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