What a Turnaround for the American Dream! And the politicians still are saying they will do everything to keep the “American dream” of owning a real estate a possibility for everyone.
But, Hold your horses!!!
According to a report released Wednesday, the real estate market bust and stock market declines have carved a huge chunk out of the assets of baby boomers.
So much home equity has been lost that 30% of boomers, aged 45 to 54, are underwater in their homes, according to “The Wealth of the Baby Boom Cohorts After the Collapse of the Housing Bubble. ” The report, released by D.C.-based think tank the Center for Economic and Policy Research, also found that 18% of boomers aged 55 to 64 would owe money at close if they sold their homes.
The CEPR also found that people who were renting homes in 2004 will have more wealth in 2009 than those who were owners. That’s true for all five wealth groups the study analyzed, from the poorest to the wealthiest.
“The collapse of the housing bubble, which led to the current recession, has already destroyed almost $6 trillion dollars in housing wealth for homeowners,” said report co-author Dean Baker. “This reality is compounded by the recent collapse of the stock market. Many baby boomers will only have Social Security and Medicare to rely on in their retirement.” The Wealth of the Baby Boom Cohorts After the Collapse of the Housing Bubble
The international jury of the 52nd annual World Press Photo Contest have selected a black-and-white image by American photographer Anthony Suau as World Press Photo of the Year 2008.The picture shows an armed officer of the Cuyahoga County Sheriff’s Department moving through a home in Cleveland, Ohio, following eviction as a result of mortgage foreclosure. Officers have to ensure that the house is clear of weapons, and that the residents have moved out. The winning photograph, taken in March 2008, is part of a story commissioned by Time magazine. The story as a whole wonSecond Prize in the Daily Life category of the contest.
Thousands of Opel workers from around Germany took part in a mass rally on Thursday demanding parent General Motors scrap plans for plant closures in Europe.
In Sweden unions and the Social Democrat party planned a protest “For Jobs” later on Thursday at a Saab plant in Trollhattan.
The global financial and economic crisis has sparked many protests in parts of Europe. Here are some details:
* BOSNIA — Bosnia’s Muslim-Croat parliament cancelled a session on Thursday rather than confront protesters complaining about its plans to pass a law cutting benefits to narrow a big budget gap.
– It was the latest in a series of protests by workers and disabled people, angry at unemployment and tough measures to keep a lid on government debt that has ballooned with the crisis.
* GERMANY — Some 15,000 Opel workers from around Germany took part in a mass rally on Thursday at the German headquarters of their struggling company, demanding parent General Motors scrap plans for plant closures in Europe. Vice Chancellor Frank-Walter Steinmeier at the rally, added, “This is about more than just Opel. It’s about the future of the car industry in Germany.”….
The budget forecast assumes that U.S. gross domestic product — the nation’s total economic output — will decline about 1.2% this year, while private forecasts — measured by the Blue Chip survey — show a 1.9% decline. Next year the Obama team forecasts 3.2% growth, while professional forecasters expect a 2.1% gain
The Budget proposes that the tax cuts currently enjoyed by those with incomes above $250,000 be allowed to expire at the beginning of 2011, at which point the economy should have recovered from the current downturn.
Summary – In 2010 we will see growth of 3.2% in GDP and we will be out and recovering from the recession in 2011. LOL
Proclaiming a “once in a generation” opportunity,President Obama proposed a 10-year budget on Thursday that reflects his determination in the face of recession to invest trillions of dollars and his own political capital in reshaping the nation’s priorities.
Mr. Obama would overhaul health care, begin to arrest global warming, expand the federal role in education and shift more costs to some corporations and the wealthiest taxpayers.
In a veiled gibe at the Bush years, Mr. Obama said his budget broke “from a troubled past” and attributed the current economic maelstrom to “an era of profound irresponsibility that engulfed both private and public institutions from some of our largest companies’ executive suites to the seats of power in Washington, D.C.”
Dear Mr. President, I read your New Era $3.6 Trillion Budget Proposal. I also listened to your speech Tuesday night. You made a great campaign speech. However, the campaign is over. You won. And the reason you won is you offered hope as well as a promise of change.
With all due respect Mr. President, Tim Geithner and Ben Bernanke are offering the same policies as President Bush and Secretary Paulson. Those policies are to bail out banks regardless of cost to taxpayers. Mr. President, it’s hard enough to overlook Geithner’s tax indiscretions. Mr. President, it is harder still. if not impossible, to ignore the fact that neither Geithner nor Bernanke saw this coming. Yet amazingly they are both cock sure of the solution. Even more amazing is the fact that solution changes every day.
With all due respect Mr. President, Geithner and Bernanke are a huge part of the problem, and no part of the solution and the sooner you realize that the better off this nation will be.