Economics and Investing:

Those pesky derivatives have come back to bite: ISDA: Greek Debt Restructuring Triggers CDS Payouts. Since CDS contracts are measured in many billions of dollars, the counterparty risk is huge. As previously mentioned, they are calling this default a “credit event”, since it sounds more gentle and palatable for the sheeple. (Thanks to C.D.V. for the link.)

U.S. to sell $6 billion in AIG stock.

What does an America with no middle class look like?

Items from The Economatrix:

Consumer Borrowing Nearly At Pre-Recession Level

Why Job Growth Might Mean Unemployment

Oil Up On Greece Hopes

You Won’t Believe The Real Inflation Rate