LOS ANGELES, Feb. 26, 2008

Foreclosures Jump 57 Percent

Worsening Situation Comes Despite Ongoing Efforts To Help Borrowers Manage Payments

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     (AP / file)

  • News Tools Foreclosure Rates

    A state-by-state look at foreclosure rates, which were up 81 percent nationwide in 2008.

(AP)  The number of homes facing foreclosure jumped 57 percent in January compared to a year ago, with lenders increasingly forced to take possession of homes they couldn't unload at auctions, a mortgage research firm said Monday.

Nationwide, some 233,001 homes received at least one notice from lenders last month related to overdue payments, compared with 148,425 a year earlier, according to Irvine, Calif.-based RealtyTrac Inc. Nearly half of the total involved first-time default notices.

The worsening situation came despite ongoing efforts by lenders to help borrowers manage their payments by modifying loan terms, working out long-term repayment plans and other actions

"You have more people going into default and a higher percentage of the properties going back to the banks," said Rick Sharga, RealtyTrac's vice president of marketing.

The U.S. foreclosure rate last month was one filing for every 534 homes.

The Cape Coral-Fort Myers area in Florida posted the highest foreclosure rate of any metro area in the nation, with one of every 86 homes in some stage of foreclosure, said RealtyTrac Inc.

Stockton, Calif., was ranked second, with one of every 97 homes involved in a foreclosure filing, while the Riverside-San Bernardino metro area in Southern California had the third-highest foreclosure rate with filings for one of every 101 properties.

January's tally represented an 8 percent hike from December.

RealtyTrac follows default notices, auction sale notices and bank repossessions. Lenders typically consider borrowers delinquent after they fall three months behind on mortgage payments.

Attempts to help struggling home owners have fallen short.

"The loan workout modification programs aren't having a significant material effect on keeping properties from going back to the banks," Sharga said.

One dramatic trend last month was a 90 percent spike in the number of properties that were repossessed by banks, compared to January 2007.

"It suggests that there's little or no equity in a lot of these homes, because they're not even being sold to investors at auctions, and it suggests a continuing weakness in a lot of markets in terms of real estate sales," Sharga said.

Falling home values and tighter lending standards have extended the housing slump, making it tougher for homeowners unable sell their homes or refinance when they face mortgage payments they can't afford.

A wave of adjustable rate mortgage resets expected in May and June threatens to push many other homeowners into default.

During the past year, 30 states saw an increase in the number of homes that had received at least one filing.

Nevada led the nation, with 6,087 properties receiving at least one filing, up 95 percent from a year earlier but down 45 percent from December, the firm said.

That translates to a rate of about one foreclosure for every 167 households.

Rounding out the top 10 states with the highest foreclosure rates were California, Florida, Arizona, Colorado, Massachusetts, Georgia, Connecticut, Ohio and Michigan.

California had 57,158 properties reporting at least one filing, the most of any state. The total increased 120 percent from a year ago and 7 percent from December.

Florida had 30,178 homes on the foreclosure track, up about 158 percent from a year earlier and down 3 percent versus December, RealtyTrac said.


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Add a Comment See all 151 Comments
by radiob-2009 February 26, 2008 11:27 AM PST
Welcome to Shantytown, and 1984 courtesy of the democratic and republican party who have sold our nation on a chinese dime.
Reply to this comment
by lochlan-2009 February 26, 2008 11:28 AM PST
It''s going to get bad people. You know if the, everything is rosy, administration is saying it is going to get bad, then you know it is going to be bad, real bad.
Reply to this comment
by sgtrds February 26, 2008 11:39 AM PST
Part of the GOP''s trickle down economy is de-regulation. As a result these home owners are being pis*sed on...er...excuse me...."trickled down" on.
Reply to this comment
by mcvet February 26, 2008 11:46 AM PST
It''''s going to get bad people. You know if the, everything is rosy, administration is saying it is going to get bad, then you know it is going to be bad, real bad.


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Posted by lochlan at 11:28 AM : Feb 26, 2008
+ report abuse

Oh but we should all run right out and vote for MORE of the same. Record Deficits and Record Debt won''t hurt you... In a pigs eye!! ROFLMAO Seig Heil Bush
Reply to this comment
by easeup-2009 February 26, 2008 11:55 AM PST
Dumb people buying more house than they can afford, gambling on idiotic ARM''s & interest-only loans & lenders relaxing their approval standards to cash in on inflated home values....

