Saturday, March 7, 2009

More Job Losses Will Cause More Foreclosures and Bank Failures

According to this New York Times article, Job Losses Hint at vast Remaking of Economy, job losses are increasing rate.  This will definitely lead to more foreclosures and more bank failures.  The job losses have escalated since December with the job loss numbers for December and January being revised higher.  In my opinion this is proof that businesses and Wall Street have no faith in the Obama administration as it seems that things have gotten worse since he won the election with even more rapid deterioration since the unveiling of the "Stimulus Plan".

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