The employment news is not good. Economists do not expect job growth until 2012 as we enter year 2 of this recession. With more employees unhappy with their jobs and new jobs nonexistent consumers will continue to be very cautious about spending their hard earned dollars while they continue to pay down debt

Many people have come to the conclusion that they don't want to work for "the man" anymore. They want to work for themselves or someone they know and trust. It's as a marketing specialist told us recently: "My husband was fired. My hours were cut in half," she said. "As soon as we get on our feet, we're starting our own business. We're never going to let ourselves be vulnerable again." This is a quote from an essay written by Jack Welch in the latest issue of Business Week entitled “Winning back the workforce”.

From this mornings WSJ comes an interesting analysis of the mortgage mess from Mr. Liebowitz a professor of economics and director of the Center for the Analysis of Property Rights and Innovation in the management school at the University of Texas, Dallas. What is really behind the mushrooming rate of mortgage foreclosures since 2007?

The headlines in today’s newspapers said it all “Job losses rise unemployment at 9.5%”. While many are asking themselves what is going on here I have been saying all along that consumers are not going to spend us out of this recession and that the bailout plan is going to do nothing to regain consumer confidence or reverse the trend of job losses