We have a new President and he is urging us to keep the faith and hold on until things start to improve. Absolutely! President Obama, despite his recent slip in the ratings, is still looked upon by most Americans as the man who can lead the country out of the morass we are in.

 

The President has been as good as his word and has set the ball rolling with a $787 billion stimulus package, a bank rescue plan and a housing program which seems like a great start. But the question that is causing much debate is, whether this is the right way to go about it and if the funds are going to be properly utilized. We are still hearing of executives padding their paychecks with money that is coming not from their profits, but from handouts given by the government, or, in other words, the taxpayers. They are still flying to meetings in their luxurious corporate jets. No one is saying that commercial activity should stop or that American industry should appear before the world dressed in rags. But have the people who caused this problem in the first place learned their lessons?

 

Even as the measures were announced, more banks appeared to be on the verge of collapse. Federal Reserve Chairman Ben Bernanke recently stated that we probably would not begin to see the first signs of recovery until sometime in 2010.

 

While no one expects a miracle, the question many working class Americans are asking themselves is how long can they hold on? Economic recovery for the country may take a year or two, but they can’t afford to wait that long for their personal finances to improve. The growing number of people you find in the waiting areas of foreclosure attorneys in Nassau County, and bankruptcy lawyers in Suffolk County and so many other places both in and around New York as well as other places in the country are evidence of this.

 

But the fact that these folks are facing up to their financial problems and getting legal advice on what actions they can tale to protect themselves and their families when faced with the prospect of financial disaster is a positive sign. Things will improve; there is no doubt about that. But until the tide turns, wise people in the Greater Long Island area will be consulting foreclosure & bankruptcy lawyers.

 

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This entry was posted on Wednesday, March 25th, 2009 at 10:09 am and is filed under Economy & Politics, Financial Market, Long Island Bankruptcy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.