered, he has insurance for the default, his losses are minimal if at all.
Oh and to add, the borrower was paying for that insurance....it was part of the mortgage payment.