Sacramento gets its own shantytown

The foreclosure epidemic in California has led to real live shantytowns in Sacramento.

The Today Show reports that 1,200 people are living in these tent cities and fifty newly homeless people are joining everyday, dependent on food pantries like Loaves & Fishes. These newly homeless used to be on top of the world: new cars and new homes, paid for with cheap and easy credit. When the credit crunch crushed their jobs, the house of cards fell apart and tragically, they ended up on the streets.

Check out the video below -- because we really do need to see more parallels between the current mess and the Great Depression. To learn about Hoovervilles, check out this Wikipedia entry.

Visit msnbc.com for Breaking News, World News, and News about the Economy