The recent recession wiped out nearly two decades of Americans’ wealth, according to government data released Monday, with middle-class families bearing the brunt of the decline.
The Federal Reserve said the median net worth of families plunged by 39 percent in just three years, from $126,400 in 2007 to $77,300 in 2010. That puts Americans roughly on par with where they were back in 1992.
On Recession Road:?Photocasting across America with Michael S. Williamson: A Washington Post photojournalist has spent the year traveling around the country, meeting people whose lives have been altered by the flattened economy.
The data represent one of the most detailed looks to date of how the economic downturn altered the landscape of family finance. Over a span of three years, Americans watched progress that took almost a generation to accumulate evaporate. The promise of retirement built on the inevitable rise of the stock market proved illusory for most. Homeownership, once heralded as a pathway to wealth, became an albatross.
Those findings underscore the depth of the wounds of the financial crisis and how far many families remain from healing. If the recession set Americans back 20 years, economists say, the road forward is sure to be a long one. And so far, the country has only seen a halting recovery.
Read more HERE.
Krugman utterly despises conservatives, remember, so there’s no way he’s intentionally advancing this damning indictment to damage the president he’ll support in the fall. Perhaps he just assumed that because he was among friends at Netroots Nation (you know, the conference that cheered abortion), he had extra latitude to temporarily abandon his partisan hackery. I’m not even sure if I’d characterize the current Obama malaise as a “depression,” but the New York Times columnist seems to think the shoe fits. Be sure to catch his full quip about the state of today’s US economy:
“It’s not as bad as the Great Depression. There’s a winning slogan…but it’s incredibly awful.”
Get it all HERE.
More pictures of an early obama found HERE.
What? His buddies may not vote for him? (you know they will, because obama is islamic and Romney is not)
Muslims Say They Can’t Guarantee Obama Their 2012 Election Vote — Huffington Post
As President Barack Obama travels across the country to raise funds and court voters, one group that was drawn to his candidacy four years ago has expressed a feeling of being further and further marginalized.
Muslim Americans could play a critical role in several battleground states come November. But while they supported Obama overwhelmingly in 2008, their votes are hardly guaranteed this go around.
Early in the Obama administration there was little reason for complaint. The president openly criticized the Bush administration’s policies of torture, signing of the Patriot Act and excessive surveillance of Muslims, and vowed to shut down Guantanamo Bay within a year. In a 2009 address in Cairo, Obama marked “a new beginning” for the United States, one in which the war on terror would no longer be synonymous with its marginalizing approach to Muslims.
But many of the promises have been left unmet. Nearly four years later, Guantanamo remains open, and just last year the president signed into law a four-year renewal of some of the Patriot Act’s most controversial provisions. And in some instances, administration policy has alienated the Muslim-American community. The continued drone strikes in Pakistan and revelations about Obama’s secret “kill list” of terrorist targets are among the list of policies that have caused some Muslims to re-think whether they will vote for Obama again this fall.
“This year there are many issues that are of great concern, looking at the last four years of President Obama, especially concerning civil rights,” said Naeem Baig, chairman of the American Muslim Taskforce, a coalition representing 13 of the country’s largest Muslim organizations.
“A good number of people are asking, why should we support the president when he did not deliver on many of the promises he made?”
The AMT endorsed Obama in 2008 but has not yet made an endorsement this cycle. Baig says it would be premature to leave any options off the table. “There’s a very strong voice asking about a possible third-party candidate,” he said.
(in-ep-toc’-ra-cy) – a system of government where the least capable to lead are elected by the least capable of producing, and where the members of society least likely to sustain themselves or succeed, are rewarded with goods and services paid for by the confiscated wealth of a diminishing number of producers. syn- socialism.
Unless we can get Obama out of the White House, this country is headed for ineptocracy.
The economic crisis in Greece is a classic example of the dangers of ineptocracy.
Hell yeah! Way better than tp’ing trees! But do wonder, how many rolls of aluminum foil was used here (just for future reference!).
From Roger Simon:
At PJ Media, we want to continue to provide new and unique insight and perspective into important news stories that are underreported in the mainstream media.
Today, I’m pleased to announce that Robert Spencer, the director of Jihad Watch and an expert on the threat of Islamic jihad, has joined PJ Media as a weekly contributor.
(another great blog to keep up with those jihadists that are certainly out to kill us is HERE.)
Every state should be suing!
