PAUL SCHRAG: ARMED TO THE TEETH >>>

Sorry to keep doing this. But we’re screwed â€" especially homeowners with adjustable-rate mortgages in the South Sound. At least that’s what’s indicated in a report issued recently by the Washington Budget and Policy Center. The report, titled The High Cost of Subprime Lending in Washington State, suggests that this damn mortgage crisis could actually get worse, and that its effects will fall particularly hard on poor and minority communities. At one time believed to be slightly insulated from the mortgage woes troubling other states, Washington is expected to see rates increase on a flood of adjustable-rate mortgages this year, and those mortgages will have higher rates of prepayment penalties than nearly any other state in the nation. Translation â€" people who couldn’t get their hands on a standard loan and opted for a risky, adjustable-rate mortgage will see increases that many simply won’t be able to afford. During the coming year, it is expected that interest rates will reset on 23 percent of adjustable rate mortgages in Washington. That’s a higher share than nearly every other state.

The likelihood of a spike in foreclosure rates is profound, especially in Pierce County, which posted the highest foreclosure rate in the state earlier this year. Foreclosures in Pierce County more than doubled in 2008 â€" from 3,088 in 2007 to 6,669 in 2008, according to foreclosure listing service RealtyTrac.

“Many families who are already struggling during this recession will also face unaffordable increases in their mortgage payments in the next couple years,” says Jeff Chapman, author of the report. “The state must consider ways to boost federal efforts to ensure that people can pay fair prices and stay in their homes.”

What’s more interesting is data that suggests minorities and people from low-income neighborhoods are paying more for mortgages. Analysis of data from the Federal Reserve suggested that the income level of the neighborhood where the home is located played an important role in loan pricing. Mortgages in lower-income neighborhoods were almost twice as likely to be high cost. In Pierce County, 44 percent of high cost mortgages were sold to the lowest income neighborhoods, compared to 24 percent in higher-income neighborhoods. What’s more alarming is data that shows African Americans and Latinos were more likely to have high cost loans regardless of their income level. More than 40 percent of mortgages lent to African Americans and Hispanics were high cost, compared to an estimated 22 percent for non-Hispanic whites and Asians. Among borrowers with high incomes, 37-39 percent of African American and Hispanic borrowers had high-cost loans, compared to 18 percent for whites. Even when using a mainstream lender, people of color were still much more likely than whites to pay higher costs for mortgages. The choice of lender does not fully account for disparities in mortgage pricing by race and ethnicity, according to study authors.

“What is especially troubling about the findings in this report is that it appears people of color with higher incomes are getting high-cost loans,” says Alexes Harris, assistant professor of sociology at the University of Washington.

So what does all this add up to? Washington Budget and Policy Center says it means we need to put pressure on legislators to improve education and regulation of subprime mortgages, and an aggressive approach to casting a safety net under thousands facing foreclosure this year.

“All consumers, regardless of their race, should have access to fairly priced goods and services,” says Dorry Elias-Garcia, Executive Director of the Minority Executive Director’s Coalition.

PHOTO: Flickr/Peternamara1

MICHAEL SWAN: WANKERS OF THE DAY >>>

Gangs with smart phones

David Appleby

The economy’s affect on Boeing

The chicks on VH1’s Tough Love

Oh screw it â€" ALL the reality shows on VH1!

WEEKLY VOLCANO: A LOOK AT WHAT YOU SHOULD BE LOOKING AT >>>

Just in case delusional you thought today's news that Wall Street made its biggest leap in what seems like forever means everything is about to return to peachy-keen normalcy, here's a look at what's actually going on in the world, through the lens of some of the Weekly Volcano's favorite publications.

