Economics and Investing:

Jasper found this item from the McClatchy News Service for us: Regulatory reports show 5 biggest banks face huge losses. Here is a key quote: Citibank, Bank of America, HSBC Bank USA, Wells Fargo Bank and J.P. Morgan Chase reported that their “current” net loss risks from derivatives — insurance-like bets tied to a loan or other underlying asset — surged to $587 billion as of Dec. 31. Buried in end-of-the-year regulatory reports that McClatchy has reviewed, the figures reflect a jump of 49 percent in just 90 days. Hmmmm… “Derivatives.” Where have I heard that word before?

DD sent is this: Buffett: The economy has ‘fallen off a cliff’, Investor tells CNBC unemployment level could climb a lot higher

Susan Z. forwarded this: Michael Kosares: Gold coin shortage likely to become chronic

Items from The Economatrix:

The $700 Trillion Elephant in the Room

Wholesale Inventories Fall Again in January

Bank of America Cancels Visa-Holders’ Job Offers

Baby Boomers Going Bust

Chinese Looking for House Bargains in US

Celente: Expect Hunger Riots All Over

Meredith Whitney Says Credit Cards are the Next Credit Crunch

The Next Hit: Quick Defaults

Job Losses Could Drown Stimulus

Arlen Specter: Nation on Brink of Depression “[He] said the nation’s economic situation is more dire than the public has been told, but did not elaborate.”

Roubini: Recession Will Probably Last 36 Months JWR’s Comment: I’ll go out on a limb here, and characterize Roubini’s prediction as wildly optimistic

Surviving The Great Depression

On the Lighter Side of Insanity: Cow Flatulence to be Taxed