September 06, 2008 08:35 AM UTC

The economy is in really bad shape, and getting worse...

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• by: DavidThi808

A recession is when you’re neighbor is out of work. A depression is when you are out of work.

got the below links/quotes from DailyKOS – quote and graph from Brad DeLong

Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers…

And from the Mercury News we have:

Meanwhile, a greater portion of homeowners nationwide fell behind on their mortgage payments in the second quarter than during any quarter on record, the Mortgage Bankers Association said Friday. Nationally, a seasonally adjusted 6.41 percent of residential mortgages were delinquent, or at least 30 days overdue.

In California, 5.78 percent of residential mortgages were overdue at the end of the quarter, up from 5.25 percent in the previous quarter. California ranked 26th for delinquent loans but third for new foreclosures initiated, with 1.82 percent of residential loans entering foreclosure in the second quarter. Typically, lenders do not begin foreclosure proceedings until borrowers have missed a few monthly payments.

First off, this is bad news for all of us. Things could get a lot worse fast because the fundamental problems still exist. And the shape of that graph going forward is scary.

Second, this is horrible news for the Republicans. If people think their job may go away, they want change and they want it now. Maybe all Obama should do while campaigning is say “remember, McCain is the Republican.”