President Barack Obama took the housing recovery into uncharted waters today by endorsing a bipartisan Senate blueprint for winding down Fannie Mae and Freddie Mac, the government-backed mortgage securers that formed the nucleus of the 2007-2009 financial panic.
President Barack Obama has made a lot of promises since first taking office in 2008, from proposing steps to help improve the environment to attempts at strengthening the middle class through government intervention in the housing markets.
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The unfortunate reality is that Obamacare irrefutably will raise health insurance costs.
On the surface, weekly or monthly job numbers depict an economy that is slowly — very slowly — but surely rebounding in terms of overall employment. However, once you peel back the first few layers, you quickly realize that the majority of the jobs gained each month are, for the most part, for part-time positions.
In recent weeks, speculation has been mounting that Senate Majority Leader Harry Read (D-NV) would exercise an arcane parliamentary move to change one of the chamber’s rules regarding judicial appointees.
What does this mean for the long-term? Market behavior will continue to be in reaction to super-low credit costs thanks to the Fed’s quantitative easing policy, but it’s not clear whether fears over tapering – which have led to broad sell-offs worldwide – will be abated by the Bernanke speech.
The major goal, official say, is to reduce the taxpayer burden if and when large banks start to go under.
These developments only point to the continuing erosion of the American economy.