The Hidden Homeless: The New York Times looks at families forced to live in motels

Stem Cell Research: Slate has an interesting take on Obama's stance

Supreme Court: Weighs in on the Voting Rights Act

Brooksy: One of our favorite conservatives has harsh words for Republicans

More New York Times: Generation OMG

JOE MALIK: BORED AS HELL, AND NOT GOING TO TAKE IT ANYMORE >>>

So I’m bored as hell. One of the best parts, and the worst, of being unemployed is having lots and of time on your hands. Being broke really limits your daytime activities. So I’ve compiled a short list of things you can do for free, along with estimates of just how much time you can eat up while doing them. Please feel free to leave your own suggestions in the comments section below.

Root through your neighbors’ trash
30 minutes to an hour

You can learn a lot about your neighbors by sifting through their garbage. While they’re at work, put on some heavy leather gloves and go junk spelunking. Technically, it’s legal. This exercise often produces fodder for another fun activity â€" blackmailing someone. If you’re desperately broke, find a neighbor with a nice nuclear family, and look for porn in their trash. Offer to keep quiet about their tranny mags in exchange for cash.

Watch TV, repeat everything said in a British accent
Fun for about a half hour

Watching daytime TV is hell. But repeating everything that Tyra Banks says in a thick cockney accent is fun. For about 30 minutes.

Prank phone calls
Two or three hours, easy

Fuck all that “You better go catch your refrigerator” nonsense. Vulgarity is too quick and too easy. Instead, see how long you can keep them on the phone. Call evil businesses (McDonalds, Target, Nordstrom) and pretend you’re an old man or woman with a complaint. No one hangs up on a distressed senior citizen. Also, tormenting people with jobs will make you feel better.

Burn things with a magnifying glass
Potentially a couple days

Skip the ants, ‘cause that’s just cruel. Try burning a person you know, or someone you don’t like. This can be tricky. But it’s a great personal challenge, and it takes a lot of time to plan and execute.

Scratch
Depends on where you scratch

Go ahead, try it. Feels good right? Be careful where you scratch in public.

Make a buzzing noise
This one can be habit forming- limit to a couple hours

Remember the scene in Breakfast Club where the brat pack crew emitted a rotating, low level hum to mess with the mind of Principal Vernon? Do that, but do it by yourself. If you have unemployed friends, bring them along. This is especially fun in places where everyone is quiet â€" libraries, internet cafes, dentist offices.

Show the world to a dog or cat
This usually lasts longer with a small dog or cat - Twenty minutes to an hour

Most small pets never get to see the world from a human altitude. Your pet has probably never seen the tops shelf of the refrigerator, what you keep on your desk, or what’s inside that bowl on the kitchen table. Imagine what your pet is thinking as you perform this one.

Prepare for the Apocalypse
This one can take weeks

Stock up for the end of the world. Stack bottled water, canned food, seeds, fertilizer, weapons, extra socks, weed, PBR â€" whatever you think you’ll need to get through the end times. Imagine that one day, when it all goes down, you’ll finally be special â€" ‘cause you were prepared, and all those dumbasses who were enjoying their lives weren’t.

MATT DRISCOLL: THOUGHTS ON THE TACOMA SCHOOL BOND >>>

Is public education a top priority for Tacoma voters? We're about to find out â€" in the form of the Tacoma Schools' capital improvement bond. With ballots already having been distributed by mail, where Tacoma stands on the issue should become clear on March 10 â€" the official date of the special election.

While my fingers are crossed in hopes Tacoma will do the right thing, I'm also skeptical.

Click here to read this week's editorial on the subject.

MATT DRISCOLL: OBAMA’S CALMING REASSURANCE >>>

As you’ve probably heard, President Obama is set to deliver a nationally televised address to a joint session of Congress tonight, which will start at 6 pm our time, and â€" surprise surprise â€" focus on the busted and broken American economy. (He will, however, be wearing a shirt.)

Didn’t see that one coming, did you?

If you’re like most people, these wild and wooly economic times we find ourselves in are enough to scare one straight â€" or curvy, depending on where one starts. Uncertainty is high and anxiety is even higher. People are no doubt looking for something to feel good about.