Looks like everyone is reaping what they''ve sewn....
Reply to this comment
by walt1944-2009 February 26, 2008 12:00 PM PST
As foreseen earlier in the year, the mortgage crises is getting worse despite the "band-aids" ordered by the Great Emperor Bush II to stem the tide of foreclosures.

Much of the situation has to do with lenders coming up with temporary "rescues" which turn out to be highly advantageous to the lenders and have so many "restrictions" that many in foreclosure are ineligible. It''s the banks and mortgage companies way of "limiting" the number of temporary bailouts so it won''t cost them as much.

The thing to remember about any lender, whether it be home mortgage, credit card, or whatever, is that THEY ARE OUT TO GET YOU, ONE WAY OR ANOTHER! Restrictions, "usuery fees", and other methods hidden in the "fine print" always nail the desperate person needing help and the lenders are out there to take FULL ADVANTAGE OF IT AND OF YOU!!!!

It''s the Great Emperor Bush II''s "Ferengi Economy" at work! Full profit for business and NO profit for you!!!!

SIG HEIL, BUSH!!!!
sig heil, McCain????
Reply to this comment
by antoniof123 February 26, 2008 12:03 PM PST
radiob don''t go blaming the democrats they have not been in power sence 1994. Let me see we had Democrats for 40 years we were at the top of the world. We had a Demccrat President for the first 6 years of the Republicans in power in congress and still we were at the top of the world.

Then we get Republicans in power in congress and a Repulbican President and everything go down the tubes.

See a pattern or what I mean put the GOP in complete power on a promise that they did not keep and get a mess.

That pretty much sums it up.
Reply to this comment
by caliengineer February 26, 2008 12:08 PM PST
Better to put your trust in God. I sold my home and am now in an apartment: I trusted God. So did the prophet Daniel Rodes. Pray and seek God always.
Reply to this comment
by easeup-2009 February 26, 2008 12:09 PM PST
"The thing to remember about any lender, whether it be home mortgage, credit card, or whatever, is that THEY ARE OUT TO GET YOU, ONE WAY OR ANOTHER! Restrictions, "usuery fees", and other methods hidden in the "fine print" always nail the desperate person needing help and the lenders are out there to take FULL ADVANTAGE OF IT AND OF YOU!!!!"

Walt--no one FORCES someone to sign an adjustable mortgage.
Reply to this comment
by thecossack7 February 26, 2008 12:10 PM PST
My old college roommate, an electrical engineer who by far the smartest person in our class, recently announced that he, his wife and 3 kids were picking up stakes and emigrating to Germany. I was shocked by the announcement and asked him why.

In his words: "The USA is ruled by a predator class and nobody, Democrat or Republican, has the power to challenge or dislodge them. If you''re an engineer or scientist in the USA, it''s over for you-- your job *will* get outsourced to India at one point and it''s only going to get much, much worse. And if you own a home, don''t think for a moment that the problem is only "subprime"-- subprime is just the tip of a tsunami wave that''s soon going to overwhelm homeowners of any credit once the rates uptick.

And finally, we are approaching *$10 trillion* in debt. That''s *trillion*. As the baby boomers retire and we''re still mired in two losing wars, it''ll be double that in less than 5 years. And who''s going to be paying that debt back? That''s right sport, you and your kids.

That''s not the future I want for my kids. If you want to survive, learn a foreign language and at least have contingency plans to move. If you''re in business learn Chinese, if you''re in a SW state learn Spanish, if you''re in engineering or the sciences get some language tapes, take a course or whatever and learn German.

Reply to this comment
by radiob-2009 February 26, 2008 12:12 PM PST
Hey Sgt. who was in power in congress when deragulation and trickle down economics began?
Reply to this comment
by thecossack7 February 26, 2008 12:12 PM PST
cont''d:

"I learned enough German to get set up in Germany and I''m happily taking the offer. You have to be skilled and preferably professional-- bonus if you want to start a business-- but they''ll take you if you have something to offer. I highly recommend it. Don''t get stuck on a sinking ship. My kids will be raised as Germans but we''ll still love the USA-- at the very least, we''ll love what the USA *once was* decades ago before this mess, but sadly never will be again."
Reply to this comment
by radiob-2009 February 26, 2008 12:14 PM PST
Willie was a poor boy from the cotton south
He had dreams of being JFK
Studied hard in school
Willie met Ronnie on a Saturday night
With one look Willies breath was taken away
Ronnie was a girl from New Orleans
She been married twice before
Willie had to make her his queen
Sold his blue shirt for a brown nose degree
They packed up their bags and headed north
Studied law and history

Willie and Bonnie were hot on the campaign trail
Promises for whatever ails
Corporate bed and corn fed
Ran as fast as the money could be made
Making deals in the hot sun
Selling rockets at the point of a gun.
They double crossed the boys at the picket line
Selling them homes on the promises of a chinese dime.


