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Originally published Saturday, March 21, 2009 at 12:00 AM
By Jennifer Waters
Americans are in a collective state of financial depression as many admit they could cover their bills for two months at most if suddenly jobless, a nightmare more and more worry may come true.
A group of surveys found a growing number of consumers are a few paychecks away from a household collapse. Even as many scramble to shore up savings, rainy-day funds are being depleted to cover food and energy bills, mortgage and car payments.
A large number of households said they couldn't tolerate even one missed paycheck.
"This is flashing so bright-red," said Paul Ballew, senior vice president of Nationwide Insurance. "Roughly 60 percent of the population was ill-prepared (financially) before the meltdown."
You never want a serious crisis to go to waste..
BRUSSELS (Reuters) - Secretary of State Hillary Clinton told an audience Friday "never waste a good crisis," and highlighted the opportunity of rebuilding economies in a greener, less energy-intensive way.
"Human rights cannot interfere with the global economic crisis, the global climate change crisis and the security crises," Clinton said in talks with China's foreign minister.