traded for crack, Syracuse police say
Items from The Economatrix:
Weiss: Feds Giving “Lip Service” to Fiscal Responsibility [2] “Weiss recommends everyone ‘make severe sacrifices in order to save money and to build up cash reserves for future bad times.'”
Appeals Court Upholds Sale of Chrysler to Fiat [3]
Federal Jobs Lost in May: 345,000 [4] Is “a little better” now the measure of success?
Securitization: The Biggest Rip-Off Ever; Financial Dereg Has Opened Pandora’s Box [5] “The former head of the FDIC, William Seidman, figured it all out back in 1993 when he was cleaning up after the S&L fiasco. Here’s what he said in his memoirs: ‘Instruct regulators to look for the newest fad in the industry and examine it with great care. The next mistake will be a new way to make a loan that will not be repaid.’ (Bloomberg) ‘That’s it in a nutshell. The banks never expected the loans would be paid back, which is why they issued them to ninjas; applicants with no income, no collateral, no job, and a bad credit history.'”
The Most Important Economic Indicator You’ve Never Heard Of [6] (The Baltic Dry Index, and yes, you’ve heard of it at SurvivalBlog.)
GM’s Dismantling Opens Doors for Foreign Carmarkers
New Bull Run Called By Tracker of Dow’s Historical Trends [7]. [JWR Adds: My Barbra Steisand meter is pegging.]
Science Reinvents the Economy: Bubble Math [8]
Biden: Obama to Ramp Up Stimulus Efforts “Since the recession began in December 2007, the economy has lost a net total of 6 million jobs. “
Most US Stocks Fall, Led By Banks, On Interest Rate Concern [9]