“As the financial crisis on Wall Street unfolds with intense media coverage, we are losing sight of another crisis: more than a million families across the United States will face foreclosure in the next six months as the last of the subprime mortgages contracted in 2006 and early 2007 reset. Accelerating job losses and low wages aggravate the lives of tens of millions of families. In the rush to focus on Wall Street, these are the families whose lives must not be forgotten.”
The above is from the September 29, 2008 Center for Study of Working Class Life report, “Economic Stimulus and Economically Distressed Workers” (www.stonybrook.edu/workingclass/resources/distress_full.pdf) by Michael Zweig, Junyi Zhu, and Daniel Wolman.
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