Willie and Ronnie wed
selling America by the pound
Took our country and ran it into the ground
Sold the living room blinds and the color tv
Sold the Constitution and the bill of rights
For a good time on Saturday night.

They danced slow and talked real fast
Kept their hands in the offering plate
Willie made sure to make a second pass
Ronnie ran off with the cash.

Found them down south in Mexico
Selling textile mills for a dollar bill
They were living large driving a new cadillac
With a brand new baby in the back.

Shakey wanted his money
Cornered them in a motel room
Willie shot Ronnie in the back
Shakey gave Willie the keys to a new cadillac.
Reply to this comment
by radiob-2009 February 26, 2008 12:15 PM PST
Done to the beat of "Not Fade Away" in the key of G,C and D countrified. Ode to Ronnie Reagan and Bill Clinton Policys.
Reply to this comment
by sgtrds February 26, 2008 12:15 PM PST
Then we get Republicans in power in congress and a Repulbican President and everything go down the tubes.

See a pattern or what I mean put the GOP in complete power on a promise that they did not keep and get a mess.

That pretty much sums it up.

Posted by antoniof123 at 12:03 PM : Feb 26, 2008

Absolutely. Before the GOP de-regulation there used to be laws against predatory lending, which is not much short of a con job, to protect people. Now no longer. Again, the rich getting richer and the poor and middle-class getting scre*wed is the true GOP legacy.
Reply to this comment
by ltthomas13 February 26, 2008 12:16 PM PST
Why should people like me who work hard, save money and live within my means be forced to bail-out irresponsible adults who are determined to live beyond their means? Let the market work and prices will adjust. The people who were living beyond their means will also adjust down to smaller houses or rentals. Hopefully it will be a learning experience. A bail-out will reinforce poor judgement and become the foundation of the next crisis.
Reply to this comment
by sgtrds February 26, 2008 12:16 PM PST
Hey Sgt. who was in power in congress when deragulation and trickle down economics began?

Posted by radiob at 12:12 PM : Feb 26, 2008

Ronnie Raygun............
Reply to this comment
by radiob-2009 February 26, 2008 12:18 PM PST
Sgt it was a democratic congress that passed all of Ronnie''s bills.
Reply to this comment
by lochlan-2009 February 26, 2008 12:23 PM PST
Dumb people buying more house than they can afford, gambling on idiotic ARM''''s & interest-only loans & lenders relaxing their approval standards to cash in on inflated home values....

Looks like everyone is reaping what they''''ve sewn....


Posted by easeup

And the Fed doing a 1.25% bail out rate cut for the money it lends to banks, and the banks turning around and increasing the rates it gives to its customers.

"Looks like everyone is reaping what they''ve sewn...."
Reply to this comment
by jwind11 February 26, 2008 12:37 PM PST
You have to be skilled and preferably professional-- bonus if you want to start a business-- but they''''ll take you if you have something to offer.

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Posted by TheCossack7 at 12:12 PM : Feb 26, 2008

Lol, good one cossack, the liberals on this board have nothing to offer the USA, what good would they be to another country? is germany going to give them entitlements so they can sit on their butts all day and do nothing but vent misdirected anger on this board? doubt it.
Reply to this comment
by sgtrds February 26, 2008 12:40 PM PST
Sgt it was a democratic congress that passed all of Ronnie''''s bills.

Posted by radiob at 12:18 PM : Feb 26, 2008

Sure, during the first term the Congress, GOP or Democratic, tries it''s best to cooperate with the popularly elected president. However once his trickle down thoery started to to show it''s flaws they dug their heels in and forced Raygun to reverse his earlier tax cuts.
Reply to this comment
by radiob-2009 February 26, 2008 12:47 PM PST
These policys of deregulation carried forward all the way to Clintons term and on to Bush jrs. they were not reversed or stopped, nor was all of the outsourcing.
Reply to this comment
by lovegetpeace February 26, 2008 12:54 PM PST
Finally, Bush''s ''Mission Accomplished'' is complete.
Reply to this comment
by j-whitman February 26, 2008 12:59 PM PST
jwind11,,,, Can you give us anything that backs up your statement ???
Reply to this comment
by jwind11 February 26, 2008 1:00 PM PST
jwind11,,,, Can you give us anything that backs up your statement ???


