There are many officials inside the beltway that need to take a field trip around the country. A recent headline reads: “Bernanke declares ‘recession is very likely over’.”
Perhaps for those in soft government posts but not in most corners of the country.
One-third of today’s Saddleback Valley News, 15 out of 44 pages, have top to bottom, 8 point type foreclosure notices. Note: The SV News is our local Register supplement. Perhaps Chairman and a member of the Board of Governors of the Federal Reserve System Ben Bernake should tell these property owners that all is well and the recession is over as they are about to lose their homes.
The Chinese philosophy of “yin” and “yang” is truly in play during these troubling times.
While our neighbors lose their homes the print media receives a windfall. If not for these non stop foreclosure notices every week the shaky bottom line of print media financial reports would contain more red ink than found in their print room.
Folks. Let’s see which of your local newspapers wins the prize for publishing the fewest number of foreclosure notices this week. We can then notify the Chairman.
Larry, the foreclosure rate is sky high but guess what, banks aren’t releasing those homes to the public. It’s a way to manipulate their numbers to look good in their quarterly earnings reports. Thus, we see bank stocks doubled, tripled and quadrupled within the last 12 months, including the big boy, Goldman Sachs.