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Thread: Obama announces his Candidacy for 2012.

  1. #1021
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    Re: Obama announces his Candidacy for 2012.

    today:

    It's official. Home prices have double dipped nationwide, now lower than their March 2009 trough, according to a new report from Clear Capital. Sales of bank-owned (REO) properties hit 34.5 percent of the market, according to the survey, resulting in a national price drop of 4.9 percent quarterly and 5 percent year-over-year. National home prices have fallen 11.5 percent in the past nine months, a rate not seen since 2008. Add short sales, where the bank allows the borrower to sell for less than the value of the mortgage, and prices have nowhere to go but down.

    While the usual subprime mortgage suspects, like California, Arizona, Florida and Nevada used to rule the foreclosure roost and still have high volumes of distressed properties, the mid-west is seeing a surge in REOs now, thanks to the plain old recession. 40 percent of the Chicago market is foreclosures, 43 percent in Cleveland and 51 percent in Minneapolis. Home prices fell 8.7 percent in the Mid-West during the past three months compared to the previous quarter.

    While the foreclosure crisis is abating on the front end, with fewer loans going newly delinquent, the pipeline of seriously delinquent loans is enormous. Banks are now ramping up the foreclosure process after the "robo-signing" paperwork scandal, but at their current pace it would take about four years to process all the bad loans through foreclosure and even longer to sell those homes out on the open market. While buyer demand is rising, thanks to a slowly improving jobs picture, mortgage availability is still very difficult for the low to middle-income borrower, and falling prices don't help already weak consumer confidence in the housing market. If prices continue to fall further, which they likely will in the short term, the number of so-called "underwater" borrowers, those with negative equity, will rise even higher, which could in turn result in more loan delinquencies.

    Nationwide more than a quarter of all homeowners with a mortgage are in a negative equity position, but in some markets, that number is far higher. 46 percent of Massachusetts borrowers are underwater, according to LendingTree.

    The last time home prices fell at this rate, three years ago, they were then boosted by government stimulus in the form of a home buyer tax credit. "A note of caution to those looking for a strong end to 2011: The last time no incentives were in place and distressed inventories were this high, home prices fell sharply," warns [clear capital's alex] Villacorta.
    CNBC: National Home Prices Double Dip
    Last edited by The Prof; 05-05-11 at 07:20 PM.

  2. #1022
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    Re: Obama announces his Candidacy for 2012.

    obama's record, the empirics

    today:

    Unexpectedly weak consumer spending hobbled the economy in the first quarter and fresh signs of a slowdown in the labor market pointed to an uphill struggle for the recovery. The economy grew at an annual 1.8 percent rate in the first three months of this year, the Commerce Department said on Thursday, unchanged from an earlier estimate and weaker than most forecasts. A separate report from the Labor Department showed the number of Americans claiming unemployment benefits unexpectedly rose last week by 10,000 to 424,000.

    Estimates for second-quarter gross domestic product growth currently range between 2.5 percent and 3.5 percent but could be revised down. Recent data, including retail sales and regional manufacturing surveys, all point to soft growth.

    The economy expanded at a 3.1 percent rate in the October-December period. Economists had expected the first-quarter pace to be revised up to 2.1 percent.

    Despite the economy's seven straight quarters of expansion, growth has been tepid by historical standards, leaving both the Obama administration and opposition Republicans scrambling for ideas to put it on a faster track.

    Consumer spending -- which accounts for more than two-thirds of U.S. economic activity -- expanded at a 2.2 percent rate in the first three months of this year, slower than the previously reported 2.7 percent. After rising at a 4 percent clip in the fourth quarter, spending was clipped by high food and gasoline prices, which sent inflation soaring at its fastest pace in 2-1/2 years.

    The GDP report also showed after-tax corporate profits fell at a rate of 0.9 percent in the first-quarter after rising at a 3.3 percent pace in the fourth quarter.

    Last week marked the seventh straight week in which claims topped the 400,000 level which economists say is normally associated with steady job growth.
    RealClearMarkets - Reuters - Markets - May 26, 2011 - Consumers hold back growth, rebound seen muted

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    Re: Obama announces his Candidacy for 2012.

    tepid by historical standards

    usa today, may 20:

    Nearly two years after the economic recovery officially began, job creation continues to stagger at the slowest post-recession rate since the Great Depression.

    The nation has 5% fewer jobs today — a loss of 7 million — than it did when the recession began in December 2007. That is by far the worst performance of job generation following any of the dozen recessions since the 1930s.