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Posted by j-whitman at 12:59 PM : Feb 26, 2008

you just did
Reply to this comment
by j-whitman February 26, 2008 1:00 PM PST
radio,,,, In Bush''s 1st term this problem was brought to the floor & republicans refused to look into the issue.
Reply to this comment
by bogusbones February 26, 2008 1:01 PM PST
the consolidation of the banking industry along with a total lack of mortgage industry surveillance is partly to blame. also consumers who either did not or don''t want to understand the conditions of the mortgage are also partly to blame. the time has come to stop pointing fingers and solve the problem. i''m not an economics major but with interest rates as low as they are, it seems most of these mortgages can be re-negotiated to a lower fixed rate. if some of the lenders are not willing to take a small one time hit on these, the the proverbial defecation is really going to hit the air mover. pro active steps by both the lender and the lendee should be undertaken. with all the sky is falling rhetoric that is going on, most homeowners in jeopardy are probably just hoping they escape under the radar. our job from the public and private sectors should be to keep these people in their homes. the downside, disrupted families, divorce, economic ruin seem to be a tad harsher than finding an immediate solution.
Reply to this comment
by jwind11 February 26, 2008 1:05 PM PST
Lol, good one cossack, the liberals on this board have nothing to offer the USA, what good would they be to another country? is germany going to give them entitlements so they can sit on their butts all day and do nothing but vent misdirected anger on this board? doubt it.



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Posted by jwind11 at 12:37 PM : Feb 26, 2008

Its the fault of homeowner for getting foreclosed on...no one else...pay your mortgage or shouldnt have bought the house...anyone that blames bush for foreclosures just backs up my above post.
Reply to this comment
by johnpatrick9 February 26, 2008 1:11 PM PST
Every time we have a greedy, selfish Republican admnintstration this happens. The fat cats manipulate the markets, cash out and leave the country in the lurch. Wake up People for the Republicans only serve themselves and care nothing for the Common man. They do live better in Europe for they have rid themselves of our greedy form of capitalism and neo-fascism. We struggle to survive while they live a life. Time to throw out the neo-cons and the rightwing in America for all they do is exploit the nation while hiding behind the flag.
Reply to this comment
by j-whitman February 26, 2008 1:13 PM PST
jwind11,,,, Can you provide anything that proves your acquisation ???
Reply to this comment
by jwind11 February 26, 2008 1:13 PM PST
Every time we have a greedy, selfish Republican admnintstration this happens. The fat cats manipulate the markets, cash out and leave the country in the lurch. Wake up People for the Republicans only serve themselves and care nothing for the Common man. They do live better in Europe for they have rid themselves of our greedy form of capitalism and neo-fascism. We struggle to survive while they live a life. Time to throw out the neo-cons and the rightwing in America for all they do is exploit the nation while hiding behind the flag.


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Posted by johnpatrick9 at 01:11 PM : Feb 26, 2008

So, you are saying that people just refuse to pay their mortgage if there is a republican administration?
Reply to this comment
by jwind11 February 26, 2008 1:14 PM PST
jwind11,,,, Can you provide anything that proves your acquisation ???


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Posted by j-whitman at 01:13 PM : Feb 26, 2008

you just did again...you are to easy. anytime you or one of your lib buddies posts anything it backs up my post
Reply to this comment
by easeup-2009 February 26, 2008 1:17 PM PST
"nd the Fed doing a 1.25% bail out rate cut for the money it lends to banks, and the banks turning around and increasing the rates it gives to its customers.

"Looks like everyone is reaping what they''''ve sewn...."

