158,434 homes in some stage of foreclosure sold in the first quarter. With around1.9 million homes remaining in foreclosure, the supply of just these types of homes will last between 2 and 3 years. If no other major economic disruptions occur in the meantime, it will only be after that time that any economic recovery from 2007 can truly occur.
I’m not an economist, but I don’t see that as likely, quite frankly. Seven years after the last recession started will be a prime time for another to start. And the Federal Reserve and Treasury Department has done more to prop up billionaires than lower and middle class Americans, despite the fact that the latter sets are what actually drive the U.S. economy toward growth. Moreover, those two institutions have run out of actions they can take. Interest rates continue to hover near zero for banks (not that you and I see any tangible benefits) while trillions of dollars (literally) have been loaned to banks at those near-zero interest rates. And that’s only a couple of examples of how close to the end of the string they are.
What left? Well, the government abdicated its responsibility to ensure that a large enough economic stimulus was provided in 2009. Politicians of both major parties refused to listen to economists who were experts on how we exited the Great Depression. As a result, we’re left with a tepid economy and even worse disparate wealth differences between the top and bottom than prior to 2007. I don’t see the situation improving appreciably any time soon.
The electoral map for this year’s Presidential election looks better and better for Obama. Florida is going his way. So is New Mexico and Colorado. So are Virginia and North Carolina!!! As of yesterday, Missouri, Nevada and Indiana were toss-ups. Today, add West Virginia to that list! (That’s a dynamic link – it updates at least daily) McCain leads Obama by only 1 percentage point in composite polling. Obama would garner at least 320 electoral college votes, compared to only 158 for McCain if the election were held today. Only 60 votes are up for grabs. There is the distinct potential for a landslide election.
[Update]: Conventional Wisdom, as defined by the corporate media, is lagging way behind the polls of the past few weeks. Obama’s likely electoral college lead has been above 270 (needed to be elected President), and is above 270 by at least 50 votes today. Yet the corporate media haven’t reported on that reality. Instead, the New York Times, CNN and MSNBC all show Obama with a 260-264 count. The NYT is about the worst: their analysis ignores dozens of state-level polls from across the country that have been conducted since October 1st. The corporate media’s best-case scenario is a close race. They’re not doing reporting – they’re trying to produce entertainment. Unfortunately, the public has no idea that the corporate media sucks so bad at these predictions. Notice also that there are no cries from right-wingers about the “liberal media” on this story.
That same corporate media put pro-coal and pro-oil ads on air after the Presidential debates. The “we campaign’s” ads were refused by the same media (not liberal!). This is what happens when war corporations own media. All is not lost: you can ask ABC to run the Repower America ad.
From a friend:
Politics is like driving.
To go backward, put it in R.
To go forward, put it in D.
The markets had another brutal trading day. The Dow finished 678 points lower – another 7% loss. One year ago today, the Dow hit its all-time high of 14,164.53. One year ago today, the sub-prime mortgage crisis was well known and its effects were spreading. Wall St. and most Republicans didn’t want to do anything about it (some pro-corporate Dems are in that box too, btw). Now look at where we’re at.
The American budget is $3 Trillion. Thanks to Reagan, Bush Sr. and Bush Jr., America’s debt is $10 Trillion. The next President is going to operate under very adverse economic constraints.
