Foreclosures and Poverty on the Rise

Friday, September 17, 2010

Gretchen Morgenson, business writer for the New York Times, discusses the recent report that last month was the biggest month for foreclosures ever. And David Jones of the Community Service Society looks at yesterday's Census numbers showing poverty on the rise in the U.S., and how his organization is combating poverty here in New York.

Comments [11]

Lisa from London

And the story continues.... We could only hope to see some recovery soon. We have nothing to lose anymore. By the way, if you think it's time to have your own place in Nottingham, why not try this great option of rent to own homes. It's the best option you have these days. Good luck in everything!

Sep. 23 2010 01:05 AM
no-benies. from nyc

This is why I send my money to WNYC, your program especially this one is tops. I follow Gretchen and David they have an amazing grasp of practical economics as opposed to the econ I studied :).
Flame On:
I am wondering why we / us do not or cannot organise as they did in France and the UK recently. Do we all live in a virtual "Kansas" where the upper classes make all the decisions for us, and we're here just to make them more wealthy meanwhile deluding ourselves that the markets work; and convince us that if we work hard we too can become rich (lol) ? I resent very much the fact that the middle class pensions, health care, collective bargaining and other basic benefits our (grand) parents struggled to obtain are being eviscerated. If you noticed ,all of the folks who are pro middle class are being vilified as socialists. Even Ob has been forced to tip toe thanks to the cabal he has around him. I've was unemployed for 8 months, and I had to start again not as a sr. manager but at the same income as a college grad. I have a doctorate in comp sci. - no benefits.

Sep. 17 2010 11:50 AM
k.g. from Manhattan

What amazes me is that nobody talks about how the corporations hideout in loopholes and shelters to avoid paying taxes and helping people with the Obama Stimulus options.

I worked for a major apparel manufacturer, was laid off. When my COBRA ran out I applied for the New York Mini-cobra extension. I was declined and told the reason why was because our Health Insurance was with Blue cross in New Jersey. I fought them and said then why is the corporate headquarters listed on Madison Avenue? This is a New York based Corporation and as such they should comp;y with New York regulations. They said they would get back to me....

Three weeks later I was denied the extension AGAIN and this time they used the excuse that they did not have to comply to the Stimulus package COBRA extension because the company was self insured. SO there were two different ways they were protecting themselves from State and Local regulations. I replied, "so it is ok to spend money and outfit the entire Wimbledon staff and have the highest third quarter earnings of any apparel manufacturer but not ok to do the right thing during a recession and help your former employees (I was there for six years) comply with other New York Corporations and extend COBRA benefits? They hung up on me!

Sep. 17 2010 11:43 AM

So what does Mortensen expect people to do?!?! People like her make me so angry!

Where does my unemployment go? To pay my rent, my credit card debt, my law school loans, and food. If I stop paying on the credit card or the loans, I won't be able to work in the field. So if I don't keep getting some cash, the option for me is bankruptcy. Then it will be hard for me to get any but the most basic job; with a job like that I couldn't afford my rent-regulated apartment, but if I apply for bankruptcy, I won't be able to move. So what? I file for bankruptcy, then move into a shelter? With my top-ten liberal arts school undergrad degree and my law degree.

There's about 10K in unused credit on my card. Perhaps I should use it all before I file.

Sep. 17 2010 11:29 AM

Please remind people that pre-existing condition health insurance is currently available to all New Yorkers. Many qualify!

Sep. 17 2010 11:29 AM

You shouldn't give people help they desperately need because they might pay off their debt??? How dare you!!!! My husband and I have no debt. There are many people like us - MANY!! Should they be deprived help too? How many people have debt because Reagonomics forced them into it just to pay their bills!! Shame on you!!!!

Sep. 17 2010 11:26 AM

I am a native New Yorker who has lived fairly comfortably in Brooklyn and the Bronx. Not so anymore.

Back in the Bronx, after being forced out of Brooklyn by the high rentals, I am now scraping bottom. Unemployment finished in March, and I have been living w/ no income since then.

I'm am afraid to check my bank balance.

Sep. 17 2010 11:23 AM
Jeff Pappas from Ct.

As a freelance Artist and small business owner who has not had work for more than a year it is frustrating that there is no govt program for people like myself, because we were self employed. Yet all the people who had a job for a company had their unemployment extended.
So I used all my saving and maxed out my credit cards to pay my bills !

Sep. 17 2010 11:22 AM
Patricia Jones from Brooklyn

I am poorer now then I was in my 20s when I first came to NYC. Lost ft job in 2008. Unemployment even at NY state's low rates helped. I found a job but lost it after a year out of work and I wasn't able to secure a new claim because I did not work long enough! I worked for the Census, but was let go after 6 weeks (and in 3 of those weeks was not paid!) Little jobs-proofreading, etc. that were once plentiful just don't exist. I have done consulting work, all kinds of stuff to just stay in my apartment but I may soon have to leave it and go where that is safe for a single Black woman over 50. I am teaching two adjunct classes which is great, but the pay is too low to sustain me or anyone else. I told a good friend I am so broke I can't afford bankruptcy.

Sep. 17 2010 11:20 AM

Tax breaks for the rich are not working. The wealthy have had enough time (8 years) to prove their philosophy is correct, but they have failed to create jobs for Americans.
Time to test another strategy.

Sep. 17 2010 11:09 AM

clearly 30 years of reaganism is destroying this country.
there is no metric that the USA leads the other G7. even cuba has a lower infant mortality rate. people in Europe live longer than we in the states. but give us cheap oil, cheap corn syrup, cheap beef, junk TV, guns or mythical gods and we are just as happy as can be. simple minded drones. I curse u all.

Sep. 17 2010 10:55 AM

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