Losing House, Declaring Bankruptcy, Watching TV

One sad story in NYT.."Downturn Drags More Consumers Into Bankruptcy" By Tara Siegel Bernard and Jenny Anderson. According to this article, "The economy’s deep troubles are pushing a growing number of already struggling consumers into bankruptcy, often with far more debt than those who filed in previous downturns. Plummeting home values, dwindling incomes and the near disappearance of credit have proved a potent mixture. While all the usual reasons that distressed borrowers seek bankruptcy — job loss, medical bills, divorce — play significant roles, new economic forces are changing the calculus of who can ride out the tough times and who cannot. The number of personal bankruptcy filings jumped nearly 8 percent in October from September, after marching steadily upward for the last two years, said Mike Bickford, president of Automated Access to Court Electronic Records, a bankruptcy data and management company. Filings totaled 108,595, surpassing 100,000 for the first time since a law that made it more difficult — and often twice as expensive — to file for bankruptcy took effect in 2005. That translated to an average of 4,936 bankruptcies filed each business day last month, up nearly 34 percent from October 2007."
Unfortunately, I have been predicting this, as the wide public has been living it up on credit while income from productive work has been stagnant or falling.

An interesting story to go along with this depressing bankruptcy filing news.
Jeanna Bryner, Senior Writer at LiveScience.com writes in an article titled"Unhappy People Watch Lots More TV" that "Unhappy people glue themselves to the television 30 percent more than happy people.
The finding, announced on Thursday, comes from a survey of nearly 30,000 American adults conducted between 1975 and 2006 as part of the General Social Survey. While happy people reported watching an average of 19 hours of television per week, unhappy people reported 25 hours a week. The results held even after taking into account education, income, age and marital status. In addition, happy individuals were more socially active, attended more religious services, voted more and read a newspaper more often than their less-chipper counterparts.
The researchers are not sure, though, whether unhappiness leads to more television-watching or more viewing leads to unhappiness."