Comments on: The Foreclosure Picture Worsens: No Relief In Sight http://thedemocraticdaily.com/2007/11/06/the-foreclosure-picture-worsens-no-relief-in-sight/ Political News, Progressive Commentary, Liberal Opinions and Common Sense Conversation... Sat, 11 Feb 2012 13:14:27 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Darrell Prows http://thedemocraticdaily.com/2007/11/06/the-foreclosure-picture-worsens-no-relief-in-sight/comment-page-1/#comment-755 Darrell Prows Tue, 06 Nov 2007 22:30:08 +0000 http://thedemocraticdaily.com/2007/11/06/the-foreclosure-picture-worsens-no-relief-in-sight/#comment-755 From USA Today today, quoting Alan Greenspan: "Greenspan told a forum in Tokyo that high inventories of unsold homes present a major risk to the U.S. economy and he was not sanguine about how quickly the glut could be reduced. "We still need to accelerate the rate of inventory liquidation, and that will mean bringing housing starts down and sales up. We have a long way to go," said Greenspan, who was answering questions via video link from Washington." "Greenspan said about $900 billion of subprime mortgages had been securitised into fixed-income instruments, and the excess level of unsold homes was driving price declines that are eroding the value of the securities backed by those mortgages. "The critical issue on the whole subprime, and by extension the whole financial system, rests very narrowly on getting rid of probably 200,000 to 300,000 excess units in inventories in the United States," he said." Quoting George Soros from the same article: "I think we are definitely in for a slowdown that I think will be a bigger slowdown than (Federal Reserve Chairman Ben) Bernanke is seeing," he said. From USA Today today, quoting Alan Greenspan:
“Greenspan told a forum in Tokyo that high inventories of unsold homes present a major risk to the U.S. economy and he was not sanguine about how quickly the glut could be reduced.

“We still need to accelerate the rate of inventory liquidation, and that will mean bringing housing starts down and sales up. We have a long way to go,” said Greenspan, who was answering questions via video link from Washington.”
“Greenspan said about $900 billion of subprime mortgages had been securitised into fixed-income instruments, and the excess level of unsold homes was driving price declines that are eroding the value of the securities backed by those mortgages.

“The critical issue on the whole subprime, and by extension the whole financial system, rests very narrowly on getting rid of probably 200,000 to 300,000 excess units in inventories in the United States,” he said.”

Quoting George Soros from the same article:
“I think we are definitely in for a slowdown that I think will be a bigger slowdown than (Federal Reserve Chairman Ben) Bernanke is seeing,” he said.

]]> By: The Sirens Chronicles » Ten Post Round-Up: Tenacious Tuesday http://thedemocraticdaily.com/2007/11/06/the-foreclosure-picture-worsens-no-relief-in-sight/comment-page-1/#comment-748 The Sirens Chronicles » Ten Post Round-Up: Tenacious Tuesday Tue, 06 Nov 2007 15:41:20 +0000 http://thedemocraticdaily.com/2007/11/06/the-foreclosure-picture-worsens-no-relief-in-sight/#comment-748 [...] The Foreclosure Picture Worsens: No Relief In Sight: A comprehensive remedy for the financial tidal wave that relentlessly heads toward us is nowhere on the horizon. Small things are being proposed or attempted that amount to chipping away at the edges of the problem, but the bulk of the crisis goes unaddressed because the United Sates has the same number of houses that it had two years ago but has far fewer people who are eligible to be homeowners, and no financing that will, or likely should, be offered to people who really can’t afford the millions of houses that are available. [...] [...] The Foreclosure Picture Worsens: No Relief In Sight: A comprehensive remedy for the financial tidal wave that relentlessly heads toward us is nowhere on the horizon. Small things are being proposed or attempted that amount to chipping away at the edges of the problem, but the bulk of the crisis goes unaddressed because the United Sates has the same number of houses that it had two years ago but has far fewer people who are eligible to be homeowners, and no financing that will, or likely should, be offered to people who really can’t afford the millions of houses that are available. [...]

]]> By: alrudder http://thedemocraticdaily.com/2007/11/06/the-foreclosure-picture-worsens-no-relief-in-sight/comment-page-1/#comment-746 alrudder Tue, 06 Nov 2007 15:11:25 +0000 http://thedemocraticdaily.com/2007/11/06/the-foreclosure-picture-worsens-no-relief-in-sight/#comment-746 Imagine all of these families who thought they were upper middle class, but now realize that they are not. That is hard on the psyche of a lot of Americans. A sense of humility will definitely be a subtext in the American Body politic next year. Imagine all of these families who thought they were upper middle class, but now realize that they are not. That is hard on the psyche of a lot of Americans.
A sense of humility will definitely be a subtext in the American Body politic next year.

]]> By: The Foreclosure Picture Worsens: No Relief In Sight http://thedemocraticdaily.com/2007/11/06/the-foreclosure-picture-worsens-no-relief-in-sight/comment-page-1/#comment-738 The Foreclosure Picture Worsens: No Relief In Sight Tue, 06 Nov 2007 07:16:59 +0000 http://thedemocraticdaily.com/2007/11/06/the-foreclosure-picture-worsens-no-relief-in-sight/#comment-738 <p>[...] Read the rest of this great post here [...]</p> [...] Read the rest of this great post here [...]

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