The State of the Economy


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Message 932263 - Posted: 10 Sep 2009, 14:55:22 UTC - in response to Message 932255.
Last modified: 10 Sep 2009, 14:58:31 UTC

I'm still worried about the approximately 1 million homes that are about to be foreclosed upon. This really doesnt bode well for an economy or the people that are supposed to be working at recovering the economy


This letter was written almost a month ago and I doubt the administration has done anything.

Congresswoman Doris Matsui Urges Administration to Provide Urgent Relief for Homeowners
Submitted by OBSNews.com on Thu, 08/20/2009 - 13:28 Politics

17 Democratic Members of Congress Send Letter to HUD Expressing Concern Over Low Number of Troubled Loans Modified

By Mara Lee

WASHINGTON, D.C. (OBSNews.com) – Today Congresswoman Doris O. Matsui (CA-05) urged the Obama Administration to act more quickly to address the nation’s housing crisis. Congresswoman Matsui initiated a letter, signed by 17 Members of Congress, to draw attention to the lack of mortgage servicer responsiveness and to the urgent need to ensure the Making Home Affordable program works for responsible homeowners who are struggling under the burden of unsustainable mortgage rates, and are in danger of foreclosure.

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Message 932334 - Posted: 10 Sep 2009, 21:34:23 UTC

the laws are in place for the home owners to get their mortgages reworked. Around 7% of those eligible have actually gotten something done. This is an intentional foot dragging by banks. Looks like these wonderful broken banks need a helping foot where the sun doesnt shine to get them motivated into moving those loans along.

Perhaps shutting a few banks down would send the message to the others that the gov't isn't playing when it comes to reworking mortgages
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Message 932357 - Posted: 10 Sep 2009, 23:27:08 UTC

I know I'm having one hell of a time getting my mort. reworked.
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Message 935664 - Posted: 24 Sep 2009, 17:06:16 UTC

I think the key point in this article is that home sales are higher now than throughout most of the past 23 months.

U.S. Economy: Sales of Existing Homes Unexpectedly Decline

By Bob Willis

Sept. 24 (Bloomberg) -- Sales of existing U.S. homes unexpectedly fell last month for the first time since March, signaling the housing recovery will be slow to gain speed.

Purchases dropped 2.7 percent in August to a 5.1 million annual rate, the second-highest level in the last 23 months, the National Association of Realtors said today in Washington. The median price dropped 12.5 percent from August 2008. A government report showed unemployment claims declined.

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Message 935690 - Posted: 24 Sep 2009, 19:21:26 UTC - in response to Message 932357.

I know I'm having one hell of a time getting my mort. reworked.


How's your credit? We got ours worked out phenomenally easily
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Message 935703 - Posted: 24 Sep 2009, 19:59:41 UTC - in response to Message 935690.
Last modified: 24 Sep 2009, 20:03:07 UTC

I know I'm having one hell of a time getting my mort. reworked.


How's your credit? We got ours worked out phenomenally easily


Excellent. My problem is the debt to income ratio. [edit] Which kinda seems silly to me. If I'm obviously paying my bills now to achieve an excellent credit status, then why is helping me lower my mortgage such an issue to help me save money? According to the current lending laws, I shouldn't have been approved for my initial mortgage, but here I am paying it for the last 9 years and late only twice.
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Message 940469 - Posted: 16 Oct 2009, 18:35:12 UTC

Some positive news on the economy. Also, is anyone else seeing decent sales this month?

Have a nice weekend!

U.S. Economy: Production Gain Beats Forecasts, Confidence Slips

By Shobhana Chandra

Oct. 16 (Bloomberg) -- Industrial production in the U.S. rose more than anticipated in September, putting manufacturing at the forefront of the emerging economic recovery.

The 0.7 percent increase in production at factories, mines and utilities exceeded every forecast of economists surveyed by Bloomberg News and followed gains of 1.2 percent in August and 0.9 percent in July, Federal Reserve figures showed today. Another report showed consumer sentiment dropped more than projected this month.

The recent burst of activity on factory floors, spurred in part by a rebound at automakers, will likely give way to more moderate and sustainable gains in coming months as companies rebuild inventories and exports grow. The improvement has yet to generate jobs, one reason consumers remain anxious and underscoring why Fed policy makers say they will keep interest rates low for a long time.

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Message 943916 - Posted: 30 Oct 2009, 19:53:45 UTC

Union leaders negotiated a deal with Ford that would save Ford UAW jobs and prevent Ford from sending more plants to Canada and Mexico. Members on the other hand are voting against the deal. Go figure...

Ford Bid for UAW Concessions Dims as Rejections Mount at Plants

The results mean that workers at 11 plants representing 16,300 United Auto Workers union members have turned down the deal, compared with approvals at 4 facilities with 6,100 employees. Ford has 41,000 workers represented by the UAW, whose leaders negotiated the accord.

“This never happens. It’s a vote of no confidence in the bargaining committee and a vote of no confidence in Ford,” said Gary Chaison, a labor professor at Clark University in Worcester, Massachusetts. “To reject a collective agreement at a time of economic difficulty is really a sign of desperation and anger.”

Ford, the only major U.S. automaker to avoid bankruptcy, is seeking concessions similar to those secured this year by General Motors Co. and Chrysler Group LLC. The contract changes include a six-year ban on strikes over wages and benefits and freezing wages of new hires until 2015.

Ford has said it needs the concessions to ensure that it doesn’t have a labor-cost disadvantage against GM and Chrysler, which also unloaded debt and closed plants as part of their restructuring in court.

