I feel badly for these poor folks who have lost their homes and have no where to live except in makeshift tent cities which are springing up all over America. To add insult to injury, police are showing up at these camps with "eviction notices" telling people they have to "move along" but where can they go without being harassed elsewhere?

This growing number of displaced Americans is the result of what I refer to as the "First Wave" caused by subprime mortgage resets. Economists estimate that even after most of these resets happen by year end, the fallout will continue for years to come. To make matters worse, the "Second Wave" namely Alt-A rated ARM mortgages will begin resetting later this year.

So pray tell where will all these displaced homeowners live? I'm afraid the majority will probably end up living in third-world "government approved" accommodations not unlike the city run ghettos up here in Toronto and other major Canadian cities, infested with cockroaches, bed bugs and gangs. On a more positive note, I think many of these displaced Americans will actually find relief taking jobs in Canada's booming energy districts where positions go begging. Hopefully we will welcome them with open arms instead of burocratic red tape.

http://globaleconomicanalysis.blogsp...

If this link doesn't work then try this one - just remove the filler blanks.

http: //globaleconomicanalysis.blogspot.com/ 2008/06/ tent-city-usa.html