Saturday, May 06, 2006


From the Times:
"The rising costs have contributed to a 38 percent increase nationally in home foreclosures in the first quarter of this year over the same period in 2005."
In the past, the Times notes, "nothing is a better predictor of foreclosures than high unemployment and credit card delinquencies." So while Bush and Co. continue to point to low unemployment, a healthy Wall Street, and healthy consumer sales, the truth is that the current economic flu is of a different variety. The prevalence of adjustable rate mortgages, gas prices, and health care costs suggest that an economic collapse of a different sort may be underway. A sick economy, just a different virus.

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