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  1. #796
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    Re: The $825B Economic Stimulus Package

    Geee.... imagine that. People whom should have never been given loans to begin with don't even stick with the "loan modifications" The Won arranged on their behalf. Whodathunkit....



    Borrowers exit troubled Obama mortgage program

    WASHINGTON — The Obama administration's flagship effort to help people in danger of losing their homes is falling flat.

    More than a third of the 1.24 million borrowers who have enrolled in the $75 billion mortgage modification program have dropped out. That exceeds the number of people who have managed to have their loan payments reduced to help them keep their homes.

    Last month alone,155,000 borrowers left the program — bringing the total to 436,000 who have dropped out since it began in March 2009.

    About 340,000 homeowners have received permanent loan modifications and are making payments on time.

    Administration officials say the housing market is significantly better than when President Barack Obama entered office. They say those who were rejected from the program will get help in other ways.

    But analysts expect the majority will still wind up in foreclosure and that could slow the broader economic recovery.

    A major reason so many have fallen out of the program is the Obama administration initially pressured banks to sign up borrowers without insisting first on proof of their income. When banks later moved to collect the information, many troubled homeowners were disqualified or dropped out.

    Many borrowers complained that the banks lost their documents. The industry said borrowers weren't sending back the necessary paperwork.

    Carlos Woods, a 48-year-old power plant worker in Queens, N.Y., made nine payments during a trial phase but was kicked out of the program after Bank of America said he missed a $1,600 payment afterward. His lawyer said they can prove he made the payment.

    Such mistakes happen "more frequently than not, unfortunately," said his lawyer, Sumani Lanka. "I think a lot of it is incompetence."

    A spokesman for Bank of America declined to comment on Woods's case.

    Treasury officials now require banks to collect two recent pay stubs at the start of the process. Borrowers have to give the Internal Revenue Service permission to provide their most recent tax returns to lenders.

    Requiring homeowners to provide documentation of income has turned people away from enrolling in the program. Around 30,000 homeowners started the program in May. That's a sharp turnaround from last summer when more than 100,000 borrowers signed up each month.

    As more people leave the program, a new wave of foreclosures could occur. If that happens, it could weaken the housing market and hold back the broader economic recovery.

    Even after their loans are modified, many borrowers are simply stuck with too much debt — from car loans to home equity loans to credit cards.

    "The majority of these modifications aren't going to be successful," said Wayne Yamano, vice president of John Burns Real Estate Consulting, a research firm in Irvine, Calif. "Even after the permanent modification, you're still looking at a very high debt burden."

    So far nearly 6,400 borrowers have dropped out after the loan modification was made permanent. Most of those borrowers likely defaulted on their modified loans, but a handful either refinanced or sold their homes.

    Credit ratings agency Fitch Ratings projects that about two-thirds of borrowers with permanent modifications under the Obama plan will default again within a year after getting their loans modified.

    Obama administration officials contend that borrowers are still getting help — even if they fail to qualify. The administration published statistics showing that nearly half of borrowers who fell out of the program as of April received an alternative loan modification from their lender. About 7 percent fell into foreclosure.

    Another option is a short sale — one in which banks agree to let borrowers sell their homes for less than they owe on their mortgage.

    A short sale results in a less severe hit to a borrower's credit score, and is better for communities because homes are less likely to be vandalized or fall into disrepair. To encourage more of those sales, the Obama administration is giving $3,000 for moving expenses to homeowners who complete such a sale or agree to turn over the deed of the property to the lender.

    Administration officials said their work on several fronts has helped stabilize the housing market. Besides the foreclosure-prevention plan, they cited government efforts to provide money for home loans, push down mortgage rates and provide a federal tax credit for buyers.

    "There's no question that today's housing market is in significantly better shape than anyone predicted 18 months ago," said Shaun Donovan, President Barack Obama's housing secretary.

