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 . '/' . substr('9780520223165',-6,3) . '/' . '9780520223165' . '.jpg'; ?>)
By Orville Schell (Foreword), Wayne Miller
By Keith Heyer Meldahl
$16.50
$21
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Flickr / I.Gouss
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Put down your pitchforks and pick up the champagne. Boom times are here. The Dow is over 10,000 for the first time in a year. What’s that? Real unemployment is at 17 percent, and they’re foreclosing your house? Stop being such a communist and party!
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Flickr / respres
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John Dunbar of the Center for Public Integrity has analyzed the Obama administration’s home loan modification program, which aims to keep troubled borrowers in their homes, and finds it “highly problematic.”
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Flickr / respres
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John Dunbar of the Center for Public Integrity has analyzed the Obama administration’s home loan modification program, which aims to keep troubled borrowers in their homes, and finds it “highly problematic.”
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AP photo / Brennan Linsley, pool
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By Robert Scheer — The Bush-Obama strategy of throwing trillions at the banks to solve the mortgage crisis is a huge bust. The financial moguls, while tickled pink to have $1.25 trillion in toxic assets covered by the feds, along with hundreds of billions in direct handouts, are not using that money to turn around the free fall in housing foreclosures.
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orlandorealtyexperts.com
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As foreclosures continue to force Americans out of their homes, some advocacy organizations are getting creative, suggesting that homeowners refuse to leave their foreclosed houses and helping others move into vacated abodes—either openly or under the radar.
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By Amy Goodman — Taxpayers’ bailout money for AIG bonuses has rightfully provoked a massive backlash against AIG, Wall Street, President Barack Obama and his economic advisers, Treasury Secretary Timothy Geithner and Larry Summers.
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What’s more offensive than CNBC reporter Rick Santelli’s rant against Barack Obama’s supposed intention to throw only a table scrap of bailout money to foreclosed homeowners? His network’s laughable coverage of the biggest economic news story since the Great Depression.
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In his weekly address, President Barack Obama hailed the stimulus bill he recently signed, the American Recovery and Reinvestment Act, as “the most sweeping economic recovery plan in history.” Here’s what he had to say to back up this big claim.
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This week’s episode of “Left, Right & Center” finds the full lineup of co-hosts—Matt Miller, Tony Blankley, Arianna Huffington and Robert Scheer—debating the latest developments in the unholy marriage between big banks and the U.S. government, speculating about what might be done about the American auto industry and doing a little on-the-fly analysis of comparative economic systems. Listen and learn.
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Flickr / respres
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By Amy Goodman — Rep. Marcy Kaptur has a solution for beleaguered homeowners facing foreclosure: Dare Wall Street to produce the loan note that was bundled, securitized, sold and resold.
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By David Sirota — Intragovernmental squabbling probably makes the conflict-averse Obama uncomfortable. But the “make him do it” dynamic could finally bring the center of Washington’s political debate closer to the progressive center of American public opinion.
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Flickr / Presidential Inaugural Committee
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It looks like Barack Obama’s national community service day was a big hit. Reports of thousands of volunteers are appearing in newspaper pages from New York to Philadelphia to San Francisco. Did you participate in your own community? Let us know in the comments.
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Wikimedia Commons
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Want to know where the $350 billion banking bailout went and why it hasn’t done a bit of good? Read, and weep over, this little-noticed report from the congressional panel set up to monitor the Treasury Department’s distribution of our taxpayer funds.
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Flickr/respres
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We knew this news was bound to be bad, but we didn’t think it would be quite this grim: The number of American homeowners who faced foreclosure proceedings in 2008 passed the 2.3 million mark, an 81 percent increase over the previous year.
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Flickr / respres
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With half of the $700 billion in TARP funds already spent and not a whole lot to show for it, Barack Obama has pledged to spend the second parcel differently, with at least some of the money going to desperate homeowners. President Bush has agreed to request the funds on Obama’s behalf in order to expedite the process.
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By David Sirota — With the release of three new reports, there’s no debate anymore about who was correct and who wasn’t concerning the economic collapse and the Wall Street bailout. The studies prove that progressive critics were right and the Washington ideologues and the pundits were wrong.
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publicradio.org
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The mortgage market got a lift following Tuesday’s announcement that the Federal Reserve was throwing in with a $600 billion resuscitation bid, but as Fortune’s Colin Barr points out, history offers at least two examples that the road ahead could be rocky.
