The Federal Housing Administration, which insures mortgages with low down payments, may require a U.S. bailout because it has $54 billion more in losses than it can withstand, a former Fannie Mae executive said.
“It appears destined for a taxpayer bailout in the next 24 to 36 months,”…… Read More
Summers’s Recovery Hypothesis Flawed
Mohamed El-Erian, chief executive officer of Pacific Investment Management Co., said White House adviser Lawrence Summers is wrong to expect the economy to return to pre-crisis strength because consumer spending is unlikely to sustain growth. Read More
Democrats’ Offer Economic Relief Proposals. Second Stimulus?
Confronted with big job losses and no sign the U.S. economy is ready to stand on its own, Democrats are working on a growing list of relief efforts, leaving for later how to pay for them, or whether even to bother.
Proposals include extending and perhaps expanding a popular tax credit for first-time home buyers, and creating a new credit for companies that add jobs. Taken together, the proposals look a lot like another economic stimulus package, though congressional leaders don’t want to call it that. Read More
The economic recovery is not happening and Obama has spent the first stimulus money for projects that do not create jobs. Now he has a bigger problem then he did to start with. This mess that he put America in is his and his alone.