Here is your link.
This isn't really news, but it is interesting to start seeing more about it in the press.
I love the way that these people who are already bankrupt don't want to change their lifestyle.
How far are we, the United States of America, from this same situation?
The situation in the Gulf of Mexico is getting worse instead of better. Aside from the environmental destruction that oil spill is a potential financial disaster for the nation. BP will declare bankruptcy at some point leaving the cost of the cleanup to us, through the federal and state governments. That cost will be huge, almost unimaginable. The oil itself will wreck the local economies of the Gulf states. Think about it. Between commercial and sport fishing, hotels, beach rentals, all the restaurants and little shops and chain stores that sell to people on and near the cost and all the people like plumbers and electricians and roofers and auto mechanics and everyone else that supports them there are a lot of people who will be out of work and a lot of businesses that will close. If you think people are upside down on their mortgages now then just imagine what things will be like after the beaches are coated with oil. After all those people lose their incomes they will be looking for unemployment benefits including education because a lot of them may never be able to return to their old careers. A lot of those people may move to other areas and now there will be more competition for the few jobs that exist so the pay for those jobs may well go down. Now add in the reduced revenue to the state and federal governments. Now throw in a lot more problems that I haven't thought of and you have the makings of a real disaster.
I wish my financial house was in better order than it is.
3 hours ago