New Hampshire Senator Judd Gregg: U.S. could be on path to a ‘banana republic’ situation [1]. (Thanks to Tom B. for the link.)
Reader MP sent this piece in Business Week: What happens if the dollar crashes? [2]
MP also sent this from The Motley Fool: The recession’s second wave [3], subtitled “Green shoots? Sure, but there is actually little evidence of a solid recovery”
GG flagged this: FDIC bank fund in the red until 2012 [4].
Tom R. suggested this piece: Intractability of Financial Derivatives [5]
Items from The Economatrix:
Weiss: Bernanke Gone Berserk! Bank Reserves Explode! [6] “Martin here with the most shocking new numbers I’ve seen in my lifetime. My conclusion: Fed Chairman Bernanke has dumped so much funny money into the U.S. banking system and has done so little to manage how that money is used, the fate of our entire economy has now been cast under a dark shadow of doubt. This is not conjecture or exaggeration. Nor are the underlying facts subject to debate. They are blatant, unambiguous, and fully supported by the Fed’s own data …”
Stocks Rise as Earnings Reports Top Expectations. [JWR’s comment: “Another bear trap rally!”]
Oil Jumps Above $79 to 2009 High Before Retreating [7]
Iran and Russia Propose Oil Trade Without US Dollar [8]
Housing Market Getting Worse
Wall Street is Winning: Elizabeth Warren “Speechless” About Record Bonuses [9]
From Golden State to Failed State [10]
Best Things to Buy in the Fall [11]