Governor Rick Scott is suing the Obama Regime over its voter registration purge:
Florida Gov. Rick Scott (R) said he will sue the Department of Homeland Security (DHS) to move forward with his controversial attempt to purge the voter-rolls in his state of ineligible voters.
“I have a job to do to defend the right of legitimate voters,” Scott told Fox News on Monday. “We’ve been asking for the Department of Homeland Security’s database, SAVE, for months, and they haven’t given it to us. So this afternoon, we will be filing a lawsuit, the secretary of State of Florida, against the Department of Homeland Security to give us that database. We want to have fair, honest elections in our state and we have been put in a position that we have to sue the federal government to get this information.”
Last week, the Department of Justice demanded Florida stop the voter-roll purge, saying it violated the federal Voting Rights Act and the National Voter Registration Act, and was reliant on faulty Department of Motor Vehicle records to determine who is eligible to vote.
The Scott administration responded with a letter to Attorney General Eric Holder saying it would continue the voter-roll purge, and is now seeking the DHS federal database as a part of that push.
Republicans argue that state voter registration rolls are filled with noncitizens and others that are ineligible to vote. Democrats argue that the GOP is trying to strip voting rights from groups that tend to vote Democratic, and that there are only a handful of cases of voter fraud of the kind the GOP seeks to root out.
PROVIDENCE — One frequently overlooked trait of the progressive bloggers who attend Netroots Nation is their close monitoring of House and Senate races. And one of the races they’re most interested in is Florida GOP Rep. Allen West’s re-election campaign.
At a crowded panel on the House and Senate landscape on the convention’s first day, the conservative lightning rod was the subject of an extended discussion that ranged from his polling and prolific fundraising to the effect that redistricting has had on his South Florida-based district.
How closely do progressives follow the freshman Republican’s campaign? Consider the fundraising of his Democratic opponent Patrick Murphy, which hint at it. Murphy, a first-time candidate, has raised more than $1.7 million through the first quarter alone – and more than $1.6 million of it is from individual contributions.
Markos Moulitsas, founder of the influential blog Daily Kos, explained why West’s contest is likely to end up as one of the most expensive House races in the nation by Election Day.
“He’s one of our best villains. There’s nothing that raises money like a good villain,” he said of the GOP congressman who recently estimated that close to 80 House Democrats were communists. “Tell ‘em you’re running against Darth Vader and the spigots open.”
Here you go, the left begging obama to be our dictator! Won’t be long until the left calls out “mein fuhrer” when obama marches out.
Important parts of President Barack Obama’s political coalition — Hispanics, the gay and lesbian community, and women — are looking to the White House to act on its own via executive order given that their issues are going nowhere in Congress.
The White House so far has resisted executive orders on the DREAM Act and discrimination by federal contractors as it continues, publicly at least, to push for legislation that appears doomed.
But Obama’s allies on Capitol Hill suggest it’s time to reconsider that cautious approach — and they say the White House is taking another look.
“You’d have to say that the last year and a half of tea party dominance in the House has been a very unproductive period, and they’ve been unwilling to take and even consider some of these issues, so I can understand the frustration of many people on the outside and the dilemma facing the White House,” Senate Majority Whip Dick Durbin (D-Ill.) said. “I wouldn’t rule it out. … The president needs to consider taking action by executive order when Congress will not respond to a major national challenge.” [...]
Gay rights groups, meanwhile, have been pressing the Obama administration for an order banning LGBT discrimination by federal contractors. And there have also been rumblings about an executive order applying pieces of the filibustered pay equity bill to contractors as well. So far, the White House has resisted.
Several liberal lawmakers, however, say Obama would help his constituencies by acting more on his own.
“Slow isn’t working,” said Rep. Lynn Woolsey (D-Calif.), a liberal who has long complained of a too-cautious White House. “These groups need to know that there is support for them. The time for not ruffling feathers is past. It’s not worked. It’s time to ruffle feathers and show the people that support this White House that he supports them.”
Rep. Keith Ellison (D-Minn.), co-chairman of the Congressional Progressive Caucus, said, “We would far prefer that they move forward and vindicate people’s rights as soon as possible.” He noted that when Obama came out for marriage equality, it helped, not hurt, and that his base would like to see more.
“You can have tepid support or you can have enthusiastic support, and we can use all we can,” Ellison said.
Obama channeling Fat Ass Gore!
President Obama is quoted in a New Yorker column by hooked-in journalist Ryan Lizza as believing the most important issue to address in his second term would be climate change.
