Economic news on the street
Avert your eyes from Wall Street to see what is happening to America. These statistics are part of a terrifying article by Elizabeth Warren, who serves as the Chair of the Congressional Oversight Panel created to oversee the banking bailouts:
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.There are many other statistics in this article. For instance, fully employed males haven't seen a pay increase since the 1970's. Warren also presents banks as villains in her story:
Boring banking has given way to creative banking, and the industry has generated tens of billions of dollars annually in fees made possible by deceptive and dangerous terms buried in the fine print of opaque, incomprehensible, and largely unregulated contracts.