Peter Dreier: It doesn’t make sense to make severe cuts to state and local budgets only to allow Wall Street banks and their overpaid CEOs to drain billions more from our states.
Marian Wang: Though foreclosures continue to speed through courts in some states, in recent months some judges have increasingly questioned banks bringing foreclosure cases in court, forcing them to prove their legal standing to foreclose.
David Love: The problem is that the United States is falling apart. It has become a Third World country. Record numbers of people are unemployed.
Robert Reich: Obama shouldn’t be fooled into thinking Bill Clinton was reelected in 1996 because he moved to the center. I was there. Clinton was reelected because by then the economy had come roaring back to life.
So far, here in the U.S., over 4 million homes have been foreclosed on since mid-2006. Because consumer spending drops drastically whenever housing values decline, the entire U.S. economy has been in a tail-spin throughout this period. Over 10 million jobs have been totally eliminated due to a dramatic drop in consumer sales and the resultant decline in production.
A new ABC poll just out indicates that President Obama enjoys a 69% approval rating. George Stephanopoulos of ABC’s This Week says Obama has sparked a surge of optimism, with 50% of Americans now believing we are headed in the right direction compared to just 19% as recently as January 16th. But the economy continues [...]
America is the greatest country in the world… Or at least that’s what they tell me. The greatest country? Now, exactly what yardstick were you using just now? Such a bold statement with such paltry evidence! Sounds like the words of someone who hasn’t been anywhere, Yet those who have lived, traveled and studied Beyond [...]
The expectations of the New Year has us all expecting change on some level. Change in the nation’s political direction; change in the global situation; change in the economy; change in the job markets; change in the schools; change in our local communities; change in our personal lives. Funny thing about change? It’s much like [...]
In Los Angeles Zipcode 90042, there are 385 families that may be evicted before the holidays. Of these, 211 live in bank-owned properties, 59 have homes that up for auction, and 115 have homes in foreclosure. We encourage you to sign Motion 07-2438-69, which was proposed by City Council President Eric Garcetti, seconded by Councilmember [...]
The global economy has been put into the economic equivalent of a full nelson by a financial system threatening to collapse under the weight of a complicated pyramid scheme. The Bush administration sounded dire warnings and cobbled together a vaguely flushed-out rescue plan promising the injection of up to $700 billion of taxpayers’ dollars into [...]
By now everyone with a roof over his head has heard about the subprime mortgage mess. Understanding why so many homeowners are defaulting on their mortgages or what mortgage foreclosures have to do with the collapse of the housing market, however, is another matter. To get a better grasp of the mortgage mess I called [...]