    The mortgage modification plan was announced with great fanfare a month after Obama took office.

    It is designed to lower borrowers' monthly payments — reducing their mortgage rates to as low as 2 percent for five years and extending loan terms to as long as 40 years. Borrowers who complete the program are saving a median of $514 a month. Mortgage companies get taxpayer incentives to reduce borrowers' monthly payments.

    Consumer advocates had high hopes for Obama's program when it began. But they have since grown disenchanted.

    "The foreclosure-prevention program has had minimal impact," said John Taylor, chief executive of the National Community Reinvestment Coalition, a consumer group. "It's sad that they didn't put the same amount of resources into helping families avoid foreclosure as they did helping banks."
    $75 Billion down the drain from one of President Post Turtle's brain farts...

    "The most dangerous myth is the demagoguery that business can be made to pay a larger share, thus relieving the individual. Politicians preaching this are either deliberately dishonest, or economically illiterate, and either one should scare us...
    Only people pay taxes, and people pay as consumers every tax that is assessed against a business."


    -The Gipper


  2. #797
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    Re: The $825B Economic Stimulus Package

    Nice.

  3. #798
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    26,280

    Re: The $825B Economic Stimulus Package

    Savin' and creatin'....

    Private Sector Losses vs. Public Sector Gains

    It's been a while since I reported on private-sector and public-sector job growth since the passage of the stimulus bill. Here is a chart, based on data from the Bureau of Labor Statistics, that speaks for itself.



    Since the beginning of the recession (roughly January 2008), some 7.9 million jobs were lost in the private sector while 590,000 jobs were gained in the public one. And since the passage of the stimulus bill (February 2009), over 2.6 million private jobs were lost, but the government workforce grew by 400,000.

    I will leave it up to you to draw conclusions.
    "The most dangerous myth is the demagoguery that business can be made to pay a larger share, thus relieving the individual. Politicians preaching this are either deliberately dishonest, or economically illiterate, and either one should scare us...
    Only people pay taxes, and people pay as consumers every tax that is assessed against a business."


    -The Gipper


  4. #799
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    26,280

    Re: The $825B Economic Stimulus Package

    Reality is a biyatch...

    29% Say Stimulus Plan Helped the Economy, 43% Say It Hurt

    Just 25% of voters nationwide believe the economic stimulus package created jobs and voters are counting on decisions made by business owners more than government officials to create the jobs needed by the nation.

    Those results come from a Rasmussen Reports national telephone survey conducted the night before release of the government report on job creation in June. That report showed the unemployment rate falling to 9.5% but also showed that just 83,000 private sector jobs were created.

    The new survey found that just 29% believe last year’s economic stimulus plan has helped the economy while 43% believe it hurt. Not surprisingly, there is little appetite for another round. By a 69% to 15% margin, voters believe tax cuts is a better way to create jobs rather than more government spending.

    Ultimately, though, voters are looking to the private sector to create jobs. Sixty-five percent (65%) say that decisions made business owners seeking to grow their business will do more to create jobs than decisions made by government officials. Just 23% expect the government officials to have a bigger impact.

    (Want a free daily e-mail update? If it's in the news, it's in our polls). Rasmussen Reports updates are also available on Twitter or Facebook.

    The survey of 1,000 Likely Voters was conducted on July 1, 2010 by Rasmussen Reports. The margin of sampling error is +/- 3 percentage points with a 95% level of confidence. Field work for all Rasmussen Reports surveys is conducted by Pulse Opinion Research, LLC. See methodology.

    While many in Washington, DC believe that federal spending and deficits should be increased to help the economy, most Americans disagree. In fact, most believe that cutting government spending and cutting deficits is good for the economy. The gap between policy makers and the American people is a key theme in Rasmussen’s new book, In Search of Self-Governance (available at Amazon.com).

