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Obama Signs Stimulus Bill, Initiates Plan To Tackle Foreclosure Mess
U.S. President Barack Obama today (Tuesday) signed into law one of the most ambitious and costly pieces of legislation in America’s 200-plus year history. However, with the economy still reeling, Obama has no time to rest on his laurels and tomorrow he will introduce a new plan to stem the rising tide of foreclosures swamping the nation’s housing market.
“We have begun the essential work of keeping the American dream alive in our time,â€President Obama said before he signed the $787 billion stimulus at the Denver Museum of Nature and Science where he toured a solar panel installation project.
The stimulus bill…
18Feb2009 | Money Morning | 0 comments | ContinuedSecond, and Possibly Third, Stimulus on the Way as Unemployment Poses Next Major Hurdle for the Economy
With gross domestic product plummeting and the jobless rate at a 14-year high, U.S. policymakers will have to author at least one more stimulus package in the months to come if they are to elbow aside the impact of high unemployment and depressed consumers.
"Investors have been reluctant to admit that this cycle, unlike 1998’s credit crisis, is imbedded in the real economy," Merrill Lynch & Co. Inc. (MER) investment strategist Richard Bernstein wrote in a research note last month. "The government can come up with any number of refinancing and liquidity plans, but households are likely to increasingly default on…
12Nov2008 | Money Morning | Comments Off | ContinuedSoaring Consumer Prices and Mounting Foreclosures Threaten 2008 Economic Growth
Consumer prices rose sharply in July even as home foreclosures spiked, making it increasingly likely the economy will stall in the year’s last half under the weight of soaring unemployment, declining home values and accelerating inflation.
Banks foreclosed on 77,295 homes in July, 8% more than a month prior, and 183% more than a year ago, RealtyTrac reported. More than 680,000 homes have been repossessed since the beginning of August 2007.
The Consumer Price Index (CPI) jumped 0.8% in July, the Commerce Department said yesterday (Thursday). On a year-over-year basis, the consumer prices climbed 5.6%, their biggest surge since 1991.
Usually, price…
15Aug2008 | Money Morning | Comments Off | Continued
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