So, that said, what could Obama possibly say tonight that would make you sleep easier?

To add fuel to that fire, here are a few perspectives.

LINK: David Brooks is, like, the best conservative ever.

LINK: Robert Reich says the stimulus is too small, and vowing to cut the deficit was probably stupid.

LINK: Dowd says Obama needs to be more hopeful.

LINK: Some funny looking cartoon guy from the Washington Post says Obama has some explaining to do tonight.

JOE MALIK: THE UGLY TRUTH ABOUT WAL-MART >>>

So I think I’ve hit bottom. How do I know? I went shopping at a Wal-Mart Supercenter. What? You’ve never been? Well, if this unemployment epidemic continues, you might end up among the people who have to reconsider.

Wal-Mart Supercenters are overwhelming. I kept looking for a tram or a Segway or something to help me traverse acres and acres of affordable food, clothes, electronics, household goods, guns, ammo and gardening supplies. Note: Wal-Mart has one of the best selections of condoms you’ll ever see. Shotgun shells too.

Before my fall, I had avoided the world’s largest retailer and its demonic Rollbacks because I was convinced that Wal-Mart is the personification of capitalist evil. And they may very well be.

This past December, Wal-Mart announced that it settled 63 wage and hour class action lawsuits that have been pending against the company for years. That number represents approximately 86 percent of the 73 wage/hour and overtime class action suits currently pending against the company. What these cases have revealed through evidence and employee testimony is a “corporate culture” and systematic approach to cutting labor costs by dictating managers hire below the “preferred” staffing levels and rewarding managers for keeping labor costs down.

Lawsuit documents have cited various methods used by managers to hold down labor costs, including: forcing employees to work off the clock; requiring workers to skip lunch and rest breaks; and manipulating time and wage records. An internal audit performed by Wal-Mart in July 2000 indicated these types of violations were and have been a massive problem companywide for years, according to Wal-Mart hawks Wal-Mart Watch.

Walking through Wal-Mart doesn’t help the impression that it’s been designed to exploit. The food selection at Wal-Mart is terrifying. I found six aisles dedicated to selling the least nutritious food America can get away with. There’s literally a whole aisle â€" a really long one - dedicated to soft drinks that have as much nutritional value as a piece of tree bark. Maybe less. Oh, and on the other side, nothing but chips fried in hydrogenated fats.

They did have a nice selection of fresh produce.

So, I spent the next hour checking off my shopping list, and pretty much feeling horrifically guilty for buying groceries from the devil. Then I noticed something. Forgive me for assuming, but nearly every person I saw shopping there looked as poor as I am. There was one difference, however. They didn’t look like they felt guilty at all. Didn’t anyone ever tell these people that Wal-Mart is ruining one small town after another?! Didn’t they see the Wal-Mart: The High Cost of Low Price”? I though for a moment “They just don’t know any better.”

Then I thought “God, am I really such a condescending asshole? Maybe they just can’t afford to shop at Metropolitan Market (which I refer to lovingly as ‘Babylon’s Nipple’). Maybe they’re just poor.”

Like me.

So when I ended up in line behind what appeared to be three generations of female members of a Latino family, all chomping on Snickers ice cream bars while they tried for 10 minutes to pay for their unhealthy groceries with two credit cards and food stamps, I didn’t look down my nose.

I laughed, and offered to help them make up the difference.

BOBBLE TIKI: BREAKFAST WITH BOBBLE TIKI >>>

 Stamp prices to go up 2 cents in May. Sucks.

Negotiations intensify on final stimulus plan. Sucks.

Two trillion bank plan broad in scope, short on specifics. Sucks.

Tacoma's Salishan redevelopment project is $25.5 million short. Sucks.

Yes, below is a Mega Double Stuff Oreo. We don’t believe you can find this in the South Puget Sound. You can find it and other caloric monstrosities at This Is Why You're Fat.

