Friday, November 7, 2008

The Latest Economic News

There were 240,000 jobs lost in October, including 90,000 in manufacturing, and 38,000 in retail, bringing the total for the year so far to 1.2 million. The unemployment rate rose from 6.1% to 6.5%, the highest in 14 years. Meanwhile, the bailout/rescue plan? Much ado about nothing, so far, it seems; except some banks using the money to buy others.

While the Feds are still trying to get their act together, state and local governments are taking positive steps. Montgomery County, Maryland is buying foreclosed houses, giving them to Habitat for Humanity to rehab, then selling them to low-income buyers. Maryland Governor Martin O'Malley will announce deals made with loan servicing companies to help other homeowners from losing their homes.

What are you doing in light of the crisis? Lots of crock pot cooking and fewer Mocha Lattes for me...

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