Leap in U.S. debt hits taxpayers with 12% more red ink
GG flagged this: Silver poised for biggest monthly gain in 22 years; gold rises
Items from The Economatrix:
Economy Shrinks 5.7% in First Quarter
Taxpayers Could Lose Billions in GM Revamp “GM expected to file bankruptcy on Monday.”
Ford’s Top Supplier Files for Bankruptcy “Visteon bankruptcy protection filing is another blow to auto supply base.”
Bond Markets Defy Feds as Treasury Yields Spike “The US Federal Reserve may soon be forced to launch fresh blitz of quantitative easing whatever the consequences for the US dollar, or risk seeing economic recovery snuffed out by the latest surge in long-term borrowing costs.”
Oil is Plentiful, Demand is Weak. Why are Gas Prices Going Up?
Countrywide Can’t Dismiss Mortgage Lawsuit “Federal judge rejects bid in case that alleges racketeering, conspiracy, unfair mortgage practices.”
Fed Dilemma as Property Recovery Falters
Ireland Set to Go Bust, Claims Economic Historian
Advanta Bank to Close All Credit Accounts This Week
How Manipulated Markets Really Work “Daily the corporate media trumpet them to lull the unwary into believing the global economic crisis is ebbing and recovery is on the way. Not according to longtime market analyst Bob Chapman who calls green shoots “Poison Ivy” and economist Nouriel Roubini saying they’re “yellow weeds” at a time there’s lots more pain ahead.”
The Second Crash: On the Way and Unstoppable. (JWR Adds: I should mention that this essay includes the same alarming chart on mortgage rate resets that I pointed to in SurvivalBlog a few weeks ago. Once again, we are nowhere near the bottom of the real estate market in the US! This summer will later be seen as just a lull in the storm. Do not hang on to any extra properties “waiting for the market to recover.” Dump them at break-even, if need be, but get rid of them, pronto!)
Bond Vigilantes Confront Obama as Housing Falters “Washington is really out of control and that there is no fiscal discipline whatsoever.”