Saturday, January 14, 2012

"New York Federal Reserve Estimates 3.6 Million Foreclosures Will Occur In The Next Two Years"

Pat Garofalo at Think Progress:
While foreclosure rates hit a four-year low in 2011, the early signs for 2012 don’t look good when it comes to housing, as banks have begun to work through a backlog of foreclosures that were delayed by the foreclosure fraud scandal. In fact, the New York Federal Reserve anticipates that 3.6 million foreclosures will occur in the next two years, piling on to the 1 million in 2010 and the 800,000 last year. “The ongoing weakness in housing has made it more difficult to achieve a vigorous economic recovery,” said New York Fed President William Dudley. “Housing has inhibited economic activity through a number of channels.” (HT: Realty Biz News)

Willard's wild tax scheme (for starters, he doubles the Bush tax cuts for millionaires)

The Romney tax plan in five charts, courtesy of Center for American Progress' Michael Lind:

"A smart guy who is also a moral coward"

Guess who?  

Paul Krugman on Willard:
I was fairly startled by Mitt Romney’s new defense of his work at Bain: it was just like the auto bailout!
“In the general election, I’ll be pointing out that the president took the reins of General Motors and Chrysler, closed factories, closed dealerships, laid off thousands and thousands of workers. He did it to try to save the business,” Romney said on “CBS This Morning.” “We … had, on occasion, to do things that are tough to try to save a business.”
The first thought is, didn’t Romney write an op-ed titled Let Detroit Go Bankrupt? Yes, he did. But the title was misleading. What he actually called for was a “managed bankruptcy”, with government support — not too different from what actually happened.

So can Romney claim that he was for this successful policy all along? No, he can’t — because when the actual policy was proposed, he trashed it:
What is proposed is even worse than bankruptcy–it would make GM the living dead.
So what the story of Romney and the auto bailout actually shows is something we already knew from health care: he’s a smart guy who is also a moral coward. His original proposal for the auto industry, like his health reform, bore considerable resemblance to what Obama actually did. But when the deed took place, Romney — rather than having the courage to say that the president was actually doing something reasonable — joined the rest of his party in whining and denouncing the plan.

And now he wants to claim credit for the very policy he trashed when it hung in the balance.