“Soft despotism is a term coined by Alexis de Tocqueville describing the state into which a country overrun by "a network of small complicated rules" might degrade. Soft despotism is different from despotism (also called 'hard despotism') in the sense that it is not obvious to the people."

Saturday, November 21, 2009

Three Million More Foreclosed Homes to Come to Market

As President, Obama is a failure. To judge for yourself, compare his jobs speech of one year ago in Ohio, with what he is doing and not doing today.

Obama can't help himself. Trying to get his international ego boost, he jets and bows his way across the planet. His travels have not saved one job, one business or one more home from foreclosure.

Thirteen states reported unemployment rates above the national average of 10.2%, according to a government report released on Friday. Michigan is at 15%. California is at 12.5%.

Overall, jobless rates increased in 29 states and the District of Columbia during October, while they fell in 13 states.

Obama announced he will hold a jobs summit on Dec. 3. Obama will meet with financial experts and business leaders to discuss strategies to deal with the nation's labor problem. The man has never held a real job, so as POTUS, he has to have someone explain to him how it is done.


Even the good die young? High-quality mortgages approaching foreclosure
Posted Nov 20th 2009 2:30PM by Tom Johansmeyer

The loans that got us into this mess were generally the first to fall. Variable rate mortgages written without documentation for people with sketchy credit histories shocked nobody as their slide became an avalanche. But, the good stuff is starting to follow. An increasing amount of fixed rate mortgages offered to borrowers with solid credit histories are feeling their ways to foreclosure. Blame unemployment for this one. When people can't work, it gets pretty hard to pay the mortgage.

Fixed rate, high quality mortgages had a foreclosure a year ago. Last quarter, it jumped to 33%, according to a Mortgage Bankers Association report. As this happened, the amount of homeowners behind on their payments or in foreclosure just set another record high ... for the ninth month in a row. Subprime mortgages are headed in the other direction. Low quality adjustable rate mortgages are now 16% of new foreclosures -- compared to 35% last year. And, more than 18% of Federal Housing Administration loans are anywhere from one payment behind to in foreclosure, with California, Nevada, Arizona and Florida worst off: together, they accounted for 44% of new foreclosures.

The fact that the job market is now to blame for the foreclosure rate does mark a turn in the financial crisis. Until this point, the loans themselves were blamed, especially those involving insane amounts of risk with little verification and (sometimes temporarily) low interest rates. Lending practices have tightened, but the looseness unleashed a contagion on global financial markets which has found its way to the labor market and has revisited housing, though in a different form.

Some are hopeful, but the situation could worsen. Jay Brinkman, chief economist with the Mortgage Bankers Association, notes to The Associated Press that if only a quarter of the 4 million homeowners either three months behind on their payments or in foreclosure are able to stay their homes, "there's a lot of potential inventory coming into the market next year." The foreclosures and subsequent inventory increases would drive prices down, pushing some borrowers into negative equity situations and threatening even more loans.

So, it looks like we're in a footrace. If the job market can recover faster than the foreclosure rate can worsen, it will stabilize the housing market and probably kick us into a virtuous cycle of job growth and home value increases. But, if foreclosures move more swiftly than jobs, the spiral could accelerate.


  1. The President is hiring as many people as the Government can.

    He can do no more than that.
    The President is neither a King that can issue decrees, nor a God that can change reality with a sweep of his hand.

    He can command the Army and the Navy. And even that, only to a limited degree.

    Funny, John Locke thought that Catholics were beyond inclusion in a civil society.

    Then the Catholics in the US Army killed their fellow soldiers, in the Mexican Campaign, over religious issues and discriminations by the other Christian sects in the US Army.

    The Roman Catholics could NEVER be integrated, never really be part of America, never really be "Real Americans".

    As Mr Franklin says:
    Mr Locke PROVED IT!

    Mr. Locke has asserted and proved, beyond the possibility of contradiction on any solid ground, that such toleration ought to be extended to all whose doctrines are not subversive of society. The only sects which he thinks ought to be, and which by all wise laws are excluded from such toleration, are those who teach doctrines subversive of the civil government under which they live. The Roman Catholics or Papists are excluded by reason of such doctrines as these, that princes excommunicated may be deposed, and those that they call heretics may be destroyed without mercy; besides their recognizing the Pope in so absolute a manner, in subversion of government, by introducing, as far as possible into the states under whose protection they enjoy life, liberty, and property, that solecism in politics, imperium in imperio, leading directly to the worst anarchy and confusion, civil discord, war, and bloodshed..

    Now, 200 years later, it is Muslims that fill the Catholic role.

    Learn it, Live it, Love it.

  2. While EB patrons will argue that Mr Locke's proofs that Catholics are unable to integrate into American society to be false.

    The Mr Franklin was mistaken to say that the Catholics inability to assimilate into US society were not proved, beyond the possibility of contradiction

    That now Catholics have "changed".
    "Grown" or become "Less Catholic".

    Why a Catholic was even elected President.

    The whirled did not end, when we did.

  3. Sharia, Rat, they want to impose Sharia, it's their basic doctrine. It can't be changed, it comes from allah, it's the absolute opposite of all you and I might think is true. Where we don't bug one another, but let each go his own way, as he sees fit, just minding the basic civil laws. They are a big danger, to us both.

  4. So far this week, we have heard from the UN that people are the problem therefore free condoms and population control can minimize the impact of global warming.

