Watchdog: Obama Not Helping Homeowners

U.S. President Barack Obama and First Lady Michelle Obama at the White House with dog Bo

A Congressional watchdog has stated, President Barack Obama, has failed to help at-risk homeowners with the stimulus program that usurped $700 billion dollars of taxpayer money. Inspector General, Neil Barofsky, informed Congress during a hearing this month, that only a relatively small number of homeowners have been helped, making the program a failure. U.S. foreclosures have hit record highs this year, in activity very detrimental to the economy.

Government watchdogs: Obama failing to help at-risk homeowners

July 21, 2010; 12:55 PM ET - The Obama administration's efforts to aid at-risk homeowners in danger of foreclosure is not working and the Treasury Department shoulders some of the blame, the three government watchdogs for the $700 billion financial bailout told a Senate committee Wednesday.

Despite a seemingly ever increasing array of initiatives under the program that went into effect 15 months ago, the number of homeowners being helped "remains anemic," Special Inspector General Neil Barofsky testified before the Senate Finance Committee. It has "not put an appreciable dent in foreclosure filings."...

http://voices.washingtonpost.com

Obama Rep Equates Economy With Cancer

Erksine Bowles

On July 11, 2010, the co-chairman of U.S. President Barack Obama's Debt Commission, Erksine Bowles, compared the declining American economy to cancer. He said the current national budget and debit is and I quote, "a cancer that will destroy the country from within."

Yes, I know. I said that already 2-years ago in the article The Global Bush Effect: "It's a financial cancer, that due to international cross collateralization and open-end monetary instruments, is metastasizing, when the problem should have been detected early, and there were symptoms, isolated, contained, then the appropriate treatment applied."

It's amazing that 2-whole-fiancially-painful-years later and the government still has not improved and is in the same financial sinkhole, only deeper. It's astonishing that it's taken all that time for the government to realize this fact. However, the question is, what are you going to do about it, as talk is cheap.

Side Bar: Don't talk about cancer around Obama. He will break out a shovel and dig up his best manure in your direction. You would think with someone that smokes the way he has and does, he'd have a vested interest in curing the disease.

Obama's debt commission warns of fiscal 'cancer'

Monday, July 12, 2010 - BOSTON -- The co-chairmen of President Obama's debt and deficit commission offered an ominous assessment of the nation's fiscal future here Sunday, calling current budgetary trends a cancer "that will destroy the country from within" unless checked by tough action in Washington.

The two leaders -- former Republican senator Alan Simpson of Wyoming and Erskine Bowles, White House chief of staff under President Bill Clinton -- sought to build support for the work of the commission, whose recommendations due later this year are likely to spark a fierce debate in Congress.

Bowles said that unlike the current economic crisis, which was largely unforeseen before it hit in fall 2008, the coming fiscal calamity is staring the country in the face. "This one is as clear as a bell," he said. "This debt is like a cancer."...

http://www.washingtonpost.com

Joe Biden: We Can't Replace The 8 Million Jobs Lost

Vice President Joe Biden

Last week, Vice President, Joe Biden stated the Obama administration will not be able to replace the 8 million jobs that have been lost during the ongoing financial crisis. Oh, yes you could have. Had you followed the Judiciary Report's job creation plan and had tight controls over how the stimulus money was disbursed, the goal could have been achieved.

However, what the Judiciary Report feared and wrote about in advance, hoping it would not happen, did via government overpaying for jobs. As a result of that government bureaucracy, poor planning and financial misappropriation of taxpayer stimulus finds, less jobs were created. You overpaid for the creation of each job, with money that could have created 3-5 positions (each time), had the project been carefully undertaken. Multiply that by each time it happened and billions were wasted.

U.S. Banks Still In Trouble

U.S. President Barack Obama

The U.S. banking sector is still in financial calamity. Banks are defaulting on TARP loan repayments and cutting down on the services provided to the American people, such as free checking, as the each of the accounts costs them $200-$300 per year to maintain.

Overdraft services are also being reduced, as the government passed legislation requiring banks to inform the American people, before such fees are tacked on to their accounts.

Too many unsound business practices occurred in the U.S. banking sector and brought the nation to this place. Bankers, brokers and mortgage companies got greedy in said sector and gouged the American people to terrible extremes.

The attitude was the American people would just have to pay for it somehow. You can't make blood out of stone. If people do not have enough money to meet your demand, they simply can't afford it.

In light of the unprecedented U.S. financial crisis of 2008 that is still raging, the world has to rethink how it does business, especially the U.S. government. The Judiciary Report is not calling for a new world order, as that is very dangerous.

The site is simply suggesting the following:

No country should be allowed to anchor the world's economy, as if it falls, it will take the whole world down with it.

Each nation must act in a financially independent and responsible manner. It will create healthy competition worldwide and address the best interests of each respective nation. It will also elevate the world.

Each country must have greater checks and balances in the financial sector, especially those that do large scale business with entities in other nations, investing in them.

Each nation must have greater financial transparency. That should be self-explanatory.

No country should be allowed to borrow money beyond its means of repayment