Economics and Investing:

I found this interview with the director of the president’s National Economic Council linked over at The Drudge Report: Lunch with the FT: Larry Summers.

Reader Don W. suggested an excellent piece at Pajama’s TV by Bill Whittle: When Politicians Go Bad: From DC to New York & California The Government We Don’t Deserve

Items from The Economatrix:

SEC May Put California IOU’s Under Fraud Protection Rules

May Trade Deficit Unexpectedly Drops

With Assets Less Toxic, Banks Have Other Troubles

Stocks Post Fourth Straight Week of Losses

Banks Seen Ready to Join US Program that Revises Home-Equity Loan Terms

Roubini: Lost “Animal Spirits” Worsen Economy

Consumer Sentiment in US Falls More than Forecast on Rising Joblessness

Trouble For Treasuries Lurk as California Melts

House Dems Want to Tax the Rich for Healthcare

How Long Can the US Dollar Defy the Law of Gravity?

US Unemployment Claims: How Bad are the “Real Numbers”?

Marty Weiss: Day of Reckoning for California and Ultimately All of America

Lunatics at Nationwide Offer 125% LTV Mortgages as if the Housing Crash Never Happened

Bankrupt Banking System Bailouts And Stimulus: You Can’t Borrow Your Way Out of Debt (Lots of charts and a nice list of where some of the stimulus money has gone) “Optima Lake is in line to receive $1.15 million in federal stimulus money to construct a new guardrail for a lake that does not exist. The guardrail is needed for “public safety,” says the Army Corps of Engineers, but there is not much of the public around to protect. Because the lake has never filled with water it is all but useless to potential visitors.”

Inflation or Deflation? Make Sure You Get This One Right

Higher Minimum Wage Coming July 24th to 29 States. Coming at this time, it might create more layoffs.