Chaison said Ford may consider dropping the no-strike clause as a sweetener or adding some other inducement to get a positive result in a new round of balloting.

The automaker’s other option is to punish the UAW by making promised products in Canada or Mexico instead of the U.S., said David Cole, chairman of the Center for Automotive Research in Ann Arbor, Michigan.

“Where we will see the result of this failure is in a product announcement -- moving some business out that had been planned here,” he said.

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Message 945047 - Posted: 4 Nov 2009, 17:39:12 UTC - in response to Message 926827.

Recession = 6 months of continuous decline in GDP.

I'm waiting until the official numbers for 2009 Q3 are released (November 24). Even then, we have to have 6 months of continuous increase in GDP to be officially "out of the recession". We won't know for sure until after the 2009 Q4 results are released.

Here's the most recent news released from BEA.
http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm

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Message 945051 - Posted: 4 Nov 2009, 17:47:43 UTC

tell that to the folks still looking for a job
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Message 945079 - Posted: 4 Nov 2009, 19:14:13 UTC - in response to Message 945051.
Last modified: 4 Nov 2009, 19:15:42 UTC

tell that to the folks still looking for a job


Give them some credit... They might be smarter than you think.

Anyway, the job market comprises only a portion of the economy. See past posts for more info.

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Message 945122 - Posted: 4 Nov 2009, 22:40:04 UTC - in response to Message 945079.

so the unemployed should just get out there and get a job... and quit being lazy?
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Message 945134 - Posted: 4 Nov 2009, 23:28:08 UTC - in response to Message 945122.
Last modified: 4 Nov 2009, 23:28:20 UTC

so the unemployed should just get out there and get a job... and quit being lazy?


if you say so... if you really believe that someone here thinks that you have no clue. I was referring to your comment that the unemployed will not find comfort in a recovering economy. They might have more hope then you think.

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Message 945244 - Posted: 5 Nov 2009, 15:15:27 UTC - in response to Message 945134.

unlikely, From all indications this is a jobless recovery. people aren't getting jobs back and nobody is expanding. So if you are skilled labor, currently unemployed, and looking, you are competing with 6 other people for each job you apply for. This is not a good ratio.
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Message 945276 - Posted: 5 Nov 2009, 20:14:39 UTC - in response to Message 945244.

unlikely, From all indications this is a jobless recovery. people aren't getting jobs back and nobody is expanding. So if you are skilled labor, currently unemployed, and looking, you are competing with 6 other people for each job you apply for. This is not a good ratio.


It is unlikely people have hope that the economy will recover? Seriously?

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Message 945277 - Posted: 5 Nov 2009, 20:17:43 UTC

Jobless Claims in U.S. Decrease More Than Forecast (Update2)
Share Business ExchangeTwitterFacebook| Email | Print | A A A By Bob Willis

Nov. 5 (Bloomberg) -- Fewer Americans than forecast filed claims for unemployment benefits last week, a sign job losses are slowing as the economy begins to recover.

Initial jobless claims dropped by 20,000 to 512,000 in the week ended Oct. 31, the fewest since January, from 532,000 the prior week. The number of people receiving jobless benefits fell to the lowest level since March, while those who had exhausted their allotment and were receiving extended payments climbed, Labor Department figures showed today in Washington.

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Message 945306 - Posted: 5 Nov 2009, 22:36:59 UTC - in response to Message 945277.

heres the peoblem with information. If you don't have it you dont understand it.

During the Great Depression, anyone that was out of work was considered unempolyed. Now if you don't get unemployment benefits and aren't looking anymore you are not considered unemployed. you dont have a job but you aren't unemployed to the gov't. this is a sad way to make the numbers look better than they really are. It also isnt conservative or liberal since both work within the same data set. They just manipulate it the way they choose.

So no lower unemployment claims isn't that good of news. I have yet to see read or hear of any major hiring being done. So yes this is a Jobless recovery.
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Message 945370 - Posted: 6 Nov 2009, 4:36:12 UTC - in response to Message 945306.

heres the peoblem with information. If you don't have it you dont understand it.

During the Great Depression, anyone that was out of work was considered unempolyed. Now if you don't get unemployment benefits and aren't looking anymore you are not considered unemployed. you dont have a job but you aren't unemployed to the gov't. this is a sad way to make the numbers look better than they really are. It also isnt conservative or liberal since both work within the same data set. They just manipulate it the way they choose.

So no lower unemployment claims isn't that good of news. I have yet to see read or hear of any major hiring being done. So yes this is a Jobless recovery.


A slow and steady recovery is what we need. Be patient.

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Message 945445 - Posted: 6 Nov 2009, 16:00:16 UTC - in response to Message 945370.

slow and steady is a great idea. the problem is we lost more jobs last month. making the reported unemployment rate at 10.2% The administration claims that the 10% mark is around where the economy is supposed to drop down to and should recover from. I'll just have to watch and wait and be glad I have a job
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Message 945469 - Posted: 6 Nov 2009, 18:44:36 UTC
Last modified: 6 Nov 2009, 18:47:19 UTC

They say that those who fail to learn from history are bound to repeat it. I found a link to the lessons that were learned from the Great Depression. A little known fact is that while people in the United States use the name Great Depression, the rest of the world just call it a depression. We were the first to suffer and the last to recover. What was the difference between us and the rest of the world. Is Obama starting down the same path that gave us the Great Depression?
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