It's another Obama miracle!
The Big Picture points us to today's Wall Street Journal cover story ("Lending Falls at Epic Pace").
• U.S. banks registered their most severe declines in lending since 1942.
• The FDIC reports that the number of U.S. banks at risk of failure surpassed 700, which is a 16-year high.
• More than 5% of all loans are past due 90-days or more, the highest level ever recorded.
Calculated Risk adds more evidence of the miraculous Obama recovery.
• 11.3 million, or roughly one-quarter, of all U.S. residential mortgages were in negative equity (worth less than their loans).
• 2.3 million more mortgages were approaching negative equity at the end of the year. Together, these represent 30% of all residential mortgages at risk.
The icing on the cake? CNN alerts us to another catastrophic statistic:
• New home sales fell 11.2% to a record low in January despite an $8,000 tax credit. It was the lowest rate since the feds began tracking the statistic and followed drops in November and December.
I really wish President Obama had held a real job before he took his current role. Like, running the cash register at a 7-11 or serving as the assistant manager of a LaserTag franchise. I think some experience in the real world would have helped.
It might have gotten him off of this bizarre health care obsession.