Posted by lochlan at 12:23 PM : Feb 26, 2008"

uhhhh....the banks are all circling the drain.....laying off hundreds.
Reply to this comment
by joyous88 February 26, 2008 1:33 PM PST
welcome to the greed driven conservative economy,

republiCons are still making money thru haliburton

so don''t worry about the pond scum
Reply to this comment
by mcvet February 26, 2008 1:34 PM PST
you just did again...you are to easy. anytime you or one of your lib buddies posts anything it backs up my post


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Posted by jwind11 at 01:14 PM : Feb 26, 2008
+ report abuse

Just who are these "Lib''s" you nazi''s keep harping on? I''ve heard you bootlickers call just about eveyone a "Lib" at one time or another. It''s just according to the mess the Fuhrer is in today isn''t it? Now come on, HONESTLY, You don''t think Thomas Jefferson, Harry Truman, Both Roosevelts or John Kennedy are some sort of evil do you? Now IF you had attended a few of those HISTORY Classes instead of going to those Nazi Youth Rallies, You''d KNOW they were LIBERALS and you wouldn''t look like the IDIOT you are. Sieg Heil Bush!! Now folks this losers is NOT the shapest tool in the old shed... Nope not even close.
Reply to this comment
by random_radar February 26, 2008 1:37 PM PST
This is a simple problem with a painful solutions. The banks who made imprudent loan decisions get the houses back and eat the loss. The buyers who made foolish home purchases give the houses back and eat the loss. Yes, painful but simple--all according to the contract everyone agreed to.

I didn''t agree to bail out any home buyers, let alone any banks. Why is this my problem to be paid for with my taxes to bail out or subsidize stupid, greedy people? Whatever happened to survival of the fittest? We have to let the unfit be destroyed or they drag down the gene pool.
Reply to this comment
by mcvet February 26, 2008 1:39 PM PST
So, you are saying that people just refuse to pay their mortgage if there is a republican administration?


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Posted by jwind11 at 01:13 PM : Feb 26, 2008
+ report abuse

I see you skipped ANOTHER class too! Basic READING is taught at EVERY highschool during the evenings! Let me guess! YOU think we should cut taxes to the Rich, allow that to trickle down to the lower classes. Then we cut "Spending" and you and your "Party" will balance the budget! THis will fix EVERYTHING? Right swastika breath? ROFLMAO People those who continue to allow freaks like this to tell you what OTHER people mean and say are absolutely out of their minds!! ROFLMAO Sieg Heil Bush!! Come on you Bootlicker let the fuhrer hear ya!! SIEG HEIL BUSH!! ROFLMAO
Reply to this comment
by mcvet February 26, 2008 1:41 PM PST
Actually, I wouldn''''t even call him a "tool", but more like the mysterious wooden handle propped up in the corner of the shed, that''''s completely missing the head!


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Posted by USAyesterday at 01:38 PM : Feb 26, 2008
+ report abuse

LOL I have to agree with you on that one. This poor smuch KNOWS everything and KNOWS what everyone means... can''t read or never attended a history class but he''s STILL superior! ROFLMAO
Reply to this comment
by bm6005 February 26, 2008 1:42 PM PST
Looks like everyone is reaping what they''''ve sewn....
Posted by easeup

Just like a republican, blame the victims! Not all foreclosures are due to your claim. "Are there no debtors prison''s....." Scrooge.
Reply to this comment
by kennergirl February 26, 2008 1:51 PM PST
Well the banks were so hell bent on giving all these people ARM mortgages I guess they were taking a chance too? Right? What I mean is no one has a crystal ball to see what the future market might be but if a larger percentage of your mortgages are ARM wouldn''t that set a bell off in your head that when the "hard times" come they would be the first to default? Why do people take ARM mortgages in the first place? Because they don''t have the right amount of change to put down on the house anyway.
Reply to this comment
by easeup-2009 February 26, 2008 1:52 PM PST
"Just like a republican, blame the victims! Not all foreclosures are due to your claim. "Are there no debtors prison''''s....." Scrooge.

Posted by bm6005 at 01:42 PM : Feb 26, 2008"

Layoffs by bank:

Bank of America--3,000
Countrywide--11,000
Citibank--17,000
National City (in Cleveland)--3,400

Which victims am I blaming?

idiot
Reply to this comment
by easeup-2009 February 26, 2008 1:57 PM PST
"2. It just goes to show you that the wealthy have their own playground, and they aren''''t letting anyone else in.

