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Last Friday the U.S. Labor Department reported a five year high jobless rate, exceeding the prediction of some economists. 84,000 more workers lost payroll jobs last month as the unemployment rate reached 6.1%. Three quarters of the way into this year, job losses now total 605,000. Forecasts for the nation’s economy predict even more job losses in the coming months. The growth of Gross Domestic Product rates in the last quarter hasn’t translated into job security for increasingly unemployed Americans. Meanwhile, the government has announced a tax-payer bailout of the two giant mortgage buyers, Fannie Mae and Freddie Mac after their stocks plunged to a new low last week. As of now, the US Treasury may purchase up to $200 billion of stock in the two firms to keep them solvent.

GUEST: Doug Henwood, author of the book, “After the New Economy,” and editor of “Left Business Observer,” host of a Pacifica weekly program called Behind the News