© 2008 – NewsWithViews.com
Despite the propaganda coming out of Washington, DC., millions of Americans are in deep financial trouble. Last week the media cranked up the mantra that Wall Street may be getting more optimistic. Really?
1 - May 2, 2008. Linens ‘n Things files for bankruptcy protection – 120 stores to close
2 - April 30, 2008. Disappearing now: $6 trillion in housing wealth. “A Washington think tank is warning that housing prices are falling at an accelerating level, destroying wealth at a pace that will cost the average homeowner $85,000 in lost wealth this year alone.”
3 - April 29, 2008. Foreclosures Spike 112% – No End In Sight. “More than 155,000 families have lost their homes to foreclosure this year; one out of every 194 U.S. households received a foreclosure filing.” (This year? We’re only into the first week of May.)
4 - April 29, 2008. Americans sell personal stuff to make ends meet
5 - April 29, 2008. More Subprime, Alt-A Mortgages May Head `Underwater’