Thursday, 3 December 2009

Doomed

Here comes the US winter, and as a confidence booster, Elizabeth Warren, Chair of the Congressional Oversight Panel created to oversee the US banking bailouts, tells it as she sees it.
"Today, one in five Americans is unemployed, underemployed or just plain out of work. One in nine families can't make the minimum payment on their credit cards. One in eight mortgages is in default or foreclosure. One in eight Americans is on food stamps. More than 120,000 families are filing for bankruptcy every month. The economic crisis has wiped more than $5 trillion from pensions and savings, has left family balance sheets upside down, and threatens to put ten million homeowners out on the street."
The price of natural gas is going up, so the thermostats will be going down. Or off. How would you fancy being unemployed in Bismarck, North Dakota, in January, when the sub zero prairie winds howl across the stubble?

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