Mortgage Crisis

The mortgage crisis is having a massive effect on the U.S economy. The mortgage bankrupcy has increased 94% since last year. The risk of recession is growing and the Federal Reserve is being pressured to slash interest rates for the thrid time. Our economy is sliding downhill far to fast, next year "homeowners will see their property values sink by $1.2 trillion and 524,000 fewer jobs will be created" (LA Times). Wall street is poised to take a 400 billion dollar hit this year but as bad as this is it is not nearly as bad as teh overall effect on the economy. Their is a chain reaction to take place effecting out economy. For example, Less houses being bought means landscapers and swimming pool contracters will be out of work, Real estate agents and loan officers are out of work, rising defaults and forclosures have destroyed home equity giving people less opertuinity to finance big purchaes such as cars and other things. All of this is destroying our economy and I would like to hear presidential candidates make this more of an issue before it becomes somethign we can no longer fix.