More trade war rumblings: China Condemns U.S. Tariffs on Tires as ‘Protectionism [1]‘. (Our thanks to KAF for the link.)
Reader Laura H. mentioned: In 2009, US public debt will be approximately 90% of GDP [2] “In 2009, US public debt will be approximately 90% of GDP. It will quickly approach and surpass 100% of GDP in the near future.”
Items from The Economatrix:
Getting Better Bargains Easier in this Economy
Government Home Loan Agency Faces Cash Squeeze. “The Federal Housing Administration said Friday that its financial cushion will sink below mandatory levels for the first time in its history, but officials insisted the agency won’t need to be rescued.”
42 States Lose Jobs in August, Up from 29 in July [3]
FDIC Chief Considers Tapping Treasury for Funds [4] “The chairman of the Federal Deposit Insurance Corp. says she is “considering all options, including borrowing from Treasury,” to replenish the dwindling fund that insures bank deposits. … Bair’s remarks go beyond what she said just three weeks ago when asked about tapping the Treasury after the fund that insures regular deposit accounts up to $250,000 hit its lowest point since 1992, at the height of the savings-and-loan crisis. “Not at this point in time,” she said on Aug. 27…. The FDIC’s fund has slipped to 0.22 percent of insured deposits, below a congressionally mandated minimum of 1.15 percent.” [And she didn’t know this on August 27th?]
Stocks Advance as Investors Look to Resume Rally [5]
Oil Down to $72 on Concerns Demand Recovery Slow
Gold Industry Faces Reserve Crisis
Celente: Revolution Next for US [6]
Volcker Launches Bombshell on Wall Street and D.C.