    Other recent polling has found that 82% of Adults nationwide believe it’s important to cut the federal deficit in half by 2013. However, just 23% believe that’s even somewhat likely to happen. Americans clearly prefer that the deficit cutting be accomplished primarily by cutting spending. But Americans believe that Congress is more likely to raise taxes than cut spending.

    Only 18% of Americans are willing to pay higher taxes to lower the federal budget deficit. The U.S. government deficit is projected to hit $1.6 trillion next year, reportedly the largest in the world. A majority of federal spending is consumed in just three areas—Social Security, National Defense, and Medicare. However, just 35% of voters understand this fundamental budget reality.

    “These figures highlight a massive failure of leadership from both Republicans and Democrats among the nation’s political elite,” says Scott Rasmussen, president of Rasmussen Reports. “Given the amount of political chatter about the budget in recent years, it is almost beyond comprehension that neither party has seen fit to highlight the basics so that the American people can make reasoned choices on the fundamental issues before them.”

    The Rasmussen Employment Index shows that 18% of workers report their employers are hiring. Twenty-one percent (21%) report layoffs.

    Consumer and investor confidence is down slightly from the beginning of 2010.

    Please sign up for the Rasmussen Reports daily e-mail update (it’s free) or follow us on Twitter or Facebook. Let us keep you up to date with the latest public opinion news.
    "The most dangerous myth is the demagoguery that business can be made to pay a larger share, thus relieving the individual. Politicians preaching this are either deliberately dishonest, or economically illiterate, and either one should scare us...
    Only people pay taxes, and people pay as consumers every tax that is assessed against a business."


    -The Gipper


  5. #800
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    Re: The $825B Economic Stimulus Package

    Hopenchange...

    GAO: Obama administration website on stimulus spending fails on transparency

    The website used to track stimulus spending does not meet the transparency requirements laid out by the administration last year, according to a report from the Government Accountability Office (GAO).

    According to the 400-page report, only a quarter of the projects listed on Recovery.gov provide clear and complete information on the cost, schedule, purpose, location and status of stimulus-funded work. Most of the entries on the site provide some of that information, but 7 percent of the entries provide little to no information about how stimulus dollars are being spent, the report said. The study was conducted at the request of Senate Minority Leader Mitch McConnell (R-Ky.).

    The report notes that agencies that received guidance from the Office of Management and Budget (OMB) on what information to include in the stimulus reports tended to have more complete data on the website. The report cited a transit award used to purchase hybrid buses as an example of clear, transparent reporting, in contrast to a highway award for "chip sealing" that failed to explain what the practice is or why it is being used.

    "It's clear this was a very large undertaking," Kate Siggerud, co-author of the report and managing director of physical infrastructure issues at GAO, told Nextgov. "OMB provided good guidance and relied on individual agencies to do more to tell their recipients to provide useful information to Recovery.gov."

    While the majority of the $275 billion in stimulus dollars set aside for grants, contracts and loans has already been awarded, GAO still recommended that OMB provide better guidance to agencies on what information they should report on spending projects. The management of Recovery.gov is being closely watched because the site has long been viewed as a test case for USASpending.gov, the site that tracks all federal spending.
    In related news.. $750,000 for 1.5 "jobs"... apparently taping mice to dancers a$$es..

    Dancing stimulus project has critics

    CHARLOTTE, N.C. -- A conservative think tank has targeted a research project at UNC-Charlotte, naming it one of the worst stimulus projects in North Carolina, but is it really such a waste of money?

    The project is called “Dance Draw.”

    UNCC dance students wear wireless computer mice on their chests and wrists to “draw” abstract geometric shapes on a computer screen.

    Dance Draw won more than $750,000 in federal stimulus money.

    Brian Balfour with the conservative Civitas Institute called it questionable.

    “I think it’s an inappropriate use of taxpayer dollars,” he told NewsChannel 36.

    “I have to say I resent that,” said UNCC Computer Scientist Celine Latulipe. “I don’t think of this as wasteful at all.”

