Page one material:
"Boston Fed chief predicts solid growth, not enough jobs" by Jenifer B. McKim, Globe Staff / January 15, 2011
The sluggish housing market will weigh on the economy through 2011, slowing the pace of the recovery and helping to keep unemployment high for years, the president of the Federal Reserve Bank of Boston said yesterday.
Eric S. Rosengren said that unlike in earlier recoveries, housing, which has typically rebounded strongly after a recession, will not serve as an economic engine, but instead restrain overall growth.
See: Slow Saturday Special: Massachusetts Court Rejects Foreclosure Fraud
Housing has a bigger impact on the economy than just real estate; lackluster homes sales also mean consumers are not buying furniture and appliances, hiring contractors for renovations, or spending on other housing-related goods and services.
These Fed pukes and their papers make me sick.
Rosengren forecast the economy will continue to improve, expanding at a rate of as much as 4 percent, but not fast enough to create jobs to replace the 8 million lost in the recession anytime soon.
Related: The Boston Globe's Invisible Ink: Jobs Gone Forever
As a result, he said, unemployment, which fell to 9.4 percent last month, will slip to only about 9 percent by the end of the year. Rosengren said it could take four years for the economy to reach full employment, which is typically defined as a jobless rate of about 5 percent....
Then it is not full employment, is it?
Rosengren said housing in many areas of the country probably will not recover soon because of the high number of foreclosures and vacancies....
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Yeah, nothing about the massive fraud by the Fed and Wall Street banks.
Speaking of vacancies and foreclosures:
"Foreclosures expected to peak this year" by Janna Herron, Associated Press / January 14, 2011
Lenders are poised to take back more homes this year than any other since the US housing meltdown began in 2006. About 5 million borrowers are at least two months behind on their mortgages, and industry analysts say more people will miss payments because of job losses and also loans that exceed the value of the homes they are living in.
“2011 is going to be the peak,’’ said Rick Sharga, a senior vice president at foreclosure tracker RealtyTrac Inc. The firm predicts 1.2 million homes will be repossessed this year.
This when we have allegedly been in recovery for six quarters, blah, blah, blah.
Banks are seizing homes so they can have the hard assets on their balance sheets to back up the repayment of the fraudulent mortgage securities they sold (that the Fed bought with printing press money).
The blistering pace of foreclosures this year will top 2010, when a record 1 million homes were lost, RealtyTrac said yesterday.
One in every 45 US households received a foreclosure filing last year, a record 2.9 million of them....
Banks temporarily halted actions against borrowers severely behind on their payments after allegations of improper eviction surfaced in September.
Allegations BACKED UP by the MASSACHUSETTS SUPREME COURT and yet the Globe goes no deeper.
However, most banks have since resumed foreclosures....
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Lot of VACANT and EMPTY HOUSES out there, huh?
"Reaching out in the bitter cold; Many try to get homeless to shelter" by Akilah Johnson and Brian Ballou, Globe Staff / January 15, 2011
As temperatures plunge this weekend, advocates for the homeless have stepped up their outreach in an attempt to persuade even the most staunchly opposed to seeking emergency shelter to come in from the cold.
“Times like these, with the temperatures expected to dip . . . are life-threatening,’’ said Jim Green, director of Boston’s Emergency Shelter Commission. “We’ve been on 24-seven status.’’
Temperatures dropped sharply last night, and the National Weather Service predicted bitter cold tomorrow and Monday nights.
Yeah, I haven't seen any global warming articles the last couple of days.
Seems like even the Globe knows they can't huck that lie at this time.
In response, outreach workers have increased the frequency with which they drive around the city searching for men and women who call bridges, loading docks, and sidewalks home. Police officers, paramedics, and firefighters are looking, too, offering those in need a warm place to stay....
If a homeless person rejects a shelter bed, advocates will offer warm blankets, hot food, and extra clothes.
Many of those who refuse shelter are addicted to drugs or alcohol or are suffering from an untreated mental illness such as schizophrenia.
Or they have simply had their house taken away from them by banks.
But even some of the most ardent holdouts yield when it is this cold, and many of the city’s shelters are now over capacity....
“The number of [homeless] individuals has gone down, but the number of individuals staying at shelters has increased,’’ said Beth L’Heureux, codirector of homeless services for the Boston Public Health Commission. “During the last two blizzards, we had more people than we knew what to do with.’’
Really, the double-talk and lies is about to send me into the street!
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Don't worry about the freezing-to-death homeless when Wall Street is doing just fine:
"Trading may not be brain surgery, but it pays better" by Danielle Kucera and Christine Harper, Bloomberg News / January 14, 2011
NEW YORK — In the first three quarters of 2010, eight of Wall Street’s largest banks set aside about $130 billion for compensation and benefits....
Traders’ pay can be dwarfed by people in other professions, such as top athletes or actors....
Look at the paper making apologies for the scum.
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