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These are the statistics that are being reflected on the housing and property market as they start to trickle in from the many industry leaders. People are in shock though the recession has been around since last year, the utter scale and magnitude of it’s effects have been unheard of for many years. The bailout of President Obama have had little effect, taking too long to help rescue people who have already had their homes foreclosed and auctioned off to the market. Lenders are eager to unload their over-stock of home inventories as they try to turn them back into cash to help them stem the effects of the crisis themselves. People who caused ll of the problems are getting bailouts and spending them for bonuses and other trivial means.
That is the scene of the American economy whose critics are calling the current administration’s bailout the $700 billion blunder. Why, well short of asking for a miracle it seems they are bailing out the companies who have caused the problems in the first place. Imagine creating products that requires no collateral, exposing the financial system and the credit system under strain when the economy came loose. A weakening dollar is not helping and with two wars to resolve, the US may face a bigger crisis that would make today’s problems look trivial, if they fail to find the best solutions fast and get the cash out quickly enough.