    Dance Draw drew fire because of the number of jobs it reportedly created, one and a half.

    “That same amount of money could have funded sixteen school teacher jobs,” said Balfour.

    But, Latulipe says they are funding education and more than one and a half jobs.

    “We’re funding students, we’re funding artists, and we’re funding technologists,” she said. “We’re doing research that’s going to lead to new technologies and software.”

    The money is spread over three years and Latulipe points out the university takes 44% overhead.

    Dance Draw won funding not as dance, not an arts grant, but as computer science research through the National Science Foundation.

    “We are learning things every time we do one of these performances and that is feeding back into software development,” said Latulipe.

    It's easy to mock a government grant for dance students to put computer mice in their sports bras.

    “[It’s] good for campus, good for students, good for the Charlotte community,” emphasizes Latulipe.

    It's also worth noting that philosophically the Civitas Institute doesn't believe in government funding for any science.

    “If that is the future of technology, if that's where we're headed, then I think that private investors would line up behind that rather than basically using government force to extract taxpayer dollars to subsidize such projects,” said Balfour.

    The playwright Oscar Wilde wrote, “A cynic knows the price of everything and the value of nothing.”

    It’s easy to calculate the price of dance draw, much harder to figure its value.
    "The most dangerous myth is the demagoguery that business can be made to pay a larger share, thus relieving the individual. Politicians preaching this are either deliberately dishonest, or economically illiterate, and either one should scare us...
    Only people pay taxes, and people pay as consumers every tax that is assessed against a business."


    -The Gipper


  6. #801
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    26,280

    Re: The $825B Economic Stimulus Package

    White House Jobs Chart Proves Stimulus Worked As Planned


    And everything keeps getting better and better.

    UPDATE:
    Since this chart has already been linked to a number of websites, I received requests for a larger printable image of it. So I made a vector-graphic PDF file of it that can be stretched to any size.
    "The most dangerous myth is the demagoguery that business can be made to pay a larger share, thus relieving the individual. Politicians preaching this are either deliberately dishonest, or economically illiterate, and either one should scare us...
    Only people pay taxes, and people pay as consumers every tax that is assessed against a business."


    -The Gipper


  7. #802
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    Re: The $825B Economic Stimulus Package

    This is really a classic - has them all with their pants down around the ankles.

  8. #803
    Joined
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    6,397

    Re: The $825B Economic Stimulus Package

    Bailout money went to overseas banks!
    http://www.usatoday.com/money/indust...out-cash_N.htm
    Goldman Sachs sent $4.3 billion in federal tax money to 32 entities, including many overseas banks, hedge funds and pensions, according to information made public Friday night.
    Brian

  9. #804
    Joined
    Nov 2004
    Posts
    5,171

    Re: The $825B Economic Stimulus Package

    yeah, that's been out for a while. they don't even have to tell us who the money went to. and the won't.
    Max Plank: "A new scientific truth does not
    triumph by convincing its opponents and making them
    see the light,
    but rather because its opponents eventually die"
    Arthur Shopenhauer: "Every truth passes through three stages before it is recognized.
    First, it is ridiculed. Second, it is opposed. Third, it is regarded as self evident."
    Martin Niemöller:
    "When the Nazis came for the communists,
    I remained silent;I was not a communist.
    When they locked up the social democrats,I remained silent;
    I was not a social democrat.When they came for the trade unionists,I did not speak out;
    I was not a trade unionist.When they came for the Jews,
    I remained silent;I wasn't a Jew.When they came for me,
    there was no one left to speak out."

  10. #805
    Joined
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    26,280

    Re: The $825B Economic Stimulus Package

    Really... really... good read for those still under the impression the "stimulus worked". Examines 92 attempts at stimulus since 1970 in OECD countries and found that tax cuts, not spending, stimulated.

