Five Star Institute economist Mark Lieberman has done considerable research on the homeownership rate by combing through the US Census Bureau report. He found that:
"The number of housing units held off the market in the first quarter though was 7,609,000 up from 7,299,000 in the fourth quarter and but down from 7,633,000 a year ago." (Homeownership Rate Drops to 18-Year Low, DS News)
Can you believe it? So the banks are keeping more than 7 million homes off the market to reduce listings, create the illusion of "scarcity," and push up prices. And just look at the numbers. They haven't budged in the last year, which means that things aren't really getting better at all. It's a complete hoax, in fact, it might be the biggest charade of all time.
nderwater borrowers who have not made a mortgage payment for two years? And President Dumbass wants the US government to guarantee these loans? Have you ever heard of anything more ridiculous in your life?
This is why housing prices are going up, because corrupt, carpetbagging public officials and their price-fixing allies at the Fed have moved heaven and earth to do the banks' bidding and to make sure they don't lose one red cent on their garbage stockpile of distressed homes.
It's certainly not surprising that Obama is cutting deals that screw the nation and protect bankers. He has a deep history of appointing bankers to key economic positions. They're going to put banks first, and see the banks safety and health as most important for the economy.
I can see where Obama might argue that these bank people know how the system works. I would disagree. They are the people who know how the broken system that doesn't work operates-- like the guy who's been the maintenance man for the ancient tenement building that's been around for 40 years-- who knows how to keep the decrepit plumbing and heating working enough so people don't rise up.
If you had any doubt about Obama, if you were wondering what he was doing while he seemed to be twiddling his fingers with congress, you now have an answer. Behind the scenes, he is wiping out the resources, bankrupting the US, selling it out to bankers. He's also doing it at an international level with the Trans Pacific Partnership, which we've written and published much about.
Obama may throw a few groups some crumbs. He may talk a good game-- one that's clearly become transparent as a game and not anything substantive.
He is not your friend. He is not even the Democrats friend. He's, ideologically, to the right of Reagan, Nixon and Eisenhower.
If you ever had any doubts about his loyalties-- it should be clear that the middle class is the loser and the banking and finance industries are the winners. Just look at Eric Holder, worst AG in American history (I've been saying it for almost five years) and how he's gone after patriotic whistleblowers while leaving bankers alone. Holder should be tried for criminal conspiracy to protect bank fraudsters and criminals.
I hope you don't think the congress will do anything about this situation. They are part of the problem. If you're sending money to the Democratic party, it's really not much different than sending it to Republicans. Do you really think if Harry Reid wanted to let anything happen in the senate he would have maintained the status quo for filibusters?
If the US has any hope of pulling out of the slide into corporate feudalism we are currently going through, then we need to find solutions outside the two party system, outside Washington DC. Third parties have been neutered. Independent candidates might make a difference.
Big changes happen not by directly taking on the existing system directly. They happen by supplanting and replacing the existing system. That's what has to happen. It's hard to tell when, where or how it will happen or who will make it happen. But we need to keep trying out of the box things that replace too-big to fail companies, too big for constituents to influence political parties and systems that used to be thriving with diverse elements, which are now monopolies or close to them.
Here are some ideas:
-let the banks fail.
-create public banks that do some of these risky deals-- at least the profits will go back to the people.