Over the first half of this year, we have seen a further 1.2 million foreclosure filings, and an additional 2.4 million homes were somewhere in the foreclosure pipeline at the end of June.
All told, we expect about 2.25 million foreclosure filings this year and again next year, and about 2 million more in 2012.
While our outlook is for filings to decline in coming years, they will remain extremely high by historical standards.
Currently, almost 5 million mortgage loans are 90 days or more past due or in foreclosure.”
Every gun that is made, every warship launched, every rocket fired signifies, in the final sense, a theft from those who hunger and are not fed, those who are cold and are not clothed.
This world in arms is not spending money alone. It is spending the sweat of its laborers, the genius of its scientists, the hopes of its children.
The cost of one modern heavy bomber is this: a modern brick school in more than 30 cities. It is two electric power plants, each serving a town of 60,000 population. It is two fine, fully equipped hospitals. It is some fifty miles of concrete pavement.
We pay for a single fighter plane with a half million bushels of wheat. We pay for a single destroyer with new homes that could have housed more than 8,000 people.
… This is not a way of life at all, in any true sense. Under the cloud of threatening war, it is humanity hanging from a cross of iron…
Is there no other way the world may live?
–Dwight David Eisenhower, “The Chance for Peace,” speech given to the American Society of Newspaper Editors, Apr. 16, 1953.
The United States continues to lead the world in defense spending, according to a new report released Thursday by the Center for Arms Control and Non-Proliferation, a U.S.-based non-partisan research organization.
In fact, the U.S. outspends Russia, the next highest spender, by more than 800 percent.
In 2008, the most recent year for which figures are available, the U.S. expenditure was 696.3 billion dollars, followed by Russia’s 86 billion and China’s 83.5 billion.
The U.S. defense budget is 15 times that of Japan, 47 times that of Israel, and nearly 73 times that of Iran.
Not only does U.S. spending dwarf that of other nations, but it has also grown in recent years.
Wednesday, November 17, 2010
University Park, Pa. — Pennsylvania hunters venturing out this fall may be surprised by the level of disturbance and activity on public lands in the northcentral, northeastern and southwestern regions of the state, according to a wildlife expert in Penn State’s College of Agricultural Sciences.
Natural-gas exploration and development associated with the Marcellus Shale formation have increased exponentially over the past year.
“As a hunter, you may be shocked by the level of natural-gas drilling and production activity associated with Marcellus Shale on public lands in Pennsylvania,” said Margaret Brittingham, professor of wildlife resources and extension wildlife specialist.
“As of Oct. 1, there were 4,510 active Marcellus permits. Compare this with Oct. 1, 2009, when there were 1,970 permits.”
Accompanying the drilling activity, hunters will find new or modified roads in many areas and may encounter large volumes of truck traffic in areas where active drilling is occurring.
Here is Tom Croft’s economic proposition in a nutshell: It costs the government considerably more to lose a job than it costs to save a job.
Mr. Croft, 59, is the executive director of the Steel Valley Authority, an organization founded in the 1980s to resuscitate the region’s crumbling manufacturing industry. After several high-profile rescue attempts, including the failed effort to resurrect LTV’s South Side Works, Mr. Croft started focusing on small and midsize companies where jobs were in jeopardy.
Pittsburgh Bans Natural Gas Drilling
Pittsburgh’s first-in-the-nation ordinance confronts the threat of Marcellus Shale drilling – an activity permitted by the state which allows corporations to site drilling activities over the wishes of a community.
Energy corporations are setting up shop in communities across Pennsylvania, to drill for natural gas in the Marcellus Shale formation. The gas extraction technique known as “fracking” has been cited as a threat to surface and groundwater, and has been blamed for fatal explosions, the contamination of drinking water, local rivers, and streams. Collateral damage includes lost property value, ingestion of toxins by livestock, drying up of mortgage loans for prospective home buyers, and threatened loss of organic certification for farmers in affected communities.