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533K Jobs Lost in November, Foreclosures Surge to 1.35 Million Homes as America Teeters on Depression

By Mike Adams, December 5, 2008 | Key concepts: Unemployment, Foreclosures and Depression

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In America, the economic news just keeps getting worse. Even skeptics are now openly using the "R" word (Recession), and the more courageous observers are beginning to invoke the "D" word (Depression).

The Mortgage Bankers Association said home foreclosures surged in the third quarter of 2008 to a record-breaking 1.35 million homes. That's up 76% from a year ago, and there are no signs that it's slowing down. In fact, the number of Americans behind on their mortgage payments has risen to nearly 7%.

The fundamentals on mortgage financing have never looked this bad.

At the same time, U.S. employers slashes 533, 000 jobs in November (yes, in just one month), pushing the national unemployment rate to an "official" 6.7 percent -- but that number is always manipulated by Washington to look better than it really is. The real unemployment rate in America right now is approaching 15 percent, if you count the people who just gave up even trying to find work.

Overall, 10.3 million Americans are now unemployed in this economic downturn, and the news just keeps getting worse.

Guess who's laying off workers? AT&T, DuPont, JP Morgan and hundreds of newspapers and book publishers across the country.

Credit card companies are now sharply contracting their credit lines by cancelling credit cards with existing members. People receive a letter that simply says sorry, we cancelled your credit card! This is happening all across America and it's contributing to the sharp contraction in consumer spending that's feeding back into the job losses.

Everyone praises a bubble on the way up. It looks good, it feels good, and there's free money for everyone. But watching the unwinding of a bubble is no such party: Money contracts, jobs are lost, and outlandish spending that had recently been the norm is suddenly no longer available to most consumers.

The only thing saving this current economy from looking even worse is the fast-falling price on oil, which has dropping by nearly 70 percent from its peak earlier in 2008. The resulting lower prices on gasoline may hold for quite some time, actually, given the sharp economic contraction, but in the long term they will trend upwards again.

Paying off debt with yet more debt

The sobering realization in all of this occurs when you accept the fact that all the bailout money being used to "rescue" this economy is actually just more debt. The only sane way to bail out debt is to use money you've saved (or earned). But the U.S. economy is so addicted to debt, its economic leaders cannot imagine anything other than using NEW debt to bail out OLD debt.

It doesn't take a genius to figure out the end result, which is why I'm sticking to my 31 predictions posted earlier this week (http://www.naturalnews.com/024976.html). The U.S. economy is headed for a head-on collision with reality, and this train wreck won't be saved by Obama, won't be saved by the Fed and it won't even be saved by China.

Who, then, will bail out the United States of America? No one.

Click to read:
533K Jobs Lost in November, Foreclosures Surge to 1.35 Million Homes as America Teeters on Depression


From Finance.yahoo.com: "These numbers are shocking," said economist Joel Naroff, president of Naroff Economics Advisors. "Companies are sharply reacting to the economy's problems and slashing costs. They are not trying to ride it out."... more

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