Great Recession
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I was barely able to squeeze off this final shot before my battery died. Going by farm after farm throughout northern Montana, I kept looking for the perfect barn and the right kinda clouds over golden fields of wheat. And then, once I finally found it, I looked at the power left on the Nikon and it was scary-low! I held my breath and ran out into the field, hoping to hear that satisfying little click!
After I was back in the car, I clicked the preview button to see what I had shot, and it did not even come up... then I spent the next few hours wondering if this one even made it to the old memory card!
from the blog at www.stuckincustoms.com
The ECONOMY AMERICAN Is DANGER, BUSH CONVENES An EXTRAORDINARY SUMMIT To the WHITE HOUSE....
Good evening. This is an extraordinary period for America's economy. Over the past few weeks, many Americans have felt anxiety about their finances and their future. I understand their worry and their frustration. We've seen triple-digit swings in the stock market. Major financial institutions have teetered on the edge of collapse, and some have failed. As uncertainty has grown, many banks have restricted lending, credit markets have frozen, and families and businesses have found it harder to borrow money. We're in the midst of a serious financial crisis, and the federal government is responding with decisive action. We boosted confidence in money market mutual funds and acted to prevent major investors from intentionally driving down stocks for their own personal gain. Most importantly, my administration is working with Congress to address the root cause behind much of the instability in our markets. Financial assets related to home mortgages have lost value during the house decline, and the banks holding these assets have restricted credit. As a result, our entire economy is in danger. So I propose that the federal government reduce the risk posed by these troubled assets and supply urgently needed money so banks and other financial institutions can avoid collapse and resume lending. This rescue effort is not aimed at preserving any individual company or industry. It is aimed at preserving America's overall economy. It will help American consumers and businesses get credit to meet their daily needs and create jobs. And it will help send a signal to markets around the world that America's financial system is back on track. I know many Americans have questions tonight: How did we reach this point in our economy? How will the solution I propose work? And what does this mean for your financial future? These are good questions, and they deserve clear answers. First, how did our economy reach this point? Well, most economists agree that the problems we're witnessing today developed over a long period of time. For more than a decade, a massive amount of money flowed into the United States from investors abroad because our country is an attractive and secure place to do business. This large influx of money to U.S. banks and financial institutions, along with low interest rates, made it easier for Americans to get credit. These developments allowed more families to borrow money for cars, and homes, and college tuition, some for the first time. They allowed more entrepreneurs to get loans to start new businesses and create jobs. Unfortunately, there were also some serious negative consequences, particularly in the housing market. Easy credit, combined with the faulty assumption that home values would continue to rise, led to excesses and bad decisions. Many mortgage lenders approved loans for borrowers without carefully examining their ability to pay. Many borrowers took out loans larger than they could afford, assuming that they could sell or refinance their homes at a higher price later on. Optimism about housing values also led to a boom in home construction. Eventually, the number of new houses exceeded the number of people willing to buy them. And with supply exceeding demand, housing prices fell, and this created a problem. BUSH: Borrowers with adjustable-rate mortgages, who had been planning to sell or refinance their homes at a higher price, were stuck with homes worth less than expected, along with mortgage payments they could not afford. As a result, many mortgage-holders began to default. These widespread defaults had effects far beyond the housing market. See, in today's mortgage industry, home loans are often packaged together and converted into financial products called mortgage-backed securities. These securities were sold to investors around the world. Many investors assumed these securities were trustworthy and asked few questions about their actual value. Two of the leading purchasers of mortgage-backed securities were Fannie Mae and Freddie Mac. Because these companies were chartered by Congress, many believed they were guaranteed by the federal government. This allowed them to borrow enormous sums of money, fuel the market for questionable investments, and put our financial system at risk. The decline in the housing market set off a domino effect across our economy. When home values declined, borrowers defaulted on their mortgages, and investors holding mortgage-backed securities began to incur serious losses. Before long, these securities became so unreliable that they were not being bought or sold. Investment banks, such as Bear Stearns and Lehman Brothers, found themselves saddled with large amounts of assets they could not sell. They ran out of money needed to meet their immediate obligations, and they faced imminent collapse. Other banks found themselves in severe financial trouble. These banks began holding on to their money, and lending dried up, and the gears of the American financial system began grinding to a halt. With the situation becoming more precarious by the day, I faced a choice, to step in with dramatic government action or to stand back and allow the irresponsible actions of some to undermine the financial security of all. I'm a strong believer in free enterprise, so my natural instinct is to oppose government intervention. I believe companies that make bad decisions should be allowed to go out of business. Under normal circumstances, I would have followed this course. But these are not normal circumstances. The market is not functioning properly. There has been a widespread loss of confidence, and major sectors of America's financial system are at risk of shutting down. The government's top economic experts warn that, without immediate action by