Mortgage Apps Plunge At Fastest Rate In Over 3 Years

We were promised by the cognoscenti of PhD economists that higher mortgage rates would not affect the so-called housing recovery. They devoutly prayed to the god of momentum that "rates were still low historically" and "housing is on a self-sustaining path" and numerous other truisms that always fail at the turning points. Well, it appears from mortgage application data that things are not looking so hot. Read more: here

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Jon Voight: Democrats Oppressive Health Care Bill Will Decimate the U.S. Economy

Census Bureau: Means-Tested Gov't Benefit Recipients Outnumber Full-Time Year-Round Workers

(CNSNews.com) - Americans who were recipients of means-tested government benefits in 2011 outnumbered year-round full-time workers, according to data released this month by the Census Bureau. They also out-numbered the total population of the Philippines. There were 108,592,000 people in the United States in the fourth quarter of 2011 who were recipients of one or more means-tested government benefit programs, the Census Bureau said in data released this week. Meanwhile, according to the Census Bureau, there were 101,716,000 people who worked full-time year round in 2011. That included both private-sector and government workers. See more at: cnsnews

U.S. State Finances – Lack “Truth and Integrity” – Volcker Warns

- U.S. state budgets rely on “faulty practices” – Volcker - Shoddy budget practices push costs to future generations - Faulty budget practices lead to poor policy making - “Problems hidden by lack of truth and integrity” – Volcker - No common definition of balanced budget allows for gimmicks The highly regarded former chairman of the Federal Reserve, Paul Volcker, has severely criticized the State Governments in the U.S. over “faulty practices” used to devise budgets which mask the true financial position of those states. Read more: here

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