By Producer, I mean either an entrepreneur or other established capitalist, who is engaged in the development and/or funding of enterprise that provides goods and services. By Consumer, I mean all those in the J.O.B. (Just Over Broke) category who fund the consumption of these goods and services provided by the Producers. Both Consumers and Producers have a role to play in this mess, thus a responsibility to clean it up. Without further ado, here's my take on the points of concern raised here:
(1) Jobs - In an economy where the majority of available employment is exclusively in low-paying service industry jobs (mostly part-time), where's the growth opportunity for the average American of any age group? There's particular distress amongst younger Americans, who upon completing the college education adventure, have quickly discovered that the "American Dream" has become their nightmare, with a mountain of debt in the form of student loans and other incendiary credit devices laying in wait for them.
(2) Foreclosures - and their attendant "delays", caused in part by bureaucratic indecision (Fannie Mae/Freddie Mac) and bankers' greed/fraud are creating another stockpile of REO's that will trigger another round of mega-investor Bulk REO acquisitions in 2011. This activity has not helped in the past two years and will continue to do nothing to improve the economy for Consumers, nor restore confidence in the American Real Estate market.
(3) Washington - Congress and the Obama Administration have done nothing, except to bow down to the bankers and other insiders who have benefited from predatory lending and other insane borrower qualification practices and measures; these arcane practices essentially doom potential borrowers to failure from the outset. Time will tell, over the coming weeks as the Obama Administration unveils its proposed regulatory revisions to address several pressing issues, i.e. Fannie Mae, Freddie Mac, scaling back the last Consumer housing benefit to home ownership (the mortgage interest deduction), as well as clarifying the impact of Dodd-Frank Act's provisions regarding commercial lender risk management and seller financed mortgages.
(4) Lending Standards and Rates - Proposed new, government backed lending programs actually provide nothing new, except potential new pools of improperly managed debt risk, that will ultimately discourage the so-called "economic recovery" that is so near, yet, so far away to be believable.
So, I pose this questions to all the so-called "leaders" sitting at the table, posing as Producers, twiddling your thumbs, while our economy continues to implode with your meaningless paper and plastic toys...with ALL this at stake, guys, ANYBODY Wanna LEAD? Consumers are sick and tired of WAITING (hey, Consumers, feel free to SPEAK UP and jump in at any time)!
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