    Today, we hear from the UN that:
    ‘Climate change pushes poor women to prostitution, dangerous work’

    The effects of climate change have driven women in communities in coastal areas in poor countries like the Philippines into dangerous work, and sometimes even the flesh trade, a United Nations official said.

    Suneeta Mukherjee, country representative of the United Nations Food Population Fund (UNFPA), said women in the Philippines are the most vulnerable to the effects of climate change in the country.

    “Climate change could reduce income from farming and fishing, possibly driving some women into sex work and thereby increase HIV infection," Mukherjee said during the Wednesday launch of the UNFPA annual State of World Population Report in Pasay City.

  5. could we get some money together and have william shatner read the posts of Obama's lewinsky

  6. Mr Locke proved, to the Founders certainty, that Catholics could NEVER be assimilated into the social fabric of the United States.

    PROVED to Mr Franklin's satisfaction that they would always be subversives. Always putting their loyalty to the Pope in Rome, first.

    As the Zionist is always loyal to Isreal, first.

    Abrahamics putting religion before country, proven to anyone's satisfaction, beyond contradiction.
    At least according to Mr Franklin and Mr Locke. Allowing that Catholics were not "normal" Christians, nor even "Real Americans".

    My, how times and circumstance change.

    And will, again.

    Look to all the good work the UN has done in the Middle East, whit.
    They merely want to replicate that, everywhere.

    The US funds 'em, so we must agree.

  7. "Today, we hear from the UN that:
    ‘Climate change pushes poor women to prostitution, dangerous work’"

    The only thing more dangerous to these women are the UN troops they send in to protect them.

  8. I remember, Allen, when you and I had a discussion about beauty, of the femanine persausion. And I recalled a Sioux woman, there in Fargo, North Dakota, that I had seen once. The best looking woman I have ever seen in my life. And you brought up a lady you had seen in some store, somewhere. The best woman you had ever seen in your life.

    The fellow that saw the lady with me, back there in Fargo, another farmer, has now died, crushed under his four by four, which he was working on.

    I worked for him, once or twice.

    A stern old farmer, he is gone now.

  9. Bob: I recalled a Sioux woman, there in Fargo, North Dakota, that I had seen once. The best looking woman I have ever seen in my life.

    There's a shelf life on that stuff, Bobal. Best to grow old with somebody.

  10. This comment has been removed by the author.

  11. The UN is a corrupt den of thieves, liars, cowards and reprobates.

  12. Nay, My Lady, there is no shelf live on true beauty.

    You know not of which you speak.

  13. Though growing old with somebody isn't half bad.

  14. ""You can't beat girls on roller skates in fishnet stockings trying to knock each other down," said player Leah Giordano, 30, a Grosse Pointe Park librarian whose nickname is Muffy Mafioso."

    Roller Derby is Back

    Roller Derby is back. Now if we could only get the Powder Puff Derby and Midget Wrestling back all would be right with the world.


  15. This is why you can't trust any of the crooked cocksuckers. The Republicans, and Fox News continue to describe today's vote as the "crucial" cloture vote. It's Not.

    Today's vote is a vote to "begin" debate. The vote to "End" Debate is the "Cloture" vote. It, also, requires 60 Ayes.

  16. And, if I'm not mistaken, there is also a "procedural" vote that requires 60 votes, even after "Reconciliation."

  17. Really? Roller derby is back? It's BEEN back.

    Quirk, it's me. It's me.

  18. I love the qualifications listed for the coaches T.

    The men and women of the Rat City Rollergirls coaching staff are an intergral part of our league. Their combined skating experience spans decades in all aspects of skating, from roller derby, to hockey, to street fighting."

    (Although it's a little unclear as to whether the street fighting was done on skates)


  19. Rat farts says:

    As the Zionist is always loyal to Isreal, first.

    1. there is no Isreal....

    2. your full of shit as usual

    case closed....

  20. The idea of being totatlly red white and blue past all other considerations is not one I buy into.

    There are other ideas in myself, which make me whatever I am, that I will be true to, past any idea of country.

    America is great, I truly love it, but I won't show it any respect, if it goes really bad.

    I will go my own way.

  21. Bobal, I love my country, I don't love my government. Liberalism reverses this.

  22. Rat, knock this misspelling of Israel off.

    It's disgusting, and, you are blowing your own brains out with your own argument, which don't amount to a pile of shit anyway.

    Grow up, can you not?

  23. Obama is trying hard. He's making experiences, gaining more conditions to make a better job. I believe that foreclosure crisis will fall

  24. As such a huge percentage of foreclosed homes is due to recession!!! I can't believe such a huge % never happened in the history of US. Think what's condition of Banks.

  25. Hi my friend! I wish to say that this post is amazing, great written and include almost all important infos.
    I'd like to look more posts like this .

    Stop by my web blog; kitchen cabinet

  26. Pretty section of content. I just stumbled upon your weblog
    and in accession capital to assert that I acquire actually enjoyed account your
    blog posts. Any way I will be subscribing to your feeds and even I achievement you access
    consistently fast.

    Feel free to surf to my page milf xxx

  27. Vous voyez ces robinets automatiques à robinetterie des toilettes accessibles pour quelques raisons. Habituellement, il est absolument ennuyeux pour les mitigeur douche accepter, parce que souvent, ils n'acceptent pas une pression de baptiser acceptable, le baptiser n'est pas d'une température réelle et il s'arrête généralement foisonnant mentionnés ci robinetterie cuisine vous avez terminé l'abrasion vos mains.