MATT DRISCOLL: HAS A STOCKPILE OF CAMPBELL'S SOUP AND WATER >>>

Whether you listened to the man or have simply read the reviews - or took a glance at today's stock market action - Treasury Secretary Tim Geithner appears to have scared the shit out of everyone with his plan to stabilize the financial sector.

And people are right to be scared by it. According to Geithner, if no action is taken we could soon be facing the complete collapse of our economic system. No on except my friend Sean the Communist wants to see something like that.

But is Geithner right about how bad things are? Daniel Gross of Slate says yes.

And while everyone seems to agree we're in the midst of a dire situation, not everyone is thrilled with the plan Geithner rolled out.

JOE MALIK: JOINING THE CLUB >>>

I knew it the moment I walked into my boss's office. He didn't even have a chance to say "You're fucking fired" before my legs started to malfunction. I could see the agony and shame on his face, as I'm sure he could see the panic on mine. It was purely a budgetary decision, he said. The company was preparing for a bad year, and tough choices had to be made just in case things got as bad as everyone was predicting.

One of those choices was to let some people go. And despite years of dedicated service, my head was on the block.

CHOP!

It literally happened that fast.

I now count myself among a growing number of people who are officially without a job. Between November and December, thousands of people in Washington joined those ranks – a near-historic drop during one of the worst economic declines in our nationÃ's history.

According to reports emerging this week, it's getting worse.

On a national scale, people filing for unemployment benefits jumped last week to a 26-year high. Preliminary reports show jobless claims increased 626,000 in January - the highest level since October 1982. The total number of people collecting unemployment jumped to a record 4.78 million - that's more than the entire population of the state of Alabama.

This is a stark reality, everyone. This is real terror. Odds are that many of you reading this know exactly what I mean.

So ... in the interest of open dialogue, self-pity, communal suffering, communal groping for hope, communal bitching, and maybe a little healing, the Weekly Volcano has made the marginally wise decision to let me write about being unemployed in Grit City. For all those facing the utter terror of sudden unemployment, know that you are not alone. About 65,000 people joined us during the last week of January, according to the New York Times.

Probably like you, I've spent an undue amount of time scared out of my wits. I can't think, I can't sleep, and I feel utterly lost and ashamed. Suddenly a cornerstone of my identity is gone – I can't tag the end of my name with the name of my former employer. My sense of identity is unraveling. And I have nothing but time on my hands, which provides plenty of opportunity to feel sorry for myself. I've spent an undue amount of time drowning in distraction, and trying to fill the sudden void with all the things I gave up to keep my job all those years. Sometimes it works.

A recent report issued by the American Psychological Association indicates that unemployment can spark a vicious cycle of depression, loss of personal control, decreased emotional functioning and poorer physical health. The authors came to this conclusion from interviewing 756 recently unemployed job seekers. The results show that this chain of woes appears to continue for at least two years.

Meanwhile, daily reports spill from the fetid mouths of industry-funded professional optimists, who literally seem to be saying that we can buy our way out of this. That's right – one of the most popular prescriptions for the unemployment blues is to spend more money. This capitalizes on a well-documented phenomenon in which people who are depressed and confused are more inclined to spend irresponsibly and frivolously. I imagine most of the people pushing this poison pill have jobs, live comfortably, and stand to profit from continued irrationality and denial about the state of our economy.

This is the kind of bald-faced deception that helped place us in the predicament we're in.

I almost bought it myself.

But then I watched Wall Street robber-barons take home 18-plus billion dollars in bonuses, and gobble up billions of dollars in bail-out money without being held to any reasonable standard of accountability. Then I remembered that I wouldn't get a paycheck in two weeks. So, unequivocally, I decided that this "keep buying or keep dying" ruse is the most shameless, deceitful, mindless, panic-driven bullshit of all time.

There has to be a better way out, individually and collectively.

We'll talk about that next week.