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alstry (35.53)

Food Lines Growing 300% in ONE MONTH

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July 23, 2008 – Comments (2)

Last month, riots in Milwaukee......this month Minneapolis.......

"I'm having a real hard time. I have two kids and they're both teenagers and they eat a lot," she said.

Chevelle was one of thousands of people lining up for a food give away at Macedonia Baptist Church at 38th Street and 1st Avenue in Minneapolis. People lined up beginning at 1 p.m. for the event, that was scheduled to start at 5 p.m.. Organizers started serving people at 4:30.

"I'm just kind of flabbergasted right now, because I see so many people in need," said Rev. Charles Graham.

Last month, the church partnered with Second Harvest Heartland to host their first food give away. They served roughly 13-hundred people. On Tuesday, that number had likely tripled.

http://www.kare11.com/news/news_article.aspx?storyid=519687&catid=2

Some things simply don't need commentary.

 

2 Comments – Post Your Own

#1) On July 23, 2008 at 12:45 AM, alstry (35.53) wrote:

CONDO MELTDOWN!!!!!!!!!!!!!!!!!!!

As bills mounted and revenue shrank, the board of Miami Beach’s luxury Bentley Bay condo knew it had to take drastic action.

Facing a spike in delinquencies and the need to pay the bills, the Bentley’s condo association opted to take a hard line with lenders that took over units there — many from investors who went into foreclosure.....

As more units go into foreclosure, communities — especially newly built or converted projects — are struggling with rising nonpayment of association fees.

.....

Newer condos and conversion projects are suffering the most because speculators flocked to those buildings during the housing boom. But now that the market has imploded, many can’t afford their mortgage and condo due payments. Those buildings are also more likely to have borrowers who used exotic mortgages and adjustable mortgages that have helped push more homeowners into foreclosure.

Older communities are hurting, too, because owners refinanced at the time of easy credit, and now they can’t afford higher condo fees and adjustable mortgages that are resetting higher.

It becomes a vicious cycle, too, as condo associations pass special assessments to make up for late payments, only to send more owners over the brink.

http://www.dailybusinessreview.com/Web_Blog_Stories/July/Condo_Associations.html

What happens when few are paying taxes????

Maybe Demon was wrong....instead of inflation.....it will be hyperinflation and we are all broke because few can afford anything in an environment where wages and assets are falling in value and commodities are rising.

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#2) On July 23, 2008 at 2:02 AM, podrag (< 20) wrote:

Nope... No recession here... move along, move along!

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