In economic news, analysts are predicting the rate of foreclosures in the United States is approaching heights not seen since the Great Depression. Last year there were 1.2 million foreclosure filings. This year it is projected that the number will top two million. On Friday, President Bush unveiled a plan to help some homeowners facing foreclosure because of the subprime mortgage crisis, but he ruled out a federal bailout.

President Bush: “It’s not the government’s job to bail out speculators or those who made the decision to buy a home they knew they could never afford. Yet, there are many Americans homeowners who could get through this difficult time with a little flexibility from their lenders or a little help from their government. So I strongly urge lenders to work with homeowners to adjust their mortgages. I believe lenders have a responsibility to help these good people to renegotiate so they can stay in their home.”