Tsunami of Home Foreclosures to hit U.S. (A tip of the hat to Heather for the link.)
Court Orders Federal Reserve to Disclose Emergency Loan Details (It’s about time!)
DD sent us a link to this Newsweek article: Slums of Suburbia Sorting through the rubble of California’s foreclosure tsunami. JWR’s comment: They were Living Large for a while, on NINJA loans, now they are Living Lard, in Manteca.
Also from DD: White House, Congress project record deficits; Both see the overall national debt nearly doubling over the next decade
From Chris: Senator warns of hyperinflation rivaling the 1980s
Greg C. mentioned the following articles: Rhode Island governor to shut down state government for 12 days
Labor Leader Named Head of New York Fed [JWR notes: Somehow, this doesn’t give me a warm. fuzzy feeling, since I don’t trust union bosses any more than I do banksters.]
Items from The Economatrix:
Oil Falls 4% After Hitting 10-Month Peak of $75
Latest in Stimulus: Cash for Refrigerators
Brookings “Experts” Admit Stimulus a Bust
CBO Warns of Higher Unemployment; DC Worries About the Deficit
Preparing for the Worst. “Every time I hear a politician mention the word stimulus, my mind flashes back to high school biology class, when I touched battery wires to a dead frog to make it twitch. Today, you and I are the dead frogs. Pretty soon the dead frog will be fried frog.”
Basket Cases (The Mogambo Guru)