    Large changes in fiscal policy: taxes versus
    spending.
    Alberto Alesina and Silvia Ardagna
    August 2009
    Revised: October 2009


    BTW this is real peer-reviewed economic science as opposed to the made up bullsh*t like "saved or created" being pushed to support the POS "stimulus" as a success.
    "The most dangerous myth is the demagoguery that business can be made to pay a larger share, thus relieving the individual. Politicians preaching this are either deliberately dishonest, or economically illiterate, and either one should scare us...
    Only people pay taxes, and people pay as consumers every tax that is assessed against a business."


    -The Gipper


  11. #806
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    A Little South of Sanity
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    Re: The $825B Economic Stimulus Package

    Quote Originally Posted by AMDScooter View Post
    Really... really... good read for those still under the impression the "stimulus worked". Examines 92 attempts at stimulus since 1970 in OECD countries and found that tax cuts, not spending, stimulated.

    Large changes in fiscal policy: taxes versus
    spending.
    Alberto Alesina and Silvia Ardagna
    August 2009
    Revised: October 2009


    BTW this is real peer-reviewed economic science as opposed to the made up bullsh*t like "saved or created" being pushed to support the POS "stimulus" as a success.
    They found the same thing out in the 1930's during our own Great Depression.

  12. #807
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    Re: The $825B Economic Stimulus Package

    Quote Originally Posted by SteveW View Post
    They found the same thing out in the 1930's during our own Great Depression.
    Yupper... in related "stimulating" news..

    Obama's Own Economic Cheerleaders Rejoice: $391 Billion In Stimulus Produced $340 Billion In Economic Activity

    Which is a lower number than $391 billion, see. So... if Obama had actually dropped the money out of airplanes he would have gotten at least $391 billion out of it. He actually managed to lose $51 billion in the process.

    Obama's cheerleaders are claiming that they can calculate Obama "saved or created" 8.5 million jobs (yayyy...) and so on and so forth.

    But what they are doing is combining three effects: The TARP stabilization (which Bush did, not Obama), a loose monetary policy (which the Fed is doing, not Obama) and only lastly Obama's fiscal stimulus.

    But having combined all three elements, they report -- or suggest -- and the media claims that the Stimulus worked these great wonders itself.

    Which not even Obama's cheerleaders claim. They claim the exact effects from each cannot be ascertained, and yadda yadda.

    But Obama's Economic Javert, Geoff, at Innocent Bystanders, takes their claims and teases out numbers from what they present, numbers that Obama's cheerleaders didn't see fit to tell you about.

    And what he finds is that they're crowing about the fact that Obama took $391 billion of taxpayer money and spent it so damn well he got $340 billion in spending power out of it.

    Takes a genius to do that, huh? To lose almost 15% of the money you started with right off the jump?

    How's that "multiplier" working out for you guys, huh?

    Thanks to LauraW.

    Pontificating Jackasses: I remember Paul Krugman writing ten times "it is generally accepted that the multiplier for government spending is 1.4, that is, for every dollar you spend you produce $1.40 in economic activity..."

    And I kept wondering, "Um, who is that 'generally accepted' by?"

    And he would claim this multiplier was greater than the multiplier for tax cuts (although he never told me that figure -- I suspect it was close to 1.4).

    Anyway, so, the generally accepted multiplier is 1.4?

    Hey, Paul?

    How's 0.8 grabbin' ya?


    From the Comments:

    America is Back!
    Posted by: NEWSWEEK
    Link after the jump has a nice breakdown..

    Zandi Claims Stimulus Didn’t Do Squat

    I don’t think it’s what he meant to claim, but that’s the way it works out.

    You see, Alan Blinder (Princeton Univ.) and Mark Zandi (Moody’s Economy), recently released a report titled “How US Policy Ended the Great Recession.” While a few articles have criticized the report, by and large the media reporting has looked like Ezra Klein’s “Zandi: Financial rescue and stimulus responsible for saving or creating 8.5 million jobs” article. Lots of cheerleading and high fives over the success of the stimulus and the immense wisdom of the Obama administration.

