My Weblog

<span class=”zemanta-img” style=”margin: 1em; float: right; display: block;”><a href=”http://en.wikipedia.org/wiki/Image:US_household_and_nonproft_net_worth_1945-2007.gif”><img src=”http://upload.wikimedia.org/wikipedia/en/thumb/b/b8/US_household_and_nonproft_net_worth_1945-2007.gif/202px-US_household_and_nonproft_net_worth_1945-2007.gif” alt=”U.S. household and nonprofit net worth 1945-2007.” style=”border: medium none ; display: block;”></a><span class=”zemanta-img-attribution” style=”margin: 1em 0pt 0pt; display: block;”>Image via <a href=”http://en.wikipedia.org/wiki/Image:US_household_and_nonproft_net_worth_1945-2007.gif”>Wikipedia</a> </span></span>The unemployment rate rose from 5.7 to 6.1 percent in August, and non- farm payroll employment continued to trend down (-84,000), the Bureau of Labor Statistics of the U.S. Department of Labor reported today. In August, employment fell in manufacturing and employment services, while mining and health care continued to add jobs. Average hourly earnings rose by 7 cents, or 0.4 percent, over the month. Unemployment (Household Survey Data) The number of unemployed persons rose by 592,000 to 9.4 million in August, and the unemployment rate increased by 0.4 percentage point to 6.1 percent. Over the past 12 months, the number of unemployed persons has increased by 2.2 million and the unemployment rate has risen by 1.4 percentage points, with most of the increase occurring over the past 4 months. Source http://www.bls.gov/news.release/empsit.nr0.htm The real-estate meltdown has gone deeper and wider than most people thought. Federal Reserve Chairman Ben Bernanke, Treasury Secretary Henry Paulson and James Lockhart, the companies’ chief regulator, met Friday afternoon with the top executives from the mortgage companies and informed them of the government’s plan to take over the troubled companies in a process known as conservatorship. The news, first reported on The Wall Street Journal’s Web site, came after stock markets closed. In after-hours trading Fannie Mae’s shares plunged $1.70, or 24 percent, to $5.34. Freddie Mac’s shares fell 95 cents, or almost 19 percent, to $4.15. The news also followed a report by the Mortgage Bankers Association that more than 4 million American homeowners with a mortgage, a record 9 percent, were either behind on their payments or in foreclosure at the end of June. While both companies say they have enough resources to withstand the losses, many investors believe their financial cushions could wither away as defaults and foreclosures mount. Treasury recently signed a contract with Morgan Stanley to investigate the financial position of Fannie and Freddie, with help from the Federal Housing Finance Agency, the new regulatory body created by Congress to oversee the mortgage giants. Asked if an announcement could come soon, McLaughlin said, “We are making progress in the work with Morgan Stanley and FHFA.” A spokeswoman for the FHFA also declined to comment. Fannie Mae was created by the government in 1938, and was turned into a shareholder-owned company 30 years later. Freddie Mac was established in 1970 to provide competition for Fannie. Source http://biz.yahoo.com/ap/080905/mortgage_giants_crisis.html. With mounting pressure to start some kind of turn around with the economy these candidate have more to show the voting community that they have a plan of action to help get some jobs for workers to start rebuilding there life source. We have real life issues to address and fancy speeches with little substance that a family can look forward to addressing issues that will allow you the opportunity to support your family. You can not give your family things they are in need of with promises that you going to get companies to come a start to produce products where there are in sign of construction to start the process in action. This is the weakest set of principles that are being promise in this election to confront the major issues facing the average man and woman in this election. There are millions of people that are out of work with no signs of finding a job. Millions more either behind or in foreclosure with no way to take care of there problems. So what are we the average person to do to increase our salaries to what they were 4-8 years previous with all the down sizing and job cuts and no new sources of employment to replace the old job with and move forward with our plans that were made when we were earning better income. <div style=”margin-top: 10px; height: 15px;” class=”zemanta-pixie”><a class=”zemanta-pixie-a” href=”http://reblog.zemanta.com/zemified/c5b4b86d-b9c6-4871-849d-a7e3f7c23622/” title=”Zemified by Zemanta”><img style=”border: medium none ; float: right;” class=”zemanta-pixie-img” src=”http://img.zemanta.com/reblog_e.png?x-id=c5b4b86d-b9c6-4871-849d-a7e3f7c23622″ alt=”Reblog this post [with Zemanta]“></a></div>