Congress, America could slip into a financial panic and a distressing scenario would unfold. More banks could fail, including some in your community. The stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet. Foreclosures would rise dramatically. And if you own a business or a farm, you would find it harder and more expensive to get credit. More businesses would close their doors, and millions of Americans could lose their jobs. Even if you have good credit history, it would be more difficult for you to get the loans you need to buy a car or send your children to college. And, ultimately, our country could experience a long and painful recession. Fellow citizens, we must not let this happen. I appreciate the work of leaders from both parties in both houses of Congress to address this problem and to make improvements to the proposal my administration sent to them. There is a spirit of cooperation between Democrats and Republicans and between Congress and this administration. In that spirit, I've invited Senators McCain and Obama to join congressional leaders of both parties at the White House tomorrow to help speed our discussions toward a bipartisan bill. I know that an economic rescue package will present a tough vote for many members of Congress. It is difficult to pass a bill that commits so much of the taxpayers' hard-earned money. I also understand the frustration of responsible Americans who pay their mortgages on time, file their tax returns every April 15th, and are reluctant to pay the cost of excesses on Wall Street. But given the situation we are facing, not passing a bill now would cost these Americans much more later. Many Americans are asking, how would a rescue plan work? After much discussion, there's now widespread agreement on the principles such a plan would include. It would remove the risk posed by the troubled assets, including mortgage-backed securities, now clogging the financial system. This would free banks to resume the flow of credit to American families and businesses. Any rescue plan should also be designed to ensure that taxpayers are protected. It should welcome the participation of financial institutions, large and small. It should make certain that failed executives do not receive a windfall from your tax dollars. BUSH: It should establish a bipartisan board to oversee the plan's implementation, and it should be enacted as soon as possible. In close consultation with Treasury Secretary Hank Paulson, Federal Reserve Chairman Ben Bernanke, and SEC Chairman Chris Cox, I announced a plan on Friday. First, the plan is big enough to solve a serious problem. Under our proposal, the federal government would put up to $700 billion taxpayer dollars on the line to purchase troubled assets that are clogging the financial system. In the short term, this will free up banks to resume the flow of credit to American families and businesses, and this will help our economy grow. Second, as markets have lost confidence in mortgage-backed securities, their prices have dropped sharply, yet the value of many of these assets will likely be higher than their current price, because the vast majority of Americans will ultimately pay off their mortgages. The government is the one institution with the patience and resources to buy these assets at their current low prices and hold them until markets return to normal. And when that happens, money will flow back to the Treasury as these assets are sold, and we expect that much, if not all, of the tax dollars we invest will be paid back. The final question is, what does this mean for your economic future? Well, the primary steps -- purpose of the steps I've outlined tonight is to safeguard the financial security of American workers, and families, and small businesses. The federal government also continues to enforce laws and regulations protecting your money. The Treasury Department recently offered government insurance for money market mutual funds. And through the FDIC, every savings account, checking account, and certificate of deposit is insured by the federal government for up to $100,000. The FDIC has been in existence for 75 years, and no one has ever lost a penny on an insured deposit, and this will not change. Once this crisis is resolved, there will be time to update our financial regulatory structures. Our 21st-century global economy remains regulated largely by outdated 20th-century laws. Recently, we've seen how one company can grow so large that its failure jeopardizes the entire financial system. Earlier this year, Secretary Paulson proposed a blueprint that would modernize our financial regulations. For example, the Federal Reserve would be authorized to take a closer look at the operations of companies across the financial spectrum and ensure that their practices do not threaten overall financial stability. There are other good ideas, and members of Congress should consider them. As they do, they must ensure that efforts to regulate Wall Street do not end up hampering our economy's ability to grow. In the long run, Americans have good reason to be confident in our economic strength. Despite corrections in the marketplace and instances of abuse, democratic capitalism is the best system ever devised. It has unleashed the talents and the productivity and entrepreneurial spirit of our citizens. It has made this country the best place in the world to invest and do business. And it gives our economy the flexibility and resilience to absorb shocks, adjust, and bounce back. Our economy is facing a moment of great challenge, but we've overcome tough challenges before, and we will overcome this one. I know that Americans sometimes get discouraged by the tone in Washington and the seemingly endless partisan struggles, yet history has shown that, in times of real trial, elected officials rise to the occasion. And together we will show the world once again what kind of country America is: a nation that tackles problems head on, where leaders come together to meet great tests, and where people of every background can work hard, develop their talents, and realize their dreams. Thank you for listening. May God bless you.
Oh well, things could always be worse.
Mixed media on an old book cover, 6 inches x 10 inches.
2009.
Sold.
24 Nuvola Court
Panoramic Ocean View Home at Peninsula Pointe overlooking Terranea Resort
homeispalosverdes.com/content/article.html/2508626/24nuvo...
Beautiful litter for sale. Little used. Space for 4-6 eggs. During summer nicely hidden behind leaves. Previous owner could no longer afford the mortgage.