    That’s a nice spin, but if you read the report, does it truly say that the “financial rescue and stimulus” were responsible for “saving or creating 8.5 million jobs?” Not really. The report actually places most of the credit on the changes in financial policy & TARP.

    And in fact, though the authors wax enthusiastically over the ARRA stimulus, the calculations in the report show that the stimulus package was hugely inefficient and wasteful. I backed out some numbers from the report – numbers that Blinder & Zandi didn’t see fit to present. I’m using their numbers to compare the situation as it is (“Stimulus+Policy”) with the prediction for financial reform+TARP but no stimulus (“Just Policy”) Take a look at what I found:



    That’s right. According to Blinder & Zandi, we’ve spent $391 billion in stimulus money in “now” dollars, to get a GDP increase of $340 billion (in 2005 dollars), so we lost $51 billion. Lost $51 billion. If you adjust for inflation, it only cost us about $10 billion, but the point is that rather than spending the money in a way that has a big economic multiplier, it’s been spent with a economic multiplier less than 1.

    They also tell us that their modeling predicts that the stimulus itself was responsible for 2.5 million jobs. If you simply take that at face value, and divide it into the $391 billion spent thus far, you find that each job cost us more than $150K. Yep – each job over that 18 month period cost us $100K/yr.

    Liberals like to set up a strawman, saying that critics claimed that no jobs would be created. That’s nonsense – you can’t dump the better part of a trillion dollars into the economy and not create jobs. The real claim was that the stimulus was too slow, too inefficient, and would have adverse consequences in the long-term.

    Here we are 18 months later, having spent $150K for every job created and seeing a negative impact on GDP. Not to mention amazingly high unemployment. I think we can be forgiven our criticisms.
    "The most dangerous myth is the demagoguery that business can be made to pay a larger share, thus relieving the individual. Politicians preaching this are either deliberately dishonest, or economically illiterate, and either one should scare us...
    Only people pay taxes, and people pay as consumers every tax that is assessed against a business."


    -The Gipper


  13. #808
    Joined
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    Kern River Valley, CA
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    21,605

    Re: The $825B Economic Stimulus Package

    TARP and a stimulus package that made the banks, insurance companies, big pharma, government workers and the unions get richer but the rest of us have yet to see the least little bit of improvement. In other words still no change and no hope of change for the average joe. Anybody that thinks the messiah and the democrats are out to help the middle and lower class isn’t looking at reality.

    What a frigging fraudulent banana republic regime.

    Just remember B.I.O.B that’s the dems only hope in November.
    Last edited by tucker; 08-05-2010 at 03:08 PM.

  14. #809
    Joined
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    12,925

    Re: The $825B Economic Stimulus Package

    Quote Originally Posted by tucker View Post
    TARP and a stimulus package that made the banks, insurance companies, big pharma, government workers and the unions get richer but the rest of us have yet to see the least little bit of improvement. In other words still no change and no hope of change for the average joe. Anybody that thinks the messiah and the democrats are out to help the middle and lower class isn’t looking at reality.

    What a frigging fraudulent banana republic regime.

    Just remember B.I.O.B that’s the dems only hope in November.
    It' not about improvements for you and I. We too get something out of the Great Stimulus plan - WE GET THE PHUKING BILL.

  15. #810
    Joined
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    California
    Posts
    26,280

    Re: The $825B Economic Stimulus Package

    Recovery bummer continues... unexpectedly of course..

    Jobless Claims in U.S. Unexpectedly Climb to Three-Month High

    "The most dangerous myth is the demagoguery that business can be made to pay a larger share, thus relieving the individual. Politicians preaching this are either deliberately dishonest, or economically illiterate, and either one should scare us...
    Only people pay taxes, and people pay as consumers every tax that is assessed against a business."


    -The Gipper


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