GG sent this article by Henry Blodget: Gary Shilling: Stock Market Will Crash as US Consumers Retrench [1]
Reader HPD sent a link to a recent post by Mish Shedlock: 500,000 Will Exhaust Unemployment Benefits by September, 1.5 Million by Year-end [2]
Desert T flagged this: As Boom Times Sour in Vegas, Upward Mobility Goes Bust
Summers urges Banks to Lend Mores, Says Recovery Pace ‘in doubt. [3]‘
Americans Pay Back Debts Most Since ’52 as Jobless Spur Savings [4]
More bodies go unclaimed as families can’t afford funeral costs [5]. (First family pets, now family members)
DD Sent these three items:
Subprime brokers mutate into loan fixers [6]
Tough Times for Dairymen
Why the economy won’t recover soon [7]
Items from The Economatrix:
USPS May be Unable to Make Payroll in October and Retiree Health Plan Costs, Union Says [8]
White House Putting Off Release of Budget Update [9] The 2009 Deficit is $2 Trillion–Four times that of 2008!
As Economy Bites, White House Delays Budget Review [10]
Faber: Next Stimulus Will Be Worse [11]
Imminent Erosion of US Dollar Seawall [12]
Rogers: America Bordering on Communism [13] “Let’s be honest about what this is: an attempt to hide a record-breaking deficit”
Cost of Bailout to US: $24 Trillion [14] Maximum exposure could be $80,000 for every American
Examples of How Tax Increases Could Hit the Rich
US Commerce Chief Worried About Firms’ Liquidity [15] “Could cause small, medium manufacturers to go out of business.”
Economic Indicators Up More than Expected in June “We’re now getting data which points to stabilization,” said Josh Shapiro, chief U.S. economist at research firm MFR Inc. “The overall signal they’re sending is the slide in economic activity is poised to end. The jury is still very much out in terms of what happens after that.”
United Airlines Set to Cause Financial Turbulence [16] “Looks to raise ticket prices for thousands of fliers” and “stop taking credit cards for travel from certain travel agencies.”