In the porkathon to pass the bailout bill, Congress balked at two measures–to extend jobless benefits for the unemployed and allow bankruptcy judges to reduce penniless homeowners’ mortgages.
So much for Main Street, where signs of a 1930s Depression are cropping up everywhere:
*New figures show 760,000 lost jobs this year. Of the 9.5 million Americans out of work, two million have been for more than six months. Nearly 6.1 million people are working part-time because worsening business conditions have led to fewer hours and less pay.
*With bank-account insurance increased from $100,000 to $250,000, the potential liability of the Federal Deposit Insurance Corporation for failing banks is now estimated to be $1.1 trillion. The FDIC’s fund currently has about $45 billion, a five-year low.