Economics and Investing:

Reader P.D. spotted this: Global Exposure in Financial Derivatives Surpasses One Quadrillion Dollars

This was linked at the Total Investor blog: Economist Shiller Sees ‘Bad Recession,’ Stocks Could Drop Again. “Shiller says that this is a dreaded “liquidity trap.”

The MOAB keeps growing: Fannie & Freddie: The most expensive bailout (Thanks to Charlie W. for the link.)

From “HP” comes this piece by Mish Shedlock: Bernanke Terrified Over Commercial Real Estate, Seeks Still More Power Over Consumers

Heather flagged this: Cash-strapped states raid 911 funds

Items from The Economatrix:

Global Exposure in Derivatives in Excess of One Quadrillion Dollars

24 Trillion Reasons to Buy Gold

Strategist: China Politely Moves Away From Dollar

US Foreclosure Crisis Spreads to New States

Awash in Nonsense (The Mogambo Guru)

John Galt: Welcome to the Eye of the Storm “Welcome to the eye of the storm. And that storm, as displayed above, is Hurricane Wilma, the most intense storm in recorded history. That storm is getting ready to move again and the most powerful part of the eyewall is about to slam into our economic fantasy land at full force.”

Massive Airline Cuts as Business Travel Plunges

New Fed Role: “Super Cop” to Police Banks

No Jobs, No Insurance; Hard Times for Young Adults

Coca-Cola 2Q: Profits Up 43%

Starbucks Back to Roots with Cafe Concept

Bernanke Says Jobs, Consumers are Key

Brazil and Canada Begin Dumping US Treasury Bond Debt

Bernanke Fights Threat by US Congress to Audit Fed