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The U.S. Economy Worsens

April 15, 2008

So Much For Government Intervention, Then!

April 15. 2008

They say better late than never, but sometimes it’s just not good enough. A greater effort is needed on the part of the government to fix the U.S. economy. The numbers are still getting worse and homeowners aren’t seeing relief fast enough to save their finances from collapsing. For once, can’t you just cut the red tape.

You’ve taken care of major banks, practically overnight, and they caused this problem, but where is the relief for the average American?

Senator Clinton has done a poor job in Congress as well

Over 1 million more homes, to add to the estimated 4 million involved in this crisis, are expected to go into foreclosure this year. Well over 230,000 homes went into foreclosure last month alone.

The government is not looking at that in real time, as to how many Americans each house represents. Food and oil costs also continue to rise, further deteriorating many Americans’ financial situations.

Food Costs Rising Fastest in 17 Years

Monday April 14, 4:10 pm ET – Food Costs Rising at Fast Clip, Squeezing Poor, Forcing Food Vendors to Explain Higher Prices

NEW YORK (AP) — Steve Tarpin can bake a graham cracker crust in his sleep, but explaining why the price for his Key lime pies went from $20 to $25 required mastering a thornier topic: global economics.

http://biz.yahoo.com/ap/080414/inflation_squeeze.html?.v=4

Oil Rises to Intraday Record Above $112

Tuesday April 15, 7:48 am ET – Oil Prices Rise to New High Above $112 a Barrel on US Dollar, Supply Concerns

VIENNA, Austria (AP) — Oil prices rose to an intraday trading record above $112 a barrel Tuesday as the U.S. dollar fell against the euro and crude oil shipments along one U.S. pipeline were said to be operating below capacity.

http://biz.yahoo.com/ap/080415/oil_prices.html?.v=12

US Foreclosure Filings Jump in March

Tuesday April 15, 5:12 am ET – Foreclosure Filings Against US Homeowners Soar 57 Percent in March; Bank Repossessions Surge

The onslaught of homes facing foreclosures has yet to ebb, a research report showed Tuesday, with bank repossessions skyrocketing last month as more troubled homeowners mailed in their keys and walked away.

And the worst isn’t over: the wave of adjustable-rate loans resetting to higher rates will crest in May and June. And that’s expected to push more homeowners into default and foreclosure in the third and fourth quarters of this year, according to RealtyTrac Inc. of Irvine, Calif.

http://biz.yahoo.com/ap/080415/foreclosure_rates.html?.v=2

Story found here

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