Fix the Economy?
By Mike Whitney
Fearmongering about the deficits is a political calculation to win elections and strangle popular social programs. It has no economic value. Continue
Manufacturing Consent For Attack On Social Programs: Will we lose mortgage deductions, Medicare?: The chairmen of President Obama's national debt commission painted a gloomy picture Sunday as the United States struggles to control its spending.
Manufacturing Consent For Attack On Social Programs: Obama's debt commission warns of fiscal 'cancer': The co-chairmen of President Obama's debt and deficit commission offered an ominous assessment of the nation's fiscal future here Sunday, calling current budgetary trends a cancer "that will destroy the country from within" unless checked by tough action in Washington.
American Credit Scores Crash To New Lows: 25.5 percent of consumers — nearly 43.4 million people — now have a credit score of 599 or below, marking them as poor risks for lenders. It’s unlikely they will be able to get credit cards, auto loans or mortgages under the tighter lending standards banks now use,” according to the AP.
Critics say loan modification law isn't working: Homeowners and their advocates argue that although lenders' representatives are taking part in meetings, they aren't negotiating. They charge that many lenders would rather throw homeowners out than consider loan modifications.
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