Economics and Investing:

GG spotted this article: The Real Crisis Is Food: Beginning of the Bull for Agriculture

Udo sent this: U.S. Home Prices Drop [Another] 6.8 Percent in April as Foreclosures Rise. JWR’s Comment: We are nowhere near the bottom! I don’t expect that for another four to seven years. With the exception of retreat properties, it is best to stay on the sidelines and rent, while you are waiting for the market to bottom. Then you can buy for perhaps 25 cents on the dollar.

Reader HPD liked this piece by Mish Shedlock: US Approves IMF Gold Sales; What Does It Mean?

Items from The Economatrix:

Asian Stocks Decline On Growth Concerns; BHP, Honda Motor Fall

States Turning to Last Resorts in Budget Crisis

Can the US Government Allow California to Fail?

Auto Industry Workers To Make Solar Products? Obama names another “czar” to help retrain employees

US Loans $8 Billion to Ford, Nissan for Green Vehicles. JWR’s comment:. This MOAB thingy juz gits bigga an’ bigga. Nissan? Is that an American company? (Not!)

BoA Resurrects Home Mortgage Advertising “Lender rebrands ex-Countrywide business, looks to restore trust” (Restore trust? With the same trustworthy “experts” at the helm?)

California Cuts Tax Exemptions For Kids Will increase a family’s amount due for 2009 by about $210 per dependent

Stock Market Gains (Wednesday) Ahead of Fed Decision on Interest Rates

May New Home Sales Dip 0.6%

Citi Boosting Salaries to Offset Lower Bonuses

Why Obama Must Bail Out California, But Won’t

The US and UK Will Both Default on Their Debt By Summer’s End