Economics and Investing:

K.A.F. sent this: Awful August, Get Set for September

Over at Dr. Housing Bubble: Shadow Inventory Armageddon – Foreclosure timeline up to an average of 599 days with 798,000 mortgages having no payment made in over 1 year and no foreclosure process initiated. Shadow inventory grows to over 6,540,000 properties.

Making privacy a crime: U.S. aims to track ‘untraceable’ prepaid cash cards. (Thanks to Steve M. for the link.)

China’s sword of Damocles: “More Cow Bell!”. “More kowtow!”

Forget Irene: The Drought in Texas Is the Catastrophe That Could Really Hurt. (Kudos to Chris M. for sending the link.)

Items from The Economatrix:

Consumer Confidence Lowest in Two Years

How the Economy Quietly Entered a Recession on Friday, and Why the GDP Predicts a Sub-Zero Nonfarm Payroll Number

Financial Crisis is Too Big For Developed World to Cope

Gold Rises, Shrinking Weekly Loss as Bernanke Offers No Fed Plan