Unemployment, Foreclosure, Bankruptcy and Now QE4?

Unemployment, Foreclosure, Bankruptcy and Now QE4? "What on earth is happening? I believed the Fed informed us that everything was improving and the economy was on the mend. The government reported a decrease in the unemployment rate from 7.9% to 7.7% last week. This appears to be excellent news, but are these the actual numbers or merely the declared numbers? Numerous statisticians are of a different opinion and believe the government manipulates data to demonstrate the American people what they want them to believe. Recently, the bankruptcy filing statistics for the 2012 fiscal year ending in September were released, revealing a decline from 1.5 million in 2011 to close to 1.3 million in 2012. Once again, it appears that the situation is turning for the better. Considering the foreclosure statistics for 2012, over 1.5 million properties are in foreclosure nationwide. In November 2012, one in every 728 residences in the United States received a notice of foreclosure. While the actual filing rate for foreclosures decreased marginally, bank repossessions rose for the first time since October 2010. According to experts, this is further evidence that the United States has passed the worst of the foreclosure crisis, which began six years ago.This information seems too wonderful to be true. My grandfather used to tell me, ""When someone tells you something that sounds too good to be true, it probably is too good to be true."" I began my own investigation to determine why the bankruptcy filing and foreclosure numbers continued to decline concurrently with the false unemployment figures. What I developed was terrifying. In September 2012, the Fed announced QE3, in which they would provide $40 billion per month to member institutions in order to repurchase mortgage-backed securities. This concerns me because all the Fed is doing is printing $40 billion per month out of thin air and repurchasing American mortgages. The fact that this is the fourth quantitative easing program since the financial crisis of 2007 with no relief for Main Street in America is intriguing. The only individuals making out like bandits are the large member banks of the Federal Reserve. Mr. Bernanke delivered another bombshell yesterday when he announced QE4 would increase the monthly buyback of mortgage securities by an additional $45 million. That's $85 billion per month produced out of thin air to buy back the mortgages of hard-working Americans. According to them, this trend will persist until the unemployment rate reaches 6.5%. In reality, if the figures are changed, the event could occur next week or in ten years.To return to the number of Americans filing for bankruptcy and the decline in the rate of home foreclosures, while I was pondering why these numbers were falling in this dreadful economy, all I had to do was examine the US consumer debt. According to my research, the bankruptcy filing and foreclosure rate has decreased. When the financial market nearly imploded in 2007 banks scrambled to limit their liability by closing credit lines and reducing available balances on credit cards. As a result of having their credit lines cut off, many individuals were forced to file for bankruptcy in order to eliminate debts they could no longer afford to pay. At that time, the majority of individuals subsisted by plundering Peter to pay Paul. They borrow from one to pay the other, and when that credit runs out, they either increase the credit limit or open a new line of credit. That's when I realized the debacle that nearly brought down the banking system in 2007 was happening again. Creditors are once again permitted to lend to virtually anyone, excluding mortgage borrowers. Now that the mortgage industry has tightened their underwriting, obtaining a home loan is nearly impossible. At the end of October, total consumer debt reached a record $2.75 trillion, according to the numbers. This makes it abundantly clear that the majority of Americans are once again delaying action while waiting for the real estate and employment markets to recover. If I were in their position, I would not hold my breath.
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