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Economics and Investing:

Tsunami of Home Foreclosures to hit U.S. [1] (A tip of the hat to Heather for the link.)

Court Orders Federal Reserve to Disclose Emergency Loan Details [2] (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. [3] JWR’s comment: They were Living Large for a while, on NINJA [4] 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 [5]

From Chris: Senator warns of hyperinflation rivaling the 1980s [6]

Greg C. mentioned the following articles: Rhode Island governor to shut down state government for 12 days [7]

Labor Leader Named Head of New York Fed [8] [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 [9]

Latest in Stimulus: Cash for Refrigerators [10]

Brookings “Experts” Admit Stimulus a Bust [11]

Federal Reserve Paying Interest on Excess Reserves, Why Lend When You Can Earn Interest For Holding on to Funds With Low Risk; The US Treasury and Federal Reserve Walking a Tightrope [12]

CBO Warns of Higher Unemployment; DC Worries About the Deficit [13]

Preparing for the Worst [14]. “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 [15] (The Mogambo Guru)