According the Bureau for Labor Statistics, 10.1 million Americans were unemployed as of October. As reported last month, the number of long-term unemployed — those jobless for 27 weeks or more — rose by 249,000, to 2.3 million. In the New York metropolitan market, thousands lost their jobs in just the months of September and October.
Since the No. 1 cause of personal bankruptcy filings in the United States is the failure to pay medical bills or lack of health insurance, with so many people losing their jobs (and, after Cobra runs out, their health insurance), another financial crisis undoubtedly will emerge in mid-2009 or late next year.