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

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?