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update: hard times & long lines for southern californians
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In Van Nuys, about 2,000 homeowners attended a workshop promoted as Home Preservation Day. But this was not about how to lay tile or install plumbing. A bank had mailed notices to homeowners in trouble with their mortgages, and Saturday offered them a chance to rework the terms of their loans. Bankers had hoped 100 would turn out, and planned for 200. Loan counselors had time to meet with a fraction of homeowners and some were turned away.
americans’ food stamp use nears all-time high
from washington post: Fueled by rising unemployment and food prices, the number of Americans on food stamps is poised to exceed 30 million for the first time this month, surpassing the historic high set in 2005 after Hurricane Katrina. The figures will put the spotlight on hunger when Congress begins deliberations on a new economic stimulus package, said legislators and anti-hunger advocates, predicting that any stimulus bill will include a boost in food stamp benefits. Advocates are also optimistic that President-elect Barack Obama, who made campaign promises to end childhood hunger and whose mother once briefly received food stamps, will make the issue a priority next year. “We soon will have the most food stamps recipients in the history of our country,” said Jim Weill, president of the Food Research and Action Center, a D.C.-based anti-hunger policy organization. “If the economic forecasts come true, we’re likely to see the most hunger that we’ve seen since the 1981 recession and maybe since the 1960s, when these programs were established.”
experts warn of food shortages
from george washington: The headline of an article on Bloomberg warns "Food Prices Will Rise, Causing Export Bans, Riots". Leading economist Nouriel Roubini warns of possible food riots. The Financial Times points out that farmers rely on credit, and credit is drying up. One of the top experts on derivatives, economist Nassim Nicholas Taleb, warns that supermarkets may not be able to borrow against their inventory, and will thus be forced to shut down. I hope they're wrong. But when experts like Roubini and Taleb warn of a potential problem, I have to listen.
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