<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/0a73944f-c936-4eb1-bdf5-e3c0cc437463/46B91B34-F7E1-4A74-B5D1-2CAA89101007/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.alternet.org/workplace/140943/foreclosure_fiasco_continues:_the_bush-obama_strategy_of_throwing_billions_at_banks_doesn%27t_work/?cID=1248306" href="http://www.alternet.org/workplace/140943/foreclosure_fiasco_continues:_the_bush-obama_strategy_of_throwing_billions_at_banks_doesn%27t_work/?cID=1248306" style="font-size: 11px;">www.alternet.org</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.alternet.org/workplace/140943/foreclosure_fiasco_continues:_the_bush-obama_strategy_of_throwing_billions_at_banks_doesn%27t_work/?cID=1248306"><DIV> <P class="storyheadline">Foreclosure Fiasco Continues: The Bush-Obama Strategy of Throwing Billions at Banks Doesn't Work</p> <P class="storybyline"> <B> By <A title="View all stories by Robert Scheer" href="http://www.alternet.org/authors/2676/">Robert Scheer</A>, <A href="http://www.truthdig.com/">Truthdig</A>. Posted June 27, 2009.</B></p> </DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.alternet.org/workplace/140943/foreclosure_fiasco_continues:_the_bush-obama_strategy_of_throwing_billions_at_banks_doesn%27t_work/?cID=1248306"><DIV class="teaserleft"> Americans are now $14 trillion poorer. Many who thought they were middle class have now joined the ranks of the poor. </DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.alternet.org/workplace/140943/foreclosure_fiasco_continues:_the_bush-obama_strategy_of_throwing_billions_at_banks_doesn%27t_work/?cID=1248306"><DIV>It's not working. The Bush-Obama strategy of throwing trillions at the banks to solve the mortgage crisis is a huge bust. The financial moguls, while tickled pink to have $1.25 trillion in toxic assets covered by the feds, along with hundreds of billions in direct handouts, are not using that money to turn around the free fall in housing foreclosures.</DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.alternet.org/workplace/140943/foreclosure_fiasco_continues:_the_bush-obama_strategy_of_throwing_billions_at_banks_doesn%27t_work/?cID=1248306"><DIV>As The Wall Street Journal reported Tuesday, "The Mortgage Bankers Association cut its forecast of home-mortgage lending this year by 27% amid deflating hopes for a boom in refinancing." The same association said that the total refinancing under the administration's much ballyhooed Home Affordable Refinance Program is "very low."</DIV></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/46B91B34-F7E1-4A74-B5D1-2CAA89101007/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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