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(ABC) Nearly half of the 1.3 million homeowners who enrolled in the Obama administration’s flagship mortgage-relief program have fallen out.
More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to foreclosure listing service RealtyTrac Inc. Economists expect the number of foreclosures to grow well into next year.
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(Der Spiegel) The American middle class is on the verge of disappearing, while the United States, itself, is in danger of becoming a third world country, a leading German newspaper says.
The article states that many Americans are beginning to realize that the American Dream has now become a nightmare as people are having to face the bitter reality of a shrinking job market along with decades of stagnating wages and dramatic increases in inequality.
In its current annual report, the US Department of Agriculture notes that “food insecurity” is on the rise, and that 50 million Americans were unable to buy enough food to remain healthy at some point last year. One out of every eight American adults and one out of four children now survive on government food stamps.
Last week, leading online columnist Arianna Huffington issued the almost apocalyptic warning that “America is in danger of becoming a Third World country.” In a recent cover story titled “So Long, Middle Class,” the New York Post presented its readers with “25 statistics that prove that the middle class is being systematically wiped out of existence in America.”
HEADLINES
Regulators shut down big Chicago bank, 7 others
http://abclocal.go.com/wls/story?section=news/local&id=7622213
http://www.time.com/time/business/article/0,8599,2012362,00.html
Nearly 50 Percent Leave Obama Mortgage-Aid Program
http://abcnews.go.com/Business/wireStory?id=11445313
Grim future for young workers in ‘pensioner ghettos’
http://www.telegraph.co.uk/finance/personalfinance/7953602/Grim-future-for-young-workers-in-pensioner-ghettos.html
Government urged to reveal ‘true’ national debt of £4.8 trillion
http://www.telegraph.co.uk/finance/economics/7957110/Government-urged-to-reveal-true-national-debt-of-4.8trillion.html
PwC warns of ‘slowth’ decade for house prices
http://www.telegraph.co.uk/finance/economics/houseprices/7956988/PwC-warns-of-slowth-decade-for-house-prices.html
Der Spiegel: US middle class vanishing
http://www.presstv.com/detail/139522.html
Cuts in Social Security
http://mikechamberslive.com/?p=9550
Americans Using Their Rainy Day Savings to Live
http://blog.rebeltraders.net/2010/08/22/americans-using-their-rainy-day-savings-to-live/
Pakistan starts IMF talks, seeks help from floods
http://www.reuters.com/article/idUSTRE66T3RS20100823
BoA sees US double-dip danger from `fiscal chicken’
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/7960441/BoA-sees-US-double-dip-danger-from-fiscal-chicken.html
Mortgage rates may hit 14pc within two years
http://www.telegraph.co.uk/finance/personalfinance/7960378/Mortgage-rates-may-hit-14pc-within-two-years.html
Interest rates ‘may hit 8pc’ in two years
http://www.telegraph.co.uk/finance/economics/interestrates/7957873/Interest-rates-may-hit-8pc-in-two-years.html
Soaring Teen Unemployment Could Have Lifetime Effects
http://www.livescience.com/health/recession-impacting-teenage-employment-opportunities.html
Confidence takes an austerity knock
http://www.telegraph.co.uk/finance/economics/7958907/Confidence-takes-an-austerity-knock.html
LA unveils $578M school, costliest in US
http://www.newstribune.com/articles/2010/08/23/news_national/nt130nat25rfk10.txt
Kicked In The Groin: Health Insurance Companies Are Dramatically Increasing Premiums Due To The New Health Care Law And There Is Not Much We Can Do About It
http://theeconomiccollapseblog.com/archives/kicked-in-the-groin-health-insurance-companies-are-dramatically-increasing-premiums-due-to-the-new-health-care-law-and-there-is-not-much-we-can-do-about-it
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The President announces a landmark settlement between the government and the nation’s largest banks that will speed relief to the hardest-hit homeowners, end some of the most abusive practices of the mortgage industry, and begin to turn the page on an era of recklessness that has left so much damage in its wake. February 9, 2012.
The President announces a landmark settlement between the government and the nation’s largest banks that will speed relief to the hardest-hit homeowners, end some of the most abusive practices of the mortgage industry, and begin to turn the page on an era of recklessness that has left so much damage in its wake. February 9, 2012.
In this week’s edition of the FAN:
Obama wants to offer
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