Should we reappoint Ben Bernanke?
It looks like an easy call to me. Ben missed the boat on the real estate bubble so that to me is strike one. He has given the banks free money for more than a years now and they are still failing and losing money so this plan has not worked either., This is strike two.
Finally, unemployment and jobs have not been created with this great master plan he has. This is strike three. Your are out. He guided the ship into this problem he has not guided us out of the problem so get rid of him.
He has saddled the country with huge potential losses on the Fed balance sheet that we do not question.
My conundrum is this: Why do the Democrats now support this guy when the Republicans gave him the job in the first place.. Now the Republicans want him out and the Dems want him.
To me this makes no sense. If the politicians can't figure what they want should he really be reappointed?
So, to me it is simple get someone else in to shake up the system.
Saturday, January 23, 2010
Friday, January 22, 2010
FHA cut backs will stall the housing market
The administration has clearly underestimated the magnitude of the problems in the mortgage industry. We have scene that Freddie Mac and FNMA are piling up huge losses and will require continued subsidies in order to survive.
The administration seems to hope that the banks and insurance companies that are continuing to receive enormous subsidies from the government will help with lending . However lending is drying up for homeowners who need to extend or rework existing loans and for small business that need the same type of relief. The banks again are failing to aid the public by shutting doors to borrowers in need. The government has lent the banks a hand. Where is the hand to the people from the banks?
The administration needs to extend government Guarantees on loans to homeowners and small business if they want to revive the economy because the private sector will not help out in these situations.
The longer the situation persists the longer that the economy stays in the doldrums.
The Administration plan to tighten standards on FHA loans is exactly the kinds of policies we do not need to revive the economy. Housing needs any kind of help it can get from the Fed's. Tightening FHA standards hurts the middle class because this is the last outlet people with less than perfect credit have to purchase a home or maybe refinance their way out of some debt problems.
The administration has allowed the banks to continue to charge high fees and rates to people with less than perfect credit which perpetuates the problems these people have in getting their credit back to good health. Banks are more concerned with penalizing people who are late on payments so that they have no chance of repaying loans.
For the economy to turn Obama needs to revive housing and help people get of debt. To date all he has done is help the big financials stay in business and help people who already are in good financial shape refinance at lower rates. This has helped the rich get richer and the poor to get poorer.
So far there has been no relief on insurance, No help on other middle class issues like education costs, Energy costs or job growth.
We can only hope year two for Obama will bring better results. He should start by reevaluate who he is getting advice from. My suggestion would be to get rid of Ben " The Bankers Friend" Bernanke. Obama was elected to change things. I would start with Bernanke and maybe with Tim "Mr. Save AIG's Pals" Guitner next. These jokers are worried about to big to fail companies. They could careless about the little people that are failing everyday.
The administration seems to hope that the banks and insurance companies that are continuing to receive enormous subsidies from the government will help with lending . However lending is drying up for homeowners who need to extend or rework existing loans and for small business that need the same type of relief. The banks again are failing to aid the public by shutting doors to borrowers in need. The government has lent the banks a hand. Where is the hand to the people from the banks?
The administration needs to extend government Guarantees on loans to homeowners and small business if they want to revive the economy because the private sector will not help out in these situations.
The longer the situation persists the longer that the economy stays in the doldrums.
The Administration plan to tighten standards on FHA loans is exactly the kinds of policies we do not need to revive the economy. Housing needs any kind of help it can get from the Fed's. Tightening FHA standards hurts the middle class because this is the last outlet people with less than perfect credit have to purchase a home or maybe refinance their way out of some debt problems.
The administration has allowed the banks to continue to charge high fees and rates to people with less than perfect credit which perpetuates the problems these people have in getting their credit back to good health. Banks are more concerned with penalizing people who are late on payments so that they have no chance of repaying loans.
For the economy to turn Obama needs to revive housing and help people get of debt. To date all he has done is help the big financials stay in business and help people who already are in good financial shape refinance at lower rates. This has helped the rich get richer and the poor to get poorer.
So far there has been no relief on insurance, No help on other middle class issues like education costs, Energy costs or job growth.
We can only hope year two for Obama will bring better results. He should start by reevaluate who he is getting advice from. My suggestion would be to get rid of Ben " The Bankers Friend" Bernanke. Obama was elected to change things. I would start with Bernanke and maybe with Tim "Mr. Save AIG's Pals" Guitner next. These jokers are worried about to big to fail companies. They could careless about the little people that are failing everyday.
Tuesday, January 19, 2010
Wake up Mr President and Politicians
The Democrats received another set back as they lost the seat held by President Kennedy. The experts on Fox and MSNBC are now sorting this all out for us and telling what we should think about all of this. It is either the end of the line for the Democrats or the rebirth of the republic party. I would say that it really just means that people are sick of the status quo and will vote any political hack out of office in either of the parties. They are tired of the economy dying and us all having to work harder for less
The last year has shown us that even with vast majorities in both houses anf with a resounding vote for President. That the President and his party have still not really dine anything. As we commented on before the Democrats are still doing exactly what the republicans have done for the past 8 years, help big business at the expense of the little guy.
