Obama’s Response to Foreclosure Crisis
November 11th, 2008
In his first news conference after being elected the 44th president Obama responded positively to the foreclosure crisis. He has inherited a dangerous economic mantle. Obama warned on Friday 7th November that America faces an unprecedented challenge. He promised prompt action to help the Americans facing unemployment, loss of savings and loss of repo houses. However he added a word of caution that the nation should not expect quick magical solutions. He said, “It is not going to be easy for us to dig ourselves out of the hole that we are in.”
His first priority is to persuade Congress to sanction a economic stimulus measure that would widen benefits for the jobless, dispatch food for the needy, send medical funds to the states and spend billions on public works. If the Congress fails to pass it in the special session to be held Obama promised, “it will be the first thing I get done as president of the United States.”
In his first post election appearance Obama appeared calm and confident to a nation that is extremely worried. Eight American flags flanked him as well as a lectern on which was written ‘The Office of the President Elect’ below the presidential seal. Also present were his newly summoned advisers on whom he relied for the brainwork and the experience. He was about 20 minutes late but spoke for nearly 20 minutes without making any new announcements as regards policy or names of his new cabinet team. He was light hearted and mused about relating with dead presidents through séances. He appealed for animal shelter dogs who were he said, “mutts like me.”
Obama had his hands tied until 20th January. All major decisions till then were to be taken by the outgoing President and his group. Obama clarified this point by saying, “The United States has only one government and one president at a time.”
Obama categorically stated that he would not resort to problems in a knee-jerk fashion. He evaded the question of Iran whose president has sent him congratulations. He said, “I want to be very careful that we are sending the right signals to the world as a whole that I am not the president and won’t be until January 20th.”
Meanwhile reports coming in on the economic front are not comforting. Unemployment is highest since the last fourteen years with 10.1 million being jobless. General Motors and Ford are gasping. Foreclosures continue to rise without a pause causing havoc in the real estate market.
- Bouncing Cheques Issued by Title Companies Lead to Foreclosures
- Increase in Foreclosures Prompting Class Action Legal Suits
- Avoiding Foreclosures by Walking Away From Loans are not Without Problems
- Foreclosure Assistance Being Taken on Tour by Housing Advocate
- Washington Mutual, the Symbol of the Foreclosure Crisis, Continues to be in Trouble
- The Consequences of not Paying Mortgages Can be Grim
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November 24th, 2008 at 10:42 am
[...] the renters and vacant shopping centres in the office buildings had been bearing the brunt of the foreclosure crisis. But now it seems that industrial houses and complexes will no longer remain immune from [...]