McSame "the economy has made great progress under George W. Bush".
VS
Reality: Home Foreclosures: Crisis Is Only Getting Deeper
CNBC is reporting
"It’s another record in the real estate market, and it’s not a good one. RealtyTrac, the online foreclosure sale site, which has also been tracking foreclosure activity since the beginning of 2005, reports the single largest one-month volume of foreclosure activity it’s ever seen."
The Federal Reserve can not keep up with the deluge of foreclosure and we are headed for a crisis. We should all be happy at this point with inflation because it inflation is the only thing holding this house of cards together. I say this because if we do not inflate we will deflate and then you are looking at a deflationary depression. The event I mention is the economic event of the late 1920’s.
Get this
"Bond fund leader Pimco's Mohamed El-Erian on Wednesday said the Federal Reserve does not have the tools to deal with the U.S. housing crisis and rapidly rising consumer prices, leaving it to lawmakers to avert a severe recession".
Great, the US congress and George Bush our only one’s that can save us! I guess a deflationary depression it is.
The scary thing is the numbers we are seeing are not reflective of the true severity of the situation because
"In Ohio, for example, I’m being told that it can take two to six months to get your filings in the system.
"In states like Michigan, we’re hearing from some of the trustees who actually do the foreclosures that the lenders have asked them to slow down because they don’t want to process any more into a market that won’t absorb the properties back through sales,"
says Rick Sharga of RealtyTrac.
In Florida, a St. Lucie County court actually added a night shift to handle the massive backlog of foreclosure filings. The clerk of the courts was quoted as saying the caseload has become, just horrendous."
The court used to handle about forty filings per month.
In January they were tracking 715 foreclosure filings. Some are reporting lower numbers because the numbers simply can’t get into the system."
Time will tell and but until the final outcome is known we will have pray Bush will do something about it or just do the McSame.