Posted on Nov 25, 2008
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foreclosurewearhouse.com
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Starting on Nov. 26, mortgage finance mega-firms Fannie Mae and Freddie Mac will take a time out from foreclosures and evictions until Jan. 9—a welcome holiday break for struggling homeowners that hopefully will catch on among other corporate players in the mortgage market.
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On Tuesday, Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke faced a lineup of vexed, perplexed and otherwise agitated members of Congress, including Reps. Barney Frank, Ron Paul and Nydia Velazquez, all eager to ask some serious questions about the infamous bailout.
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Flickr / Brave New Films
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By Marie Cocco — The giant discounter is the only store where hard-squeezed consumers can afford to buy anything, and so it has kept posting sales gains amid the retail bloodbath.
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Who knew that “community organizing” and “ACORN” would become two of the most mischaracterized and maligned terms during this election season? Well, as a few key members point out in this must-see clip from Brave New Films, ACORN had some idea this might be coming.
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group30.org
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Former Federal Reserve Chairman Paul Volcker said Tuesday that the U.S. was already in a recession, despite the efforts of the U.S. government and other nations’ leaders to intervene. “I have seen a lot of crises but I have never seen anything quite like this one,” said Volcker, who headed up the Fed for eight years before Alan Greenspan took over in 1987.
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Flickr / soggydan
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John McCain has laid out his plan for how he would help Americans recover from the recent shocks to the domestic and international markets. He took the action on Tuesday, a day later than he initially said he would and a day after Democratic presidential rival Barack Obama released his own economic plan—and McCain’s timing was not lost on the Obama campaign.
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Flickr / Allison Harger
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Barack Obama unveiled his $60-billion economic rescue plan on Monday and urged Washington not to wait for a new president to take up his proposals. The Obama plan includes tax breaks for companies that hire new workers, a short moratorium on foreclosures and, with an eye on job creation, federal financing for public works and infrastructure projects.
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Tuesday night marked the second debate between John McCain and Barack Obama, moderated by NBC’s Tom Brokaw at Belmont University in Nashville, Tenn. While Brokaw struggled to stick to the script, the two candidates fielded questions about the current economic catastrophe and American foreign policy.
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AP photo / J. Scott Applewhite
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By Robert Scheer — Does it really matter which party is in charge when it comes to bailing out the Wall Street hustlers whose shenanigans have bankrupted so many ordinary folks? Not if the Democrats roll over and cede power to the former head of Goldman Sachs, the investment bank at the center of our economic meltdown.
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AP photo / Charles Dharapak
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It seems that some key officials involved in the negotiations with the Bush administration over the terms of Treasury Secretary Henry Paulson’s $700-billion bailout proposal for Wall Street aren’t about to make a deal unless it includes specific plans for congressional oversight and help for homeowners on the brink of foreclosure.
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flickr.com/ikkoskinen
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One sign of the nation’s shaky economy can be seen in the growing numbers of newly homeless people forming “tent cities” around the U.S. The rise of these encampments is being attributed partly to the foreclosure crisis in the housing market, and the newest economic developments aren’t likely to ease the situation.
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AP photo / Susan Walsh
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By Bill Boyarsky — With a stunningly vicious pair of blows, the faltering world economy—the Godzilla of this year’s presidential race—has made the candidates look small. Why hasn’t this looming crisis been part of the presidential debate?
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Courtesy of the Brave New Films team, here we have a property-by-property breakdown of John McCain’s many fancy domiciles, which provide ironic contrast to footage of the presumptive Republican nominee holding forth about how Americans with mortgage troubles can just scrimp ‘n’ save their way back to solvency.
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foreclosurewearhouse.com
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Congress to the rescue! Mortgage lending giants Fannie Mae and Freddie Mac are being propped up in their time of dire need, thanks to a bill passed Saturday that will lift the world’s two largest financial institutions out of immediate danger and help some homeowners handle mortgage crises.
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commons.wikimedia.org
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There’s a lot the president doesn’t like about the new housing bill, just passed by the House, but he’ll hold his nose and sign it. The package includes huge guarantees for Freddie Mac and Fannie Mae—the national debt ceiling had to be lifted by about $800 billion, just in case—but also rescue for hundreds of thousands of homeowners at risk of foreclosure.
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Flickr / sfadden
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The housing market is continuing its descent into Slumpsville, judging by the way things have gone over the first quarter of 2008, and indicators don’t look good for the immediate future, either. American homeowners have been forced into foreclosure in record numbers this year and late payments have soared to a new high.
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Truthdigger of the Week: Sen. Angus King
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