    In the past, the economy recovered lost jobs 13 months on average after a recession. If this were a typical recovery, nearly 10 million more people would be working today than when the recession officially ended in June 2009.
    Job creation limps along after recession - USATODAY.com

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    Re: Obama announces his Candidacy for 2012.

    Quote Originally Posted by The Prof View Post
    tepid by historical standards

    usa today, may 20:



    Job creation limps along after recession - USATODAY.com
    Results don't matter to an Obama supporter, they like hearing him talk, Isn't he cool? 15 million Americans unemployed aren't crazy about the Obama agenda and record.

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    Re: Obama announces his Candidacy for 2012.

    You're absolutely right. Obama has not done enough to fix the economy. He let those tax cuts for the super rich continue, he lets corporations have all their loopholes, he didn't end the wasteful spending on war, hasn't pushed enough for renewable energy sources... He really hasn't done enough. Of course, name a republican who would do any of these things at all, let alone more of them...
    Liberté. Égalité. Fraternité.

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    Re: Obama announces his Candidacy for 2012.

    Quote Originally Posted by Paschendale View Post
    You're absolutely right. Obama has not done enough to fix the economy. He let those tax cuts for the super rich continue, he lets corporations have all their loopholes, he didn't end the wasteful spending on war, hasn't pushed enough for renewable energy sources... He really hasn't done enough. Of course, name a republican who would do any of these things at all, let alone more of them...
    I will be happy to answer that when you explain to me how you keeping more of what you earn is an expense to the govt. since the super rich keeping more of what they earn apparenlty is.

  7. #1027
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    Re: Obama announces his Candidacy for 2012.

    last month: DOUBLE DIP

    this month: w-o-r-s-e

    cnbc today: Housing Double Dip Even Worse Than Expected
    Last edited by The Prof; 05-31-11 at 03:27 PM.

  8. #1028
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    Re: Obama announces his Candidacy for 2012.

    Quote Originally Posted by Conservative View Post
    What does that have to do with the thread topic. Reagan isn't on the ballot, Bush isn't on the ballot but Obama and his results are. Tell the 15 million unemployed and the great grandkids that Obama record deserves re-election. All you have is demonizing Reagan and Bush to divert from Obama. The Obama record speaks for itself. Increasing jobs from the dismal 2009 numbers isn't a great record to tout especially at the cost created to generated those results. By the way, when did Federal Income Taxes go up under Reagan? His 10-10-5% tax cuts grew govt. revenue. Let me know when Obama actually grows revenue by increasing enough jobs to justify the expenses?
    Well Obama kind of inherited that Reaganomics ****.. and well it's Reagan's fault.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

  9. #1029
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    Re: Obama announces his Candidacy for 2012.

    today:

    Companies in the U.S. added fewer workers than forecast in May, a sign that job growth is struggling to gain momentum, data from a private report based on payrolls showed today.

    Employment increased by 38,000 last month, the smallest increase since September, from a revised 177,000 in April, according to figures from ADP Employer Services. The median estimate in the Bloomberg News survey called for a 175,000 advance for May.

    Such gains in employment are insufficient to help the world’s largest economy accelerate after a surge in food and fuel costs earlier this year. Businesses added 207,000 jobs last month after a 268,000 gain in April and the jobless rate dipped to 8.9 percent from 9 percent, economists project a Labor Department report to show in two days.
    ADP: U.S. Added Fewer Workers in May - Bloomberg

    seeya at the polls, progressives

  10. #1030
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    Re: Obama announces his Candidacy for 2012.

    cnbc's take:

    U.S. private-sector payroll growth slowed sharply in May, falling to the lowest level in eight months and prompting some economists to lower forecasts for job growth in Friday's U.S. government report.

    The ADP Employment Services report is the latest in a string of data suggesting economic growth remained sluggish early in the second quarter after hitting a soft patch in the first months of the year. The economy grew at a tepid 1.8 percent annual rate in the first three months of the year, softer than analysts originally anticipated.

    The ADP report showed private employers added a scant 38,000 jobs last month, falling from a downwardly revised 177,000 in April and well short of expectations for 175,000. It was the lowest level since September 2010.

    The report boded poorly for the key U.S. non-farm payrolls report at the end of the week. Credit Suisse lowered its estimate for Friday's employment number to 120,000 from its previous forecast of 185,000 and its private payroll estimate to 135,000 from 200,000.

    U.S. stock indexes opened lower open following the ADP report.

    A separate report showed the number of planned layoffs at U.S. firms rose modestly in May with the government and non-profit sectors making up a large portion of the cuts.
    Labor Market Worries Rise on Weak Private Sector Jobs Growth

    govt sector layoffs---they're just beginning, and there're gonna be tens of thousands of em

    party on, progressives

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