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Fiddling While the US Economy Burns

Section(s): 
  • "We know we live in hard times that are on the verge of getting harder with 500,000 new claims for unemployment last week, a recent record. The stock market may be over for now as fear and panic drives small investors out. Big corporations hoard stashes of cash rather then hire workers. The D-Word (depression) is back in play."
  • The Forgotten Foreclosure Crisis
  • The Horror Show
  • America Goes Dark

Danny Schechter, Consortium News

Submitted by Evergreene Digest Contributing Editor Thomas Sklarski

The stock market may be over for now as fear and panic drives small investors out. Big corporations hoard stashes of cash rather then hire workers. The D-Word (depression) is back in play.

Foreclosures are up, and the Administration’s programs to stop them are down, well below their stated goals, only helping one-sixth of those promised assistance.

And here’s a statistic for you: 300,000. That’s the number of foreclosure filings every month for the past 17 months.

More...

The Forgotten Foreclosure Crisis, Think Progress

  • Without more intervention, the housing market will continue its 'slow motion' adjustment that will continue to inhibit economic growth and drag down consumer spending.
  • Foreclosures Rise with Unemployment

The Horror Show, Bob Herbert, New York Times | NY

  • Policy makers seem intent on allowing the employment crisis to fester. As bad as the July employment numbers were, a deeper look into them shows a seriously scary situation.
  • Long-Term Economic Pain
  • Jobless? Your leaders are at ease with that

America Goes Dark, Paul Krugman, New York Times | NY

  • So the end result of the long campaign against government is that we’ve taken a disastrously wrong turn. America is now on the unlit, unpaved road to nowhere.
  • America: The Grim Truth