Archive for the ‘homes’ Category

Even if Obama’s Perfect, Economy May Continue to Drag

November 9, 2008

This is one hell of a way to win.

Barack Obama owes his victory in large measure to the prospect of the longest and deepest economic downturn in a quarter-century and perhaps since the Great Depression. If he performs well, he could become a great president. If he flubs it, he could get the same reception as Jimmy Carter. In the crassest political terms, it was good luck to have the financial crisis hit so close to the election. But Obama’s lucky streak will end in a hurry if he can’t find a way out of this mess. He will also have to manage expectations: Even if he does everything perfectly, we probably won’t turn the corner for 18 months, and the downturn could last far longer than that.

By Joseph Stiglitz
The Washington Post
Sunday, November 9, 2008; Page B03

The first task facing President-elect Obama, after eight years of misguided economic policies, will be to begin the recovery — or at least forestall a further decline. It won’t be easy. Some 1.2 million jobs have already been shed this year, and some three-quarters of a million Americans are about to exhaust their limited unemployment-insurance benefits. By October, only 32 percent of unemployed Americans were receiving unemployment checks. To make matters worse, when Americans lose their jobs, they typically lose their health insurance, too. Meanwhile, 3.8 million homes are under foreclosure, and states are facing massive revenue shortfalls; without assistance, they will have to cut spending, plunging the economy deeper into recession.

Obama keeps people guessing on missile shield amid Russian threats
AFP/File/Stan Honda

Read the rest:
http://www.washingtonpost.com/w
p-dyn/content/article/2008/11/0
6/AR2008110602997.html?hpid=
opinionsbox1

Six Months after Myanmar Cyclone, Rebuilding Lags Due To Government Hastles

November 2, 2008

After the cyclone devestated Myanmar last May, the military junta governing the former Burma was so uncooperative and unhelpful that even international aid groups were delayed and hastled….

From the Associated Press

YANGON, Myanmar – Six months after Cyclone Nargis smashed into Myanmar‘s coastline, killing tens of thousands of people, aid groups say once-lagging relief efforts have picked up pace but the task of rebuilding and recovery is far from finished.

Foreign aid staffers were initially barred from cyclone-affected areas and the ruling military junta was criticized for its ineffective response to the May 2-3 disaster. During a visit by U.N. Secretary-General Ban Ki-moon in late May, it agreed to allow in some foreign aid workers and formed a “Tripartite Core Group” made up of the government, the U.N. and Southeast Asian countries to facilitate the flow of international assistance.

A Buddhist monk walks over the remains of his cyclone-destroyed ... 
A Buddhist monk walks over the remains of his cyclone-destroyed monastery in Kaunt Chaung. Six months since Cyclone Nargis lashed the secretive state of Myanmar – killing 138,000 people – the initial despair over the ruling junta’s inaction has been replaced by cautious optimism that more aid is reaching the country’s needy, the UN has said.(AFP/File/Lisandru)

Despite the slow initial response, “the relief effort for the first six months has been successful,” said Ramesh Shrestha, the representative in Myanmar for UNICEF, which has coordinated aid to women and children. “However, we cannot stop now.”

The U.N. said in a statement issued Sunday on behalf of the Tripartite Core Group that “there is a continued need for emergency relief, as well as support for early and long-term recovery efforts.”

Only 53.3 percent of the $484 million in relief money sought by a U.N.-coordinated appeal has been raised, it said.

The official death toll is 84,537, with 53,836 others listed as missing. Some 2.4 million people were severely affected by the storm, with the total damage estimated as high as $4 billion.

A major pressing issue is how survivors will be able to support themselves.

Recent visitors to the Irrawaddy Delta, the area worst hit by the storm, report that most cyclone victims have cooking utensils, mosquito nets and other basic necessities. But they express concern about opportunities to earn enough money to buy food.

Read the rest:
http://news.yahoo.com/s/ap/20081102/ap_on_re_as/as_myanmar_cyclone_
recovery;_ylt=AoBSM67gxcYSKm3mpGUipeCs0NUE

Homeowner equity is lowest since 1945

March 6, 2008
By J.W. ELPHINSTONE, AP Business Writer 

NEW YORK – Americans’ percentage of equity in their homes fell below 50 percent for the first time on record since 1945, the Federal Reserve said Thursday.

Homeowners’ portion of equity slipped to downwardly revised 49.6 percent in the second quarter of 2007, the central bank reported in its quarterly U.S. Flow of Funds Accounts, and declined further to 47.9 percent in the fourth quarter — the third straight quarter it was under 50 percent.

That marks the first time homeowners‘ debt on their houses exceeds their equity since the Fed started tracking the data in 1945.

Read the rest:
http://news.yahoo.com/s/ap/20080306/ap_on_bi_ge/home_equity;_ylt=
AkRDfzppmVfeW7__FAfX1hKs0NUE