Economics and Investing:

Congressional hearing video: $9,000,000,000,000 Missing From The Federal Reserve. (Why is it that the larger the dollar figure, the less the accountability? Just ask the Boptrotters–some of whom were convicted over sums less than $100–if their scrutiny and punishments were proportional.)

Reader Jon S. pointed me to this eloquent essay by Mark Hendrickson, at Forbes: The Pandora’s Box of Progressivism: Positive Law

Items from The Economatrix:

Consumer Sentiment Slips In June

Emergency Manager:  Detroit Will Default on $2.5 Billion it Owes

US Wholesale Prices Rise More Than Forecast On Fuel, Food