Yikes. Here’s a story about grain shipments being held up on the dock because buyers are unable to obtain letters of credit satisfactory to the sellers.
In other words, business is stopping. As business stops, people lose jobs. Etc. At which point the threat posed to people by foreclosure will be the very least of our problems.
This is a very, very bad omen indeed.
It would be nice if anyone, of either party, had their eye on the ball here.
UPDATE, replying to Charley:
There are a number of problems with the economy at present. One is that we are headed into recession, another is that many people are losing their homes due to foreclosure. Lastly, arising from these but now a separate issue, is the freezing of credit markets.
This last problem is acute; there is not much time to fix it. The former problems are quite a bit less acute; they can wait until January.
Stabilizing the credit markets now probably won’t avert a recession, and won’t do a thing about people losing their homes to foreclosure, but would avert something far worse than a recession.
I still see the parties (now the Republicans, too) focused on the “what about main street” thing, for vote pandering reasons. This is eyes off the ball. Likewise, yapping about regulation, whether you support it or not, is pandering at this point, because no regulation is going to solve the problem at hand right now.
It is as if the ER doctor is worrying about whether the patient’s smoking habit might cause lung cancer, and whether he should advise the patch or a 12-step program, while the patient bleeds out on the table from a neck wound.