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June 22, 2010

MBFT #2: Obama "Recovery" Update

Posted by Gregory of Yardale at June 22, 2010 4:10 AM

So, how is that awesome Obama Recovery going? Let's check in:

2010 just notched up its 83rd bank failure. This compares with 40 failures by this time in 2009.

And Fannie and Freddie are taking over foreclosed homes at the rate of one every 90 seconds. So far, taxpayers are on the hook for $150 Billion in bailouts to Fannie and Freddie, but the ultimate number is likely to be $400 Billion or more.

And Bammy's big mortgage bailout program? Unsurprisingly, another colossal FAIL. $75 Billion down the crapper just so those people who bought more house than they could afford could delay the inevitable a few months.

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