Obama must take the lead he was voted in to change things so he should start doing something. The people we voted for are there to lead us not to fight amongst each other and get nothing done.
We voted for them to lead because they would do what was right for the majority of the people. They are doing the work of big business now not the work of the people.
Our leaders are there to help the weak against the strong. This is why we help people in Haiti. This is why we need our leaders to help the little people in there fight against the big corporations.
We are all fighting in this country for a better life for ourselves. We all want our country to be great and have a great future for our children. We however have allowed the Rich to control our lives by having them control our government.
Obama was voted in to lead us in a different direction. It is now his time to lead. If he does this he will win in 4 years. If he doesn't we will all fail.
The last year has shown us that even with vast majorities in both houses anf with a resounding vote for President. That the President and his party have still not really dine anything. As we commented on before the Democrats are still doing exactly what the republicans have done for the past 8 years, help big business at the expense of the little guy.
Obama must take the lead he was voted in to change things so he should start doing something. The people we voted for are there to lead us not to fight amongst each other and get nothing done.
We voted for them to lead because they would do what was right for the majority of the people. They are doing the work of big business now not the work of the people.
Our leaders are there to help the weak against the strong. This is why we help people in Haiti. This is why we need our leaders to help the little people in there fight against the big corporations.
We are all fighting in this country for a better life for ourselves. We all want our country to be great and have a great future for our children. We however have allowed the Rich to control our lives by having them control our government.
Obama was voted in to lead us in a different direction. It is now his time to lead. If he does this he will win in 4 years. If he doesn't we will all fail.
Wednesday, January 13, 2010
Help the Haitian's
The tragedy in Haiti offers our country and our president an opportunity to show the world how our country has changed and is willing to help our neighbors in need. This may present us with an opportunity to show how our military and other resources we have in our country can be source of good for our world.
Maybe our leaders can for once put aside their differences and help people in our backyard who's is truly desperate. This then may be used to catapult us to maybe become kinder and gentler to people in our own country who are in need.
Our country is being controlled by large financial institutions and large companies who control all aspects of our political process. These companies actually control the process of how we are governed who governs us. Maybe for once these people who are all so fortunate can help those who are less fortunate. Rather than holding hearings about how much in bonuses the folks who have run us all aground should make and who should be in charge of making rules up so they don't do it again. These folks should work on solving the problems of the common man.
Leaders put aside your differences and help the folks in Haiti.
Maybe our leaders can for once put aside their differences and help people in our backyard who's is truly desperate. This then may be used to catapult us to maybe become kinder and gentler to people in our own country who are in need.
Our country is being controlled by large financial institutions and large companies who control all aspects of our political process. These companies actually control the process of how we are governed who governs us. Maybe for once these people who are all so fortunate can help those who are less fortunate. Rather than holding hearings about how much in bonuses the folks who have run us all aground should make and who should be in charge of making rules up so they don't do it again. These folks should work on solving the problems of the common man.
Leaders put aside your differences and help the folks in Haiti.
Tuesday, January 12, 2010
Bye Bye Corzine. Is Obama going to follow?
With Obama now the the helm for one year I think that it is only fair now to say that this mess of an economy is his problem now. He has failed to make much headway on the economy. Job growth is non existent. The real-estate market is still falling. Commercial real estate is falling next and new construction has ground to a halt.
When you look back on the first 10 years of the new century to me it is clear that a very high percentage of the jobs that were in the economy related to real estate. Construction, Mortgage companies realtors. appraisers. title companies attorneys and many others all depending on a building boom that went on for many years. These jobs are now gone and in all likelihood will never be replaced. With the economy still suffering from high unemployment, high mortgage delinquency rates and a few new jobs being created there is little chance that we we see much change in the next year.
Obama has let the big money center banks call the shots. His continued support of Ben Barnanke and Tim Guithner make it clear that he does not want to disrupt the markets. To me this is a sign that he is playing right along with the game that has gone on for years. The game is what's good for Wall Street and big Business is good for America
The silly debate over how much money bankers are making clouds the problem that the banks are causing. They are stealing peoples money left and right and no one in charge of the government does anything about it. We worry not about the people who are being tossed from their houses we instead worry about how big a bonus that executives should get.
The problem that faces the economy have everything to do with big business being allowed to got unchecked at the expense of small business and the consumers. Obama continues to listen to the talking heads he sees on TV and not the average person.
As one of Wall Streets boys John Corzine spends his last day in New Jersey Obama should look at his fate as it may be his in 3 years if he does not wise up.
Obama needs to do more things for the little guys and forget about the big businesses.
When you look back on the first 10 years of the new century to me it is clear that a very high percentage of the jobs that were in the economy related to real estate. Construction, Mortgage companies realtors. appraisers. title companies attorneys and many others all depending on a building boom that went on for many years. These jobs are now gone and in all likelihood will never be replaced. With the economy still suffering from high unemployment, high mortgage delinquency rates and a few new jobs being created there is little chance that we we see much change in the next year.