Posted by USAyesterday at 01:53 PM : Feb 26, 2008"

Only the wealthy have stocks? Over 50% of the country has some form of investment tied into the stock market. It''s so funny when the naive, fawn-eyed bartending lib thinks only the rich have stocks. How cute.
Reply to this comment
by fishinfool43 February 26, 2008 1:59 PM PST
thats what happens when lenders o.k. loans they know borrowers can''t cover.
Reply to this comment
by bobbyfunn February 26, 2008 2:07 PM PST
The banks didn''t take any risks in selling the ARMS to dimwitted and speculative borrowers. The banks marketed high margin products and then sold them as securitized investment pools (like a Real Estate mutual bond fund) to mutual funds, insurance companies, hedge funds, foreign governments, etc. Since the rating agencies said they were safe who cared what the underlying asset (the future earnings of the ARM''s) was doing since it was diversified. If rating agencies had said the pools were *** from the get-go lenders would have been tighter and people who couldn''t afford homes and investment properties would still be in apartments saving cash instead of destroying their credit and costing taxpayers and new credit worthy borrowers. As much as most of us hate fat-cat corporate ''neocons''. Thier slime greases the economy. If they''re not investing you are stuck.
Reply to this comment
by easeup-2009 February 26, 2008 2:13 PM PST
Posted by USAyesterday at 02:03 PM : Feb 26, 2008

Fair enough--I have a 401k that''s doing great & I certainly am not "wealthy." To your 1st point, the market usually reacts to other economic news (commodity prices, earnings reports, unemployment, etc.), so when the general economic news is good, the market usually responds--so maybe the foreclosure "crisis" may not have as much impact on the market as we all thought?
Reply to this comment
by easeup-2009 February 26, 2008 2:15 PM PST
"The banks didn''''t take any risks in selling the ARMS to dimwitted and speculative borrowers. The banks marketed high margin products and then sold them as securitized investment pools (like a Real Estate mutual bond fund) to mutual funds, insurance companies, hedge funds, foreign governments, etc. Since the rating agencies said they were safe who cared what the underlying asset (the future earnings of the ARM''''s) was doing since it was diversified. If rating agencies had said the pools were *** from the get-go lenders would have been tighter and people who couldn''''t afford homes and investment properties would still be in apartments saving cash instead of destroying their credit and costing taxpayers and new credit worthy borrowers. As much as most of us hate fat-cat corporate ''''neocons''''. Thier slime greases the economy. If they''''re not investing you are stuck.

Posted by bobbyfunn at 02:07 PM : Feb 26, 2008"

So Countrywide laying off 11,000 employees was all part of the "slimy neocon plan?"

geez............
Reply to this comment
by bobbyfunn February 26, 2008 2:28 PM PST
So Countrywide laying off 11,000 employees was all part of the "slimy neocon plan?"

geez............
That''s seemed to have been the problem...no planning or thought of the future. There was no plan other than sell as many loans as possible, striking while the iron was hot. Don''t forget to include the real estate agents, contractors who work for property flippers, appraisers, and the coutless other self-employed individuals with a stake in the RE market.
Reply to this comment
by missingamerica February 26, 2008 2:49 PM PST
The whole problem, as I see it, is that Bush and the Republicans came in with their "Business is being inhibited by too much regulation!" attitude and their "Market forces will ensure that business is self-regulating." lie.

So of course America''s businesses - and you have to remember that far too many of them are like Halliburton and reflect the leadership of people like Cheney - set out on an economic "rape and pillage" spree, where the definition of "morality" - and even common sense - only had to meet one criteria: "Does it make you money RIGHT NOW?".

Now they''ve gotten their money - scads of it - but they''ve crippled America.

Except they don''t see it that way - you see, having gotten their money, they are perfectly insulated from the impact of their immoral and quite often criminal actions.

See, it really pays to be a Republican - and all you have to give up is any concern about the people of America, the children of the people of America, or the future of America...
Reply to this comment
by canyoutellme-2009 February 26, 2008 2:54 PM PST
i just bought a foreclosure 2 months ago. Poor sap who bought it before me paid 640,000 for it just *two* years ago. I picked it up at $460,000 as a bank-owned REO property. Put about 7K into repairs and it''s as good as new. Well under market value so I can absorb future price drops as well. It sucks for the guy they foreclosed on, but it was good for me!

Reply to this comment
by omega39-2009 February 26, 2008 2:56 PM PST
geez............
That''''s seemed to have been the problem...no planning or thought of the future.
Posted by bobbyfunn

And that in a nutshell is exactly what''s wrong with our society. While the rest of the world looks after their citizens, resources and solvency, we look to the profits for the next quarter and what we can do to expand them at the cost of the overall well being of this country.
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