Foreclosures Already Twice As Bad As Expected and Will Get Worse
Over two years ago, the Center for Responsible Lending predicted nearly two million families were at risk of losing their homes to foreclosure.
That was in December of 2006, just as the subprime mortgage industry was collapsing.
In the two years since then, much has happened, and these disturbing estimates have turned out to be wildly optimistic.
The banking industry has now collapsed, with virtually all of the Wall Street investment firms that set up the subprime market to fail going out of business or converting to banks in order to be rewarded by the federal government for destroying the economy.
The American auto industry has also imploded, with the minor three being given billions of dollars to continue force-feeding unwanted cars into the marketplace.
The government has stepped in to manipulate the economy in numerous ways, from simply handing billions of dollars over the banks to creating an FHA mortgage guarantee program that almost no one has applied for yet.
Bureaucrats and politicians have addressed the foreclosure crisis with new programs being created by Congress or the Federal Reserve weekly in order to save the economy.
And the result so far? The foreclosure rate nearly doubled from 2007 to 2008, and could double again in 2009.
Nearly 2.
4 million homeowners have lost their properties to foreclosure, and hundreds of thousands of workers are losing their jobs each month.
Trillions of dollars of new money has been created by the Federal Reserve, inflating the currency by many times.
The government has saved us all! Clearly, stealing money from homeowners and other people in America and handing it over to banks to cover up their losses has not served any good for anyone who is not a corporate executive or power-hungry bureaucrat.
Inflating the currency until gas is so expensive that no one can afford to drive and businesses have to shut down, resulting in demand destruction is another evil manipulation of government.
Unfortunately, our warning of two million families being evicted needs to be revised upwards to nearly 5 million families.
Because of the government's manipulations of the economy, the money supply, bank lending, and the micromanagement of our lives, there is already reason to believe the depression will be at least twice as bad as originally expected.
And possibly the worst part about the situation: the more the media speaks, the more it tries to sell us all on government as savior of the economy.
Nearly ever show and every interview puts all of the blame for the recession on the private sector and all hope for the future in the government, while ignoring the pivotal role of government in setting up the economy to collapse.
That was in December of 2006, just as the subprime mortgage industry was collapsing.
In the two years since then, much has happened, and these disturbing estimates have turned out to be wildly optimistic.
The banking industry has now collapsed, with virtually all of the Wall Street investment firms that set up the subprime market to fail going out of business or converting to banks in order to be rewarded by the federal government for destroying the economy.
The American auto industry has also imploded, with the minor three being given billions of dollars to continue force-feeding unwanted cars into the marketplace.
The government has stepped in to manipulate the economy in numerous ways, from simply handing billions of dollars over the banks to creating an FHA mortgage guarantee program that almost no one has applied for yet.
Bureaucrats and politicians have addressed the foreclosure crisis with new programs being created by Congress or the Federal Reserve weekly in order to save the economy.
And the result so far? The foreclosure rate nearly doubled from 2007 to 2008, and could double again in 2009.
Nearly 2.
4 million homeowners have lost their properties to foreclosure, and hundreds of thousands of workers are losing their jobs each month.
Trillions of dollars of new money has been created by the Federal Reserve, inflating the currency by many times.
The government has saved us all! Clearly, stealing money from homeowners and other people in America and handing it over to banks to cover up their losses has not served any good for anyone who is not a corporate executive or power-hungry bureaucrat.
Inflating the currency until gas is so expensive that no one can afford to drive and businesses have to shut down, resulting in demand destruction is another evil manipulation of government.
Unfortunately, our warning of two million families being evicted needs to be revised upwards to nearly 5 million families.
Because of the government's manipulations of the economy, the money supply, bank lending, and the micromanagement of our lives, there is already reason to believe the depression will be at least twice as bad as originally expected.
And possibly the worst part about the situation: the more the media speaks, the more it tries to sell us all on government as savior of the economy.
Nearly ever show and every interview puts all of the blame for the recession on the private sector and all hope for the future in the government, while ignoring the pivotal role of government in setting up the economy to collapse.
Source...