Saturday, June 4, 2011

Obama Can't Cope With Foreclosure Crisis

Washington via Aol News ~ The Obama administration's inability to stem the foreclosure crisis ricocheted dramatically on Friday, as the Labor Department released unexpectedly low job-growth numbers that pushed the unemployment rate back over 9 percent.

The jobs report comes on the heels of both a devastating report that found housing prices hit new lows in March and warnings from economists that the tumbling real estate market threatens to drag the economy back into recession.

"The jobs numbers, they ain't pretty, man," economist Jared Bernstein told HuffPost.

Bernstein left the Obama administration last month to join the Center on Budget Policy and Priorities, a highly respected left-of-center Washington think tank.

"You don't wanna make too much out of one month, but when that month reflects other trends in the economy, you want to take note." "The bottom line is that the job market simply isn't meeting the basic employment and income needs of working families," he said.

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