Home ownership, for better or worse, is a key part of the American culture. With every foreclosure on a house the American dream passes by the masses, a little bit more...
Drive-by shot in Benton Harbor, Michigan. Vivitar Ultra Wide and Slim with Kodak EBX 100 XPRO (cropped). (Explore)
Men can take your life but the Lord judges the soul.
Found art, Three Oaks, Michigan. Did the owner write this as a message to the foreclosers?
Foreclosure quilt series, map of a Detroit neighborhood. Most of the red areas are now empty lots. Many homes have been razed because they were abandoned and left uncared for.
Wall Street, the economy, government gridlock, extremism, and simple greed have all led to the problems Americans face right now. Part of the fallout has affected one of the prime tenets of the American Dream: owning your own home. Foreclosures are at a record high and many of them are due to mismanagement and overly lax requirements for a mortgage. No one was governing while unscrupulous banks and mortgage companies issued papers to people who could not afford to buy into this part of the American Dream. All for the sake of money.
As one example, take a look at this 60 Minutes exposé of mortgage mismanagement: The Next Housing Shock.
See all the posters from the Chamomile Tea Party! Digital high res downloads are free here. Other options are available. And join our Facebook group.
Speaking of labelscars, here's one from Ayres. The Ayres name was retired in 2006; Macy's was apparently short-lived, as the store closed in early 2008.
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Washington Square Mall opened in 1974 under the ownership of Edward J DeBartolo Sr. Original anchors included JC Penney, Sears, L.S. Ayres, William H. Block, and Lazarus. The mall became a Simon branded property in 1996 when Simon merged with the DebBartolo company; the mall was renovated in 1999. By this time, it appears that Ayres became Macy's and Block became a Montgomery Ward.
By the early 2000s, JC Penney had closed, being replaced by Burlington Coat Factory. Macy's left during that time as well and was replaced by Indy Wholesale Furniture. The mall started a period of decline between 2005 and 2010, which saw the loss of several other chain stores inside the mall. Lazarus eventually was replaced by Dick's Sporting Goods and Target replaced the Montgomery Ward. Indy Wholesale Furniture left in 2013 and Sears left in 2014; both spaces are still vacant as of today. The mall's ownership changed hands in 2014 when Simon handed over its deed to the mall in order to avoid foreclosure. Kohan Retail Investment Group acquired the property in 2016.
Unfortunately, people in LA either steal or deface Banksy's art. This one is now protected, but it also has a horrible reflection.
Attorney Roy Oppenheim from foreclosure defense firm Oppenheim Law answered questions live from CBS4 during its foreclosure defense hotline. Topics discussed include: foreclosure defense, mediation in foreclosure, loan modifications and loan modification scams. For more information on Broward foreclosure defense visit: southfloridalawblog.com/ or www.oppenheimlaw.com/
Introduction:
Short Sale is a kind of real estate, where you can owe more than the estimation of your property. Lending institutes, for example, huge banks or other money related establishments will permit you to run with a short sale, so you can abstain from experiencing foreclosure issues and undoing in your credit rating over the long haul.
You can undoubtedly get rid of issues on your credit rating on the off chance that you go through this short sale process. This article will help you on how you can apply for a short sale, with the goal that you can keep away from foreclosure issues.
Contact Local Bank or Lending Institution:
As a rule, the bank goes about as a loan specialist for this situation, so it is their obligation to help you in comprehending your land issue. Attempt to show at least a bit of kindness with the Loss Mitigation Department and unveil your own trouble to them and legitimize that you truly need to go through short sale.
Gather Your Requirements:
Do your level best to gather all the required data in short selling your property. They may request that you deliver a hardship letter and before you move out of the workplace, get their names and contact subtle elements also.
Short Sale Specialists:
When you have found the right short sale specialist, request that they do market analysis and take some photographs of the property. You can likewise request assistance from your short sale specialist on the most proficient method to oversee or get ready hardship letter since, they know more than you on what to compose and to abstain from concerning it.
Compose Hardship Letter:
Set up a hardship letter with reasons on why you can't make instalments for your home loan any longer. Additionally, incorporate the bank statement copy from most recent three months, a confirmation letter on the off chance that you have ended from your employment. Additionally, incorporate business market analysis and photographs of the property taken by your short sale specialist. At that point, send the hardship letter and other documents to the Loss Mitigation Department. Usually this process may take a while, so you should be patient.
Extra Necessities:
These days, the loss migration office would ask extra requirements from you before they begin preparing your application structure. Better consult with the short sale specialists for knowing extra necessities required in the short sale process.
Sit tight For a While:
When you got the offer, your loan specialist may agree or disagree to carry out the short sale process. Generally, the final say on short sale will originate from the mouth of your loan specialist, so it is essential to be good your bank amid and after the exchange.