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Foreclosures are up, and the Administration's programs to stop them are down, well below their stated goals, only helping 1/6th of those promised assistance.

And here's a statistic for you: 300,000. That's the number of foreclosure filings every month for the past 17 months. This year, 1.9 million homes will be lost, down from 2 million last year. Is that progress? In July alone, 92, 858 homes were repossessed.

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At the same time, the number of cancelled mortgage modifications exceeded the number of successful ones. According to, last month, "the number of trial modification cancellations surged to 616,839, greatly outnumbering the 421,804 active permanent modifications."

And don't think this is only a problem that affects the homeowners about to go homeless. The New York Times quotes Michael Feder, the chief executive of the real estate data firm Radar Logic to the effect that we are all at risk.

"My concern is that if we have another protracted housing dip, it's going to bring the economy down," Mr. Feder said. "If consumers don't think their houses are worth what they were six months ago, they're not going to go out and spend money. I'm concerned this problem isn't being addressed."

The larger point is that even if you believe the economy is already down, it can go lower. No one knows how to "fix it" either just as BP couldn't plug the "leak" that, truth be told, is still oozing oil.

So what are we doing about it? Are we demanding debt relief or a moratorium on foreclosures? Are we shutting down the foreclosure factories? Are we going after financial crime?

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Progressives are spending time and wasting passion this August debating on an Islamic Cultural Center near Ground Zero, invariably responding to the provocations and agenda of adversaries. They are always on the defense, never taking the offense.

Who is beating the drum for job creation and a new economic policy? Maybe the unions, but their voice is muted and ignored in the electronic noise machine. Marches are planned by the UAW and Rev. Jesse Jackson on August 28th in Detroit and in Washington on 10.02.10. But the expected war of the words between Rev. Al Sharpton and Glenn Beck over the legacy of the March on Washington is expected to generate more media heat.

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News Dissector Danny Schechter is blogger in chief at Mediachannel.Org He is the author of PLUNDER: Investigating Our Economic Calamity (Cosimo Books) available at See

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Hours of airtime and tons of ink are fueling a war... by Danny Schechter on Monday, Aug 23, 2010 at 10:12:53 AM
Absolutely, I posted this a few days ago. Thanks f... by Marika on Monday, Aug 23, 2010 at 10:38:11 AM
keep sheeples busy while our country goes down the... by Laura Roberts on Monday, Aug 23, 2010 at 11:42:04 AM
Of the all the crimes Obama committed against prog... by Miriam Callaghan on Monday, Aug 23, 2010 at 11:49:02 AM
is creating job programs like FDR did. Put people ... by Michael Shaw on Monday, Aug 23, 2010 at 1:37:52 PM
The answer I received from a banker when I asked t... by John Shriver on Tuesday, Aug 24, 2010 at 9:26:52 AM
Remember the days when banks actually paid you int... by Michael Shaw on Tuesday, Aug 24, 2010 at 12:09:33 PM
Your father was a smart man. I also remember those... by Debbie S on Wednesday, Aug 25, 2010 at 8:42:24 AM
What really gets at my crawl are these history rev... by Michael Shaw on Wednesday, Aug 25, 2010 at 3:31:26 PM
To quote the title of a sci-fi thriller, but our b... by Richard Lee on Monday, Aug 23, 2010 at 8:11:43 PM
the corporatist judges are already in place. Just ... by Michael Shaw on Tuesday, Aug 24, 2010 at 12:48:17 PM
American Leaders...Enough to PO any one. What a si... by Debbie S on Tuesday, Aug 24, 2010 at 12:54:57 AM
today. I looked them square in the eye and asked t... by Laura Roberts on Tuesday, Aug 24, 2010 at 1:17:56 AM
This all supports my theory--that Obama and compan... by Perry Logan on Tuesday, Aug 24, 2010 at 6:02:13 AM
and Mitch McConnell is a Communist disguising hims... by John Sanchez Jr. on Tuesday, Aug 24, 2010 at 8:11:21 AM
Do you think the right wing would fall for this in... by zonie on Tuesday, Aug 24, 2010 at 12:43:50 PM
Our Corporatist Legislators in Washington have exa... by greg timmons on Tuesday, Aug 24, 2010 at 1:52:44 PM
In case you missed it, the corporations just took ... by Richard Lee on Tuesday, Aug 24, 2010 at 7:42:48 PM
You just confirmed my comment -------- people are ... by greg timmons on Tuesday, Aug 24, 2010 at 9:28:17 PM
Your priorities are self-serving and out of sync. ... by Richard Lee on Tuesday, Aug 24, 2010 at 9:44:43 PM
We are now the Richest Third World Country on the ... by greg timmons on Tuesday, Aug 24, 2010 at 9:56:17 PM
They risked their lives, their fortunes, and their... by Richard Lee on Wednesday, Aug 25, 2010 at 7:52:20 PM