Saturday, December 06, 2008


The November jobs numbers are appalling. And they are inadequate since the truer rate of unemployment, counting people who've given up on trying to find a job, or are stuck working part-time when they'd like a full-time job, is even worse - 12.5%.

With unemployment - which has NEVER been strong under the de facto Bush Administration - weakening so dramatically, it is no surprise to hear that mortgages are going south at an even faster pace. Nearly 10% of homeowners are behind on their mortgages or are already in foreclosure proceedings.

So this may not be the best time to see automakers falling over; looks like Congress will at least offer a bridge loan to the Big Three to keep General Motors, Ford, and Chrysler alive for a couple of more months...



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