Again, the Economy

Yesterday, President Obama gave what was billed as a major economic speech.  He said, in my opinion, all the right things.  But the problems remain horrific.  While Wells-Fargo reported "record earnings," it is highly probable that those earnings were based on the accounting changes recently made so that the so-called toxic assets are not valued at fair market value.  And the unemployment rates continue to rise, causing hardship unknown to many in recent history.

Truly, this country must change in fundamental ways.  

Hopefully, policy makers are listening to what the President said.  And that they are asking what they can do, now, to continue making the changes necessary to guard against this financial shenanigans from happening again.

But on the ground, I don't think change is really happening.  Lenders are jacking up interest rates making enormous profits on the spreads.  They continue to foreclose, to  to negotiate mortgages that will ultimately fail, and to lobby against provisions in the bankruptcy code which will actually help homeowners and debtors in trouble.  Meanwhile, Wall Street complains that they have become the victim!

Layoffs continue.  Hallmark announced massive layoffs.  John Deere.  The list of American companies goes on and on.  

We need change.