No Lifeboats For The Little Guys

mortgage, foreclosure, money, finance, subprime, loans, house, housing, generic AP / file

This column was written by CBS News Early Show Co-Anchor Harry Smith.
The U.S. economy hits an iceberg. The Titanic is sinking. Lifeboats are being lowered into the water.

But instead of women and children first, there is a different pecking order when it comes to who will drown and who gets to stay afloat.

Washington continues to scramble to plow money into giant banks, insurance companies, and financial institutions.

Meanwhile, the folks down in steerage are being thrown in record numbers into the freezing cold waters of foreclosure.

A breathtaking 85,000 homes went into foreclosure in the United States last month.

Everyday the number of people whose homes and mortgages are underwater; that's when the mortgage is worth more than the property, continues to grow.

With new employment numbers out today showing a seven year high in joblessness, fewer people will be able to pay their bills.

Lifeboats for Wall Street, and for the little guys; glug, glug, glug.
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