Well, what did you morons think? You though propping up the housing market, the auto market, the insurance industry, the financial markets, mortgage borrowers, etc. with short-term, enormously expensive gimicks would lead to an actual RECOVERY that would last even after the gimicks expired? It is so dam obvious that this strategy would fail, it makes me sick how stupid, short-sighted and uncourageous people and politicians are.
Can we please replace Obama in 2012 with someone who has political balls? Please?
eyes: Did you ever think about what our economy would have been like without the stimulus? The economic stimulus did save jobs and has created jobs. This is indisputable. The economic stimulus was started under the leadership of GWB in case you forgot. One big mistake was not increasing income taxes on the top 2 percent of the wealthy to bring down the deficit. GWB and the Republican's fiscal policies were disasterous. For the first time in history, our country went to war in two different countries and lowered the income tax rates while doing so and then borrowed billions to finance the wars. Now we are paying the price.
The sad thing is their are alot more joes out there than one would think, making homes affordable program coul have been a good thing with the right guidelines in place greed and politics took care of that and made a good thing go bad. And housing now look at it it litterally is a ruderless mess talk about say maybe 3 to 6 mil, jobs and pretty good paying jobs mothballed maybe for alot longer than anyone thought foreclosures, shadow inventory, strategic foreclosures (walkaways) banks still in reality in bad shape historically speaking no matter what you might think housing is still spirralling down albeit slower my home value lost another 3.5% feels like I will be under water for ever or at least till 2035 then theres the wealthy food and energy spikes dont hurt them but they sure hurt avg joe why housing was really never addressed ill never know I want my piggy bank back what is it like 36 states in the hole and pretty deep to in my oppinion tak eaway all the stimulous money away or most of it and the shell your left with is dow maybe 9000 corporate #s they would be better but not by much gov low interest loans helped plus cheap labor overseas our old jobs anyway gov stimulous saved the day or taxpayers period I dont think anyone would have enjoyed the alternative that would have been ugly the disconnect between the rich and poor is sooooo obvious its sickening and one last thing a person on unemployment who wont take a lesser tax contributing job is understandable but with the US deficit at what 13 trillion with a T and MOST states severly under water thats what ails us doing things right for me vurses you doing things right for us cut peoples jobs verses raising taxes we really are in one hell of a delema so the market going up as far as it is ya I would say 40% to 60% scammed sorry about the grammer tired and dont care.
Where's the "recovery"?
Employment? No, we are at 9%. Down from 10% because some people have stopped looking.
Housing? Even you admit that's bottoming again.
Corporate profits and stock market? I don't think that artificially pumping corporate profits propped up by disasterous, enormous, unsustainable government deficit spending is evidence of an honest recovery. It is fake; smoke and mirrors; yes, a junkie on a high.
You want a recovery? Eliminate government deficits, reduce and simplify taxes, repeal Obamacare (or else give everyone the exemption that has shockingly been freely given to employers in San Francisco, the entire state of Nevada, and friends of the administration), eliminate the multitudes of useless federal agencies, and create certainty in the business world.
Until the United States is seen as an attractive place to do business with a supportive government, rather than a government that attacks industry as evil, we will never have an honest recovery. We will be left constantly more and more reliant on the needle.
Listen I am not saying it is all the home owners fault here. Housing is a huge problem still. With that said though, people need to take into account things like lost wages and total expenditures when purchasing a home. If the bank says no and the govt says yes do it, you should already be weary that you can't afford this house.
People we not realistic with their purchases. Just because someone GIVES you the money doesn't mean you can afford it. You need to crunch your own numbers ESPECIALLY in a worst case scenario.
I for example took out a 7/1 ARM on my home. Well just my luck it started to adjst right during this recession like everyone else. But it actually wound up being a blessing. My rate adusted DOWN to 3.15% for the next year saving me well over $200 a month. So I am just letting it float at this point. No reason to refinance when the gov't keeping rates this low allows home owners HUGE savings.
I know there are people that lost their incomes and may have been conservative and still went into foreclosure. Thats rare however. People should be able to float their homes for a year on savings before getting into trouble (basic rainy day funds). THat is more then enough time to find a new job, or go work a few hourly jobs to get income in.
Either way the economy is certainly recovering from 2008 other then housing prices which are double bottoming. The job market and corporate earnings are way up from then.
Home ownership is such a scam. Add up how much you pay for property taxes, utilities, maintenance (mowing, trimmin' bushes, snow shoveling admittedly your time isn't worth much), Upkeep (replacing things that break, windows, siding, paint) to keep it worth market value.
Then compare that with an apartment in your local area that somebody else worries about those items. The only real difference is you can paint the walls (interior) in your own house without asking somebody most of the time, that's even a wash if you have a spouse.
Other than being monstrously more expensive, you have a mortgage, lost job mobility, and are at the mercy of property owners around you to maintain your decreasing property value as much as possible till you can find a buyer to get out of your bad neighborhood!
Don't blame the house buyer for all of this. Our government was the real problem.
"Joe Blow & family" wanted to buy a house, but couldn't really afford one.
"Our" government stepped in and told the banks that they should loan the money to Joe & Family. The banks told "Our" government that "Joe" didn't have the income to afford a house. "Our" government told the banks that they'd cover "Joe" thru Fannie May & Freddie Max and it isn't fair that "Joe & family" can't have a home like the rest of his peers.
Joe & Family get the house
You know what,,,Joe can't make the payments because he lost his $35.00/hour job. A year later, "Joe & Family" are out on the street.
I'm not saying the banks are innocent on this,, It was the banks, "our government" & Joe.
I also got a job after being unemployed for over a year. Things are recovering. That 10% that can't get jobs are unemployable or still making more money on unemployment than they would working.
Companies are hiring like mad, its the media that tells you they aren't. Citi for example is hiring 500 people. Housing is the major problem but if folks bit off more then they could chew then thats their problem.
Don't buy a 500k house if you only make 40k a year. Simple as that. I know a lot of people that were crushed in 2008 and its 2011 and they are back on their feet, working, some making way more then they were. You have to help yourself not cry about it and wait for CNBC to tell you it is all ok.