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DC And Wall Street Are Wall-To-Wall Liars
From Karl Schwarz
Dear Karl,
Just as Washington was telling you the Great Recession is "over," the crisis that originally caused it is rearing its ugly head again:
Just this morning, RealtyTrac has reported that, in January, the number of U.S. families facing foreclosure surged a shocking 15% higher compared to the same month last year.
The detail in the report is even more shocking:
* In January, one in every 409 U.S. homes was sent a default notice, scheduled for a foreclosure auction or repossessed by a bank.
* Banks repossessed more than 87,000 homes last month alone - that's a whopping 31% increase over January 2009.
* While an all-time record 2.8 million households were threatened with foreclosure last year, RealtyTrac expects that number to surge to 3.5 million this year - an appalling 40% increase.
This is not exactly reassuring news - especially coming on top of December's record 17% plunge in home values ...
Not to mention Fannie Mae's January report that the delinquency rate among homeowners with conventional loans more than doubled in a single year - from 2.1% in November of 2008, to 5.3% in November of 2009.
Only one conclusion makes any sense at all: Despite all of Washington's rosy claims, this highly touted "recovery" is little more than a trap.
And it means that, once again, anyone who trusts Washington or Wall Street's economic analysis or investment advice is about to get his head handed to him!
No wonder so many Americans are FED UP with Washington and Wall Street, saying:
"You tricked me once - into buying tech stocks with no earnings - those stocks crashed and cost me a bundle.
"You tricked me TWICE - into buying real estate and banking stocks - that cost me even more.
"Now, I'm madder than hell and I will NEVER trust Washington or Wall Street ...ever again.
Karl W. B. Schwarz Managing Director, CEO Rokkors Nanotechnologies GmbH iGr Vienna Austria A-1010
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