GREAT RECESSION CONTINUES TO SLOW "SURPRISING" NOBODY EXCEPT THE "EXPERTS"

MOST POPULAR ARTICLES

DISCOUNT FOR EARLY BIRD REGISTRATION RUNS OUT ON JUNE 22

CLICK HERE TO REGISTER FOR 2 DAY GARFIELD CONTINUUM CLE SEMINAR

GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE

EDITOR’S COMMENT: Each day, week, month, quarter and year is the same. Bad news, but the “experts” say it will get better. It never happens. They are relying on past patterns where the recession or depression was caused by w wide variety of factors that have played out, allowing for new things to happen. The principal reason for the GREAT RECESSION is that Wall Street sucked the lifeblood out of the economy instead of supplying it. They stole trillions from investors, consumers, and government entities holding taxpayer money. Nothing can change until the reasons for the recession have played out, allowing for something else to fill the void — like the return of the blood money they took.

But there is no void, because Wall Street is still playing. They continue to hold the money they stole. They won’t even let it back into the economy as credit. The patient needs a transfusion and Wall Street is still taking blood OUT. The simplicity of this escapes nobody anymore except those charged with putting a spin on the situation so the media will carry stories of hope and  distraction from what Wall Street did and is still doing.

Policy is being made based upon the spin rather than the reality. Thus the policies of the government can’t have any effect on our reality, except occasionally by accident. Our economy is being held hostage and the crime is being committed primarily through the housing market. Has anybody seriously asked the question yet: is this housing situation real or it is a manifestation of of Wall Street misdeeds that under a nation of laws would not be permitted? Why are we letting politics trump the law?

This nightmare will be over only if the tyranny of Wall Street ends. The Judiciary is unfortunately our last hope but it moves very slowly. It might be decades before the truth comes out as as a whole explanation of our current situation. Piece by piece the elements of the fake securitization of credit are coming under examination. Step by step in the courts, the machinery is moving at an excruciating pace, but the results are starting to pile up leading to only one rational conclusion: there is no part of the mortgage market that was honest, fair or lawful. And any action taken that relies upon the precedent of the last 10-15 years is as wrong as the original act itself.

The economy, our prospects and the opportunities for our children and grandchildren depend not upon the ideology of austerity but upon the the law as established by out constitution, legislatures and common law precedent. When the housing fraud is fixed, then the economy will be fixed and not a moment before. 50% of our GDP is already reported as held hostage by “financial services” (i.e. trading paper) instead of making things and doing things. Is this the U.S.A.?

June 15, 2011, 1:19 pm

The Great Growth Disappointment

Second verse, same as the first: The quarter when the economy was supposed to stage its comeback is looking just as bad as its disappointing predecessor.

We’ve had a slew of distressing economic data come in during the last few weeks. As a result, economists have been steadily downgrading their forecasts for economic growth in the second quarter. Today’s news is no exception; after a major bummer of an inflation report, Macroeconomic Advisers, the highly respected forecasting firm, lowered its annualized second quarter G.D.P. forecast to 1.9 percent.

For reference, when the quarter began, Macroeconomic Advisers was expecting 3.5 percent growth. And way back in February, the firm was projecting 4.4 percent.

We saw similar downgrades last quarter, too. That quarter began with a forecast of 3.5 percent, which slid downward as the weeks rolled on and ugly economic indicators rolled in. The Commerce Department’s latest estimate for growth that quarter was 1.8 percent.

Economists blamed temporary factors for that sluggish growth rate and forecast that growth would rebound in the second quarter. Unfortunately, though, the slide in forecasts for this quarter has been eerily similar to the slide in forecasts last quarter.

Tags: bankruptcy, borrower, countrywide, disclosure, foreclosure, foreclosure defense, foreclosure offense, foreclosures, fraud, quiet title, rescission, RESPA, securitization, TILA audit, trustee, WEISBAND
Posted in bubble, Corruption, Eviction, securities fraud |