Members of America's military face threats around the world every day, but it's a domestic threat that has the top brass on the offensive on the home front -- predatory lenders. Here's how the Department of Defense is fighting back.
Unlike the military base closures that occurred in the 1990s, the 20 bases that the government is scheduled to close next year come at a time of great economic uncertainty. Not only will the closures take a toll on already-suffering local economies but it could also send real estate markets in those areas spiraling further downward.
When Loring Air Force base in Limestone, Maine, closed, more than 75% of the area's population left. Sixteen years later, 1,400 new jobs have been created, and people are slowly coming back. Here's how the community is rebuilding its economy.
When the government closed California's Castle Air Force Base, the future looked grim for surrounding Merced County. Yet, even though the area's unemployment and foreclosure rates are among the highest in the nation, the community is starting to stage a comeback.
When Lowry Air Force base closed in 1994, the surrounding area not only lost a major employer (which supplied some 7,000 people with jobs) but it also took a big chunk out of the area's population -- and threatened its economy.
The U.S. will close 20 major bases by September 2011. What happens then depends on the base's location. But the ripple effect is always felt throughout the surrounding area. Often, families lose neighbors, businesses lose customers and workers lose jobs.
Boeing plans to accelerate its production of 777 and 747 jets after the International Air Transport Association reports increased air travel. Meanwhile, the company may face competition for a Defense Department contract.
