Bankers need to put their money to work, President Obama says. On Sunday, he said that the “fat cat bankers,” a safe expression to use when appealing to Middle America, “still don’t get it.” So, he’s pushing them to make more loans and accept the fact that regulation is coming.
You know it’s bad when the newspapers are saying that the president’s afraid. A WashPo column on Sunday claims that President Obama, a “big newspaper junkie” is afraid he might not have the printed word at his disposal any more. If the big nationals and locals go where they’re expected to go, he’ll have to seek his news from the blogs.
The story quotes the prez:
“I am concerned that if the direction of the news is all blogosphere, all opinions, with no serious fact-checking, no serious attempts to put stories in context, that what you will end up getting is people shouting at each other across the void but not a lot of mutual understanding.”
Even though there are signs that the recession is ending (or even finished), the foreclosure rate is a constant reminder that we aren’t out of the woods. From the second quarter to the third, foreclosures increased 5%, with 938,000 properties sucked in. The previous quarter, 890,000 homes went into foreclosure. And, RealtyTrac forecasts 3.5 million foreclosures by the end of the year — up from around 2.3 million last year.