As bad as all that sounds, it ignores the dire situation we are facing in a very familiar setting; the housing market. Contrary to popular wisdom, the ‘toxic assets’ have not been cleaned out. It is very likely we are heading for a second mortgage meltdown.
Joe Biden's archives
A Second Mortgage Meltdown?
under: Deficits, Dollar, Federal Reserve, Obama Says, Trust
Tags: Alt-A mortgages, Amherst Securities Group, Anthony Randazzo, Barack Obama, Ben Bernanke, California, Congressional Budget Office, debt, Deficits, deliquency, DoctorHousingBubble.com, Federal Reserve, financial crisis, First Time Homebuyer Credit, foreclosure, housing bubble, housing market, inflation, Joe Biden, Lawrence Summers, Lending Processor Services, mortgage meltdown, mortgages, option ARMs, Reason Magazine, recession, REO, shadow inventory, subprime mortgages, toxic assets, unemployment, unfunded liabilities, USA Today
Almost Half of U.S. Households Will Pay No Federal Income Tax in ’09
According to estimates by the nonpartisan Tax Policy Center, 47% of U.S. households are projected to owe zero federal income tax in 2009. (1) Is this good, bad, or inconsequential?
Swift Wits: Should We Sell Alaska to Pay Off Debt?
David Walker, the former comptroller general of the GAO, has said the United States is on pace for bankruptcy. Fiscally speaking, things look really bad. So what should we do? Well, real estate developer Aaron Bistons has an idea and a petition to back it up. Sell Alaska!
under: Complete Whimsy, Deficits, Individual v. Collective, Obama Says, Taxes
Tags: Aaron Biston, Alaska, auto industry, Barack Obama, cash for clunkers, Congressional Budget Office, David Walker, debt, debt clock, Deficits, General Motors, George Bush, Great Depression, Harry Reid, Joe Biden, Nancy Pelosi, Sarah Palin, Steny Hoyer, SwiftEconomics, Taxes, unfunded liabilities, unintended consequences, USA Today
Biden Admits “We Misread Economy.” Better Do More of the Same…
Typical government response; program X hasn’t worked, it’s obviously because we didn’t spend enough:
Health Care Economics Unspun: Start In the Commonwealth of Massachusetts
As the United States looks to revamp the health care system, some say it is a complete failure, while others contend, while flawed, it is the best system in the world.
under: Deficits, Dollar, Federal Reserve, Individual v. Collective, Live and Learn, Obama Says, Taxes, Treasury, Trust
Tags: asymmetric information, Commonwealth Connector, government-provided health insurance, health care, health economics, health insurance, Joe Biden, Massachusetts health plan, medical care, medicine, Mitt Romney
A Status Quo You Can Believe In
…from what I have gathered, our current president believes we need to change a few things. Well, I agree with him. I thought President Bush was a disaster. Unfortunately, though, other than the ridiculous hero worship and cult of personality that Obama’s got going, it really doesn’t seem like much of anything is changing.
under: Deficits, Energy, Live and Learn, Obama Says, Taxes, Treasury, Trust
Tags: Afghanistan War, bailout, Barack Obama, Bill Clinton, Change, Climate Change, cult of personality, deficit, deregulation, dreams, financial crisis, George Bush, Gramm-Leach-Bliley Act, Guantanamo Bay, Hillary Clinton, hope, Iraq War, Jewel vs. NSA, Joe Biden, John McCain, Medicare Part D, Michael Moynihan, Patriot Act, rendition, status quo, stimulus package, surge, TARP, Tim Geithner, wiretapping
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