“Obama has an ambitious second-term agenda, which, at least in broad ways, his campaign is beginning to highlight. The President has said that the most important policy he could address in his second term is climate change (italics mine), one of the few issues that he thinks could fundamentally improve the world decades from now. He also is concerned with containing nuclear proliferation.”
. . .Tens of millions of people out of work or underemployed; pension funds at risk; the entitlement crisis is getting worse every day it is unaddressed; the oncoming “fiscal cliff” threatens to throw us into another recession (predicted by the non-partisan Congressional Budget Office; Taxmaggedon begins on January 1st; our deficit is enormous and we have accumulated trillions of dollars of debt under his presidency with nothing to show for it other than high unemployment and high debt; and Barack Obama believes climate change trumps these concerns?
Of course he would as these would not be independent at all! Am sure obama and holder will guide them and tell them what to say and not say.
(The Washington Times) — The White House is standing by Attorney General Eric H. Holder Jr.’s decision to appoint two U.S. attorneys to investigate the recent spate of national security leaks, rejecting Republican arguments that only an outside counsel would be independent enough for such as task.
White House spokesman Jay Carney on Monday briefly said “there is no need for a special counsel” to look into the national security leaks, arguing that “these things have been consistently investigated” by the Justice Department.
“There are very capable people in the Department of Justice,” he said, referring all additional questions to the Justice Department.
Mr. Holder on Friday announced the decision to tap two U.S. attorneys to look into the leaks of classified material, but Sen. John McCain, Arizona Republican and the leading critic of the national security breaches, immediately rejected the decision to allow the Justice Department to investigate the administration. . . .
After articles about a U.S. “kill list” governing drone attacks and another about U.S. cyber-attacks on Iranian computers appeared in the New York Times over the last few weeks, Mr. McCain began railing against the leaks, blaming them on administration officials trying to make Mr. Obama look like a tough, decisive leader ahead of the November election.
The president reacted to the accusations with indignation during a press conference with reporters Friday morning, just hours before Mr. Holder announced he had appointed two chief federal prosecutors to lead a pair of investigations into the leaks.
“The notion that my White House would purposely release classified national security information is offensive,” he said, pledging to get to the bottom of them.
Of course he would address these liberal assholes! He knows he would be booed and laughed at if he attended a Tea Party convention!
(The Hill) — President Obama taped a surprise video message for activists attending the progressive Netroots Nation conference, telling them that “change is hard, but we’ve seen it’s possible.”
“It’s hard to believe this is already the fourth Netroots Nation of my presidency,” said Obama, greeting attendees in the pre-recorded message which was played at the summit in Providence, R.I. on Saturday. “That’s like 200,000 news cycles on Twitter,” he joked.
Obama, who has faced criticism from some progressive activists for not doing more to help unseat GOP Gov. Scott Walker in Wisconsin’s failed recall effort and who has been on the defensive on the economy and seen rival Mitt Romney rise in the polls, sought to reassure liberal supporters in his message.
“Four years ago, we came together because we shared a simple belief — that people who love their country can change it. And you have,” he said.
“I know it hasn’t always been easy. I know the petty political fights in Washington can be frustrating, and believe me, I know that. But I hope you’ll look back and think about the fact that everything you did, step-by-step and day by day, has helped bring about the changes we’ve fought for.
The president touted many of his achievements including the Affordable Care Act, with the video cutting away to a clip of a family from Englewood, Colo. discussing how the healthcare reform law helped them secure coverage for their sick son.
“Change is also doubling down on clean energy and enacting historic fuel efficiency standards, changing our entire trajectory after decades of inaction,” Obama continues.
“Change is the fact that for the first time in history you don’t have to hide who you love to serve the country,” he adds, referencing the repeal of “Don’t Ask, Don’t Tell.”
Obama also mentions his ending of the war in Iraq and the killing of al Qaeda leader Osama bin Laden.
(that last part? am thinking both obama and the unwashed at this convention must reinforce their non-existent manhood)
Obama campaign releases first black radio ad… Saying he has their back! Who in the hell has our back? Can’t be the president then!
Does Washington have the American taxpayers’ interests as their top priority? Watch as lobbyists drown out your voice and Peter fights the tide.
Peter Schiff went to DC to a House subcommittee on housing and he didn’t mince words when telling Congress, in short, to get out of the way and let the free market manage housing. He said some very confrontational things in a polite way, of course.