National Road Fund Broke In One Month

I just read a news article by LISA STARK and KATE BARRETT Sept. 5, 2008 about the money for the nationwide projects of repairing our roads and bridges being depleted to almost nothing by one month's time. Since drivers are driving less to conserve their gas and save some pocket change because they want to have enough to buy their groceries which has also rose in costs the Department of Transportation are warning that they now have less revenue to pay for the road and bridge repairs across our nation.

Yep, less purchases at the pump means less money in the kettle for our highways. In fact Lisa writes, "the department called for an immediate infusion of $8 billion in tax revenues into the fund. That's precisely what some Democrats in Congress have been trying to do -- and a move that the administration, just six weeks ago, opposed."

But the Transportation Secretary, Mary E Peters a bias Republican, tells us: "Every family understands that constantly spending more than you earn is a recipe for insolvency. Yet many in Congress have refused to apply that same common-sense thinking to the federal program that currently accounts for close to half of all highway and transit investments."

Yet Senator Murray, Democrat stated "It's too bad that it has taken an emergency to force the administration to pull its head out of the sand and appreciate how serious this problem is."

Well, at least the proof that the Democrats in Congress had been trying to do precisely what was needed with the Republican Bush Administration opposing them just six weeks ago is CATALOGED in the Congress Library. Oh, yeah! Too bad Mary E. Peters put her foot in her mouth, and lied flat out because now her words blaming Congress wrongly is also recorded in the news for historical facts of her Republican lies.

Rising Foreclosures And Delinquencies

And just when you thought it was getting better. Well it's not. No!

According to Alan Zibel, an AP Business Writer for on line news, now the blame has been shifted again. Yep instead of it being borrowers with bad credit, now the blame is homeowners with good credit who took out exotic loans with ballooning monthly payments. Well I cannot speak for the other home owners, but I was told that my loan was a 30 year fixed. I did not want an exotic, balloon loan. But unfortunately my husband and I found out too late that the broker for the lenders lied to us. And after our loan was sold to another lender that was when the real problems started to come with the medical bills piling up. Don't you just love it when they LUMP all the homeowners into one category?

In the news Alan writes: The problem that policymakers and Wall Street once assured us was 'contained' to subprime mortgages has proven to be anything but," Mike Larson, a real estate analyst with Weiss Research, said in a research note. Gee, even I new that before I read it in Zibel's news article.

Now we are being warned that this wave of mortgage defaults flooding the market, with homes plunging in value, is expected to continue through the year 2010. One of the faults is loss of income or drop in income with either unemployment, health and medical, or loss of a spouse through death or divorce. And the numbers are climbing with new foreclosures rose from the first quarter in 35 states and Washington, D.C.

There were a few states where the foreclosures declined, but that was because those states passed laws to slow the foreclosures process and give the homeowners time to catch up on their payments.

Yet the blaming continues with the nick name "Liar Loans" because they claim that the incomes were not documented. That is a lie. My husband is a computer contractor who works for different consulting firms for their clients and we do our INCOME TAXES every year. Our income is well documented.

So Go ahead and blame the consumer. After all, we have had eight years of the Bush Administration, the Republican economists experts, and the Business news media who every year have blamed the American consumer for not spending enough. In fact, beginning November and December of 2001, all we got was complaints on how our not spending more was driving down the economy. Too bad we are not given an opportunity to review those news casts from money news on CNN, Fox cable, MSNBC and all the local station news as well along with all the Republican financial experts telling Americans that they should be using their credit cards more.

Yep, these last eight years, each and every year, the Republican financial experts and money news reporters have blamed the financial mess on the American consumers.

Job Loss Still Rising

The Associated Press on line reported on Sept 5 2008 the unemployment rate is higher than the economic experts expected. Yep, Employers slashed 84,000 jobs in August as we hit a 6.1 five year high in unemployment. A financial toll is effecting our economy as the housing, credit and financial crises worsen. The employment deterioration tumbled all major stock indexes on Thursday. Yet I do not recall hearing anything of it on any of the news stations or the local news.

In fact, the number 84,000 does not seem to add up to the list of jobs that were loss in the government's Labor Department Report. In the report the lists include: "Factories cut 61,000 jobs, construction firms eliminated 8,000 jobs, retailers axed 20,000 slots, professional and business services slashed 53,000 positions and leisure and hospitality got rid of 4,000." You do the math.

Now also in the same news article in the Associated Press: "Job losses at all private employers -- not including government -- came to 101,000 in August." It seems we just keep getting higher figures in the reporting, yet the government report have the number lowered.