We need the Bailout. No matter how much it hurts. the outcome is worse.
Economic reports are staggering besides the weak housing report,
- new claims for unemployment benefits shot up last week to the highest level in seven years.
- Orders to factories for big-ticket manufactured goods fell by a much-bigger-amount than expected amount of 4.5 percent in August.
Both indicate the rising pressures facing the economy.
- The big drop in new home sales
- the steepest housing downturn in decades.
That housing slump has contributed to a record surge in mortgage defaults,
- billions of dollars in losses by financial firms
- severe credit crisis that is threatening to send
- the country into a steep recession.
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