You are getting your information from the people who want to take more control over the finacial markets. If you get your news from different sources you do not get the same picture. Until people quit losing their homes and unemployment starts going down the recession is not ending.
August Foreclosures Up 18 Percent Over 2008
From consumeraffairs.com | 2009-09-11 16:02:27
Most activity still centered in a few states
The rate of foreclosure activity dipped slightly in August from the previous month, but still remains sharply higher than 2008's rate.
The latest monthly report from RealtyTrac, a foreclosure tracking firm, shows foreclosure filings - default notices, scheduled auctions and bank repossessions - were reported on 358,471 U.S. properties during the month, a decrease of less than 1 percent from the previous month but still an increase of nearly 18 percent from August 2008. The report also shows one in every 357 U.S. housing units received a foreclosure filing in August.
Poll: 80?ay economy poor
WASHINGTON — One year after Wall Street teetered on the brink of collapse, seven of every 10 Americans lack confidence that the federal government has taken safeguards to prevent another financial-industry meltdown, according to a new Associated Press-GfK poll.
Even more — 80 percent — rate the condition of the economy as poor, and a majority worry about their ability to make ends meet. The pessimistic outlook sets the stage for President Barack Obama as he attempts to portray the financial sector as increasingly confident and stable and presses Congress to act on new banking regulations.
The public sentiment also poses a challenge to central elements of Obama's governing agenda. Half of those surveyed said deficit reduction should be a national priority over increased spending on health care, education or alternative energy.
A year after financial crisis, a new world order emerges
The unemployment rate rose to 9.7 percent in August and is expected to peak above 10 percent in the months ahead. It's already there in at least 15 states. Regalia thinks that it could be five years before the U.S. economy generates enough jobs to overcome those lost and to employ the new workers entering the labor force.
All this is likely to keep consumers on the sidelines.
"I think this financial panic and Great Recession is an inflection point for the financial system and the economy," said Mark Zandi , the chief economist for forecaster Moody's Economy.com. "It means much less risk-taking, at least for a number of years to come — a decade or two. That will be evident in less credit and more costly credit. If you are a household or a business, it will cost you more, and it will be more difficult to get that credit."
The numbers bear him out. The Fed's most recent release of credit data showed that consumer credit decreased at an annual rate of 5.2 percent from April to June, after falling by a 3.6 percent annual rate from January to March. Revolving lines of credit, which include credit cards, fell by an annualized 8.9 percent in the first quarter, followed by an 8.2 percent drop in the second quarter.