Bush - Economy On Solid Foundation

Bush - Economy On Solid FoundationJanuary 4, 2008

The Facts

Today President George Bush addressed the economic situation of America. He said the economy was on a solid foundation, jobs are good, and that the economy was strong and vibrant in 2007.

http://acnn.wordpress.com/2008/01/04/bush-economy-on-solid-foundation/

Foreclosures hit all-time high

Last Updated: March 6, 2008: 1:40 PM EST

Over 900,000 borrowers are losing their homes, up 71% from a year ago, and a record number of home owners are behind on payments.
By Les Christie, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) — More home owners than ever are losing the battle to make their monthly mortgage payments.

http://money.cnn.com/2008/03/06/real_estate/defaults_continue_climb/index.htm?cnn=yes

Home equity slips below 50%
Federal Reserve says homeowners’ debt on their houses exceeds their equity for the first time since 1945.
Last Updated: March 6, 2008: 12:39 PM EST

NEW YORK (AP) — Americans’ percentage of equity in their homes has fallen below 50 percent for the first time on record since 1945, the Federal Reserve said Thursday.

Homeowners’ percentage of equity slipped to a revised lower 49.6% in the second quarter of 2007, the central bank reported in its quarterly U.S. Flow of Funds Accounts, and declined further to 47.9% in the fourth quarter - the third straight quarter it was under 50%. That marks the first time homeowners’ debt on their houses exceeds their equity since the Fed started tracking the data in 1945.

The total value of equity also fell for the third straight …

http://money.cnn.com/2008/03/06/real_estate/home_equity.ap/index.htm?cnn=yes

WBBM newsradio780

The markets continued to sell off with billionaire Warren Buffet joining the chorus of investors to acknowledge an economic recession. The Dow lost 75 points to 12,191 while Nasdaq fell 12 points to 2259…

http://studio-5.financialcontent.com/cbsradio?Account=wbbm&GUID=4780292&Page=MediaViewer

And the neocon leadership seems to be bringing up the rear rather than being out front leading.