You're correct. Those home owners already in financial stress can't be helped except by creating a means by which they can earn a living wage in order to pay their bills and mortgages. How many current and past homeowners would be in financial stress had they had a good living wage job? Extremely high unemployment produces financial stress which leads to such problems as home foreclosure and bankruptcy. Also, the mortage industry was allowed to charge outrageous and immoral unethical interest rates on such loans as ARM's. Many factors have contributed to the real estate crisis, but none more profound and shameful as the economically devastating unemployment crisis.

The backbone to our economy, as it is with any economy, is adequate employment opportunities that cover all education and skill levels. Home foreclosures and bankruptcies can be directly connected to more workers than jobs available, lower over-all wages, and in some cases, by immoral and unethical predatory lending practices by financial institutions and mortgage companies.

Basically, the focus should be on living wage jobs, and most other economic problems would take care of themselves. The solution to the real estate and foreclosure crisis is simply one of "putting America back to work, producing what America uses and consumes". Our import dependency, along with job out-sourcing to cheap foreign labor markets, is economically devastating. In order to create an adequate number of living wage opportunities to satisfy the needs of our rapidly growing workforce, we must demand fair, equal, and balanced foreign trade. In addition, we must severely penalize job out-sourcing to cheap foreign labor markets.

Home foreclosures and bankruptcies are by-products of a jobless workforce trying to survive in an expensive economic environment. Add to that the immoral and unethical practices of lenders, and you have exactly what we're seeing all across this nation. Any action by the government to stabilize and assist homeowners will be inadequate and artificial without first creating living wage opportunities.

I agree that defaults will increase, and that future home ownership will be limited to those able and fortunate enough to survive in an economy gone completely awry. What will the future hold for homebuilders? Will home values come back to their highs? How long will it take those foreclosed on, to re-establish their credit in order to re-enter the home buying market? Will mortgage interest rates soar, and thereby minimizing the number that can actually buy a home?

What real help can anyone offer, aside from allowing homeowners the opportunity to pay their own way via living wage employment?

I really doubt this will happen.

So you're saying that some public sector unions have been in danger of disappearing?

There is probably $6 trillion in unfunded pension debt that is getting bigger not lessor. That's double what's been quoted in the press because of the deceptive and fraudulent accounting used to create the numbers. Showing future savings as 'now' savings and using unrealistic gains as automatic such as 8% when in fact they are lucky to have broken even.

Look elsewhere. look elsewhere but don't look at us. The problem is always elsewhere.

Check out the Detroit public school systems or Michigan itself for that matter and see what's going on there. That's as unionized a state as any in the land and there is no union bashing going on there either, just a total collapse. That's the future. I'm sure in some minds there was some huge plot to put Michigan where they are now but without proof that's a UFO tale.

When the private sector middle class leaves a state they take with them the taxes that keep the public sector unions ticking.

Washington, DC, C-Span Radio, February 23:  Masood Ahmed of the IMF Middle East section was just asked what role the IMF plays in crisis in the Middle East, specifically by dealing with corrupt dictators.  Ahmed said that IMF was not in the business of telling countries how to govern.  But, he said, it is clear that the sustainability of macroeconomic projects (i.e., IMF funding) depended on the people of the nation feeling involved in the benefits that flowed to that nation, having some say in it. 

This is a far cry from their normal stance and a recognition of the profound error made in the Feb 15 report on Libya quoted in the article. 

This is truly a major revolution in the Middle East, Libya in particular.

CARNEGIE ENDOWMENT FOR INTERNATIONAL PEACE (LIVE)

The Economic Dimensions of Unrest in the Arab World WHO:

• Mustapha Nabli, Governor, Central Bank of Tunisia

• Uri Dadush, Senior Associate and Director, Carnegie’s International Economics Program

• Masood Ahmed, Director, Middle East and Central Asia Department IMF

Any actual changes in IMF policy will have to be judged on the basis of future behavior. An apology to the Libyan, Egyptian, and all of the other citizens of dictatorships funded and legitimized by the IMF would be helpful, sooner rather than later.

Shooting the people in Tripoli, WSJ.

What a message to "the Guide."

he resigned, joined the rebellion and is now reported "kidnapped" by CNN.

This is moving very fast.

This is the story of the street vendor who had been humiliated for years, disrespected by the police and bureaucracy, and, after a final appeal, set himself o fire in protest of a miserably rotten system. It's an amazing story, an emerging archetype for what may become Giambattista Vico's "Age of men (people)"

The tragic life of a street vendor

Aljazeera Yasmine Ryan, January 20

Al Jazeera travels to the birthplace of Tunisia's uprising and speaks to Mohamed Bouazizi's family. ...

In a country where officials have little concern for the rights of citizens, there was nothing extraordinary about humiliating a young man trying to sell fruit and vegetables to support his family.

Yet when Mohamed Bouazizi poured inflammable liquid over his body and set himself alight outside the local municipal office, his act of protest cemented a revolt that would ultimately end President Zine El Abidine Ben Ali's 23-year-rule.

Local police officers had been picking on Bouazizi for years, ever since he was a child. For his family, there is some comfort that their personal loss has had such stunning political consequences.

"I don't want Mohamed's death to be wasted," Menobia Bouazizi, his mother, said. "Mohamed was the key to this revolt." ...

Police abuse

And nearly everyday, he was bullied by local police officers.

"Since he was a child, they were mistreating him. He was used to it," Hajlaoui Jaafer, a close friend of Bouazizi, said. "I saw him humiliated." ...

The harassment finally became too much for the young man on December 17.

That morning, it became physical. A policewoman confronted him on the way to market. She returned to take his scales from him, but Bouazizi refused to hand them over. They swore at each other, the policewoman slapped him and, with the help of her colleagues, forced him to the ground.

The officers took away his produce and his scale. ...

Protest of last resort

With no official wiling to hear his grievances, the young man brought paint fuel, returned to the street outside the building, and set himself on fire. Full Story

Aljazeeera Lybia coverage

Alazeera Libya live blog

This is truly astounding, if this goes you can bet Iran is next and it will be a bloodbath I suspect.