Obama has let the big money center banks call the shots. His continued support of Ben Barnanke and Tim Guithner make it clear that he does not want to disrupt the markets. To me this is a sign that he is playing right along with the game that has gone on for years. The game is what's good for Wall Street and big Business is good for America
The silly debate over how much money bankers are making clouds the problem that the banks are causing. They are stealing peoples money left and right and no one in charge of the government does anything about it. We worry not about the people who are being tossed from their houses we instead worry about how big a bonus that executives should get.
The problem that faces the economy have everything to do with big business being allowed to got unchecked at the expense of small business and the consumers. Obama continues to listen to the talking heads he sees on TV and not the average person.
As one of Wall Streets boys John Corzine spends his last day in New Jersey Obama should look at his fate as it may be his in 3 years if he does not wise up.
Obama needs to do more things for the little guys and forget about the big businesses.
Saturday, January 2, 2010
Year in review
The first year of the Obama administration has been a rocky one so far. Faced with a fractured economy he has so far followed the game plan started by the Bush administration hoping that bailing out the financial institutions would some how set the economy straight. This has at least helped the stock market which did have a good year but the average person is still faced with an uphill battle in finding work and paying every days bills.
Surprisingly he has continued his support of Ben Barnanke to lead the economic revival at the Fed. The fed has kept rates low helping the banks back to better health but not really helping the average consumer. To date the president has also continued the Bush administration initiative in Iraq and has expanded the war in Afghanistan and seems poised to bring the war to a new front in Yemen.
He has alos failed to get any improvement in the health care situation as the legislation continues to plod through congress.
So the average person is faced with: Higher unemployment, Lower paying jobs when they do find a job, Continued higher oil prices, Higher taxes from states that are debt ridden as well and the prospects of higher taxes at the federal level because of soaring debt. They are alos continuing to see higher health car bills
Where is all the change that he talked about?
We will go into more detail in the future about how he has continued the Bush plan to help big business at the expense of the average person
Surprisingly he has continued his support of Ben Barnanke to lead the economic revival at the Fed. The fed has kept rates low helping the banks back to better health but not really helping the average consumer. To date the president has also continued the Bush administration initiative in Iraq and has expanded the war in Afghanistan and seems poised to bring the war to a new front in Yemen.
He has alos failed to get any improvement in the health care situation as the legislation continues to plod through congress.
So the average person is faced with: Higher unemployment, Lower paying jobs when they do find a job, Continued higher oil prices, Higher taxes from states that are debt ridden as well and the prospects of higher taxes at the federal level because of soaring debt. They are alos continuing to see higher health car bills
Where is all the change that he talked about?
We will go into more detail in the future about how he has continued the Bush plan to help big business at the expense of the average person
Thursday, December 17, 2009
Are they really going to reappoint Ben Bernanke
Is it just me or is it odd that all the Democrats are supporting Ben Bernanke and all of the Republicans are opposing him.
Wasn't he nominated by the Republicans and at the helm when all of this mess was being created. Logic would tell you that the Democrats would want to get rid of this guy not the Republicans.
To me this is a perfect example of why none of the politicians can be trusted. They are a bunch of sheep who follow the party leaders. The party leaders just follow what the money people in big business and on Wall Street tell them to do. So really it doesn't matter who is running the ship because they all act a great game but will do whatever big business tells them to do.
In this crisis big business is saying save the banks. And they are at the expense of the average consumer. So the banks are able to charge you high rates and fees and in the long run they will just keep stealing your money. Why ,because they tell the politicians what to do.
The government, the big banks,the doctors the pharmaceutical companies and insurance companies and big oil and of course Wall Street are all in this together. There goal is to take every penny they can for the average person. There plans are working and the average Joe is getting poorer every day
As for Mr.Bernanke he is in charge of trying to maximize the profits and minimize the losses for big business. He could care less about the average person. He has helped to create the worst economy for consumers that most of us have ever scene in our lives.
His reward is that he gets to do this for 4 more years. Our reward is that we get the privilege of paying to clean up the mess and make big business more money. I thought we voted for change so why is nothing changing?
Wasn't he nominated by the Republicans and at the helm when all of this mess was being created. Logic would tell you that the Democrats would want to get rid of this guy not the Republicans.
To me this is a perfect example of why none of the politicians can be trusted. They are a bunch of sheep who follow the party leaders. The party leaders just follow what the money people in big business and on Wall Street tell them to do. So really it doesn't matter who is running the ship because they all act a great game but will do whatever big business tells them to do.
In this crisis big business is saying save the banks. And they are at the expense of the average consumer. So the banks are able to charge you high rates and fees and in the long run they will just keep stealing your money. Why ,because they tell the politicians what to do.
The government, the big banks,the doctors the pharmaceutical companies and insurance companies and big oil and of course Wall Street are all in this together. There goal is to take every penny they can for the average person. There plans are working and the average Joe is getting poorer every day
As for Mr.Bernanke he is in charge of trying to maximize the profits and minimize the losses for big business. He could care less about the average person. He has helped to create the worst economy for consumers that most of us have ever scene in our lives.
His reward is that he gets to do this for 4 more years. Our reward is that we get the privilege of paying to clean up the mess and make big business more money. I thought we voted for change so why is nothing changing?
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