Here is Texas (DFW and Houston) we have BizRadio and on the Del Walmsley show today a mortgage company president (Texas Loan Star) reported that approximately 2 million Americans have adjustable rate mortgages that are coming due to be adjusted up, probably 40% in the next 6 months.
Most if not all of these Americans will not be able to keep up with their mortgages given the current economic conditions. So think about 2 million foreclosures and how that will affect the markets and the real estate markets across America.
He also reported that 20-30 lenders have gone belly up during the past six months; so the lenders that would be bailing out these people with refinances are gone too.
Also in the context of the recently passed Bankruptcy bill (supported by Biden, there will be millions that will be ruined for life becuase of the policies of Greenspan and Bush. I believe that the idea of debtor prisions are real in the minds of many in our government. And the profiteering in prisions now and how the use of prision labor in lieu of migrant labor is a more attractive trend that ever.
It is time now for the Democrats Canidates to come forward with challenges to Bush and the GOP as to what next if we have a financial collapse of the magnitude of 2 million forclosures in the next six months.