Source: CNN.com
The number of homeless families in Massachusetts has surged — a spike that has overwhelmed the state’s shelter capacity and forced it to again place homeless families in motels.
Driving the increase is the sour economy, rising energy costs, escalating unemployment and shortage of affordable housing. For the first time, the state is tracking how many families are winding up homeless due to foreclosures.
“You’re seeing a perfect storm,” said Robyn Frost, executive director of the Massachusetts Coalition for the Homeless.
The upswing is also putting pressure on a landmark initiative by Gov. Deval Patrick to virtually end homelessness in Massachusetts in the next five years.
In just the past 12 months, the number of homeless families living in Massachusetts motels has skyrocketed from 17 in September 2007 to 550 in September 2008. That’s on top of another 1,800 or so families in shelters.
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Dodd: We may be “days away from a complete meltdown of our financial system”From: feeds.feedburner.com
Post Date: 2008-09-19 14:17:06
Source: The Associated Press:
Senate Banking Committee Chairman Chris Dodd says the United States may be “days away from a complete meltdown of our financial system” and Congress is working quickly to prevent that.
Dodd said Friday that Democrats and Republicans on the Hill are coming together to support the Bush administration’s developing plan to buy up bad debt from financial institutions and get the credit system working again. Dodd told ABC’s “Good Mo...
more Gold tumbles most in 25 years after rescue planFrom: feeds.feedburner.com
Post Date: 2008-09-19 09:09:44
Source: MarketWatch
Gold futures plummeted Friday — at one point falling 7.6%, the biggest percentage drop in more than 25 years — as speculation that a Washington-engineered rescue plan could avert financial crisis reduced demand for gold as an investment haven.
Gold for December delivery was last down $24.50, or 2.7%, at $872.50 on the Comex division of the New York Mercantile Exchange. The precious metal is set to end the week up 13% after the previous two sessio...
more Money markets get a lifelineFrom: feeds.feedburner.com
Post Date: 2008-09-19 06:47:14
More Gov’t bolstering of the “Free Market”…
Source: money.cnn.com
The Treasury Department and Federal Reserve took steps Friday to help stabilize the U.S. money market fund industry, which has come under severe strain following the dramatic events that took place across the financial system this week.
The Treasury said it would guarantee up to $50 billion dollars for the next year for both retail and institutional investors.
Complementing that was a double-edg...
more Stocks soar on rescue hopes, and it will only cost Taxpayers half a Trillion!From: feeds.feedburner.com
Post Date: 2008-09-19 04:06:22
Bad Debt Plan May Cost Up to Half a Trillion Dollars
Treasury Secretary Hank Paulson briefed Congressional leaders on plans to address the “illiquid assets” on U.S. financial institutions’ balance sheets, possibly including the creation of a government facility to take on financial firms’ bad debts.
The proposal to create a massive facility to buy mortgage-backed securities could cost as much as a half-trillion-dollars and would involve the purchase of both private-...
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