New Hampshire’s Senator Gregg slams the growth of the Federal Debt on an IBD editorial: A Debt The Founders Wouldn’t Believe. (Thanks to GG for the link.)
GG also suggested this piece: Depression 2.0 by Michael S. Malone
Patrick M. like this one: The Great American Bubble Machine
Items from The Economatrix:
Banks Reap Record $9.8 Billion Trading Derivative in First Quarter “The U.S. banking industry said it made $9.8 billion during the first quarter trading derivatives and securities as investors started returning to the markets amid signs the recession bottomed.”
States Form Committee to Oppose GM Sale to US, Voiding of Dealer Contracts
Bonds Beat Loans For Banks Driving Down Yields “Deposits at the San Antonio-based bank are growing a record 20 percent this year while loans shrink for the first time since mid-2007. Business owners are “being extremely cautious,” said Evans, who is pumping depositors’ money into Treasuries and municipal bonds.”
China to Buy $80 Billion of Gold
Analyst: Gold Still a Safe Haven
The Coming Economic Cold War Will Be Obama’s Challenge
A Stake in the Heart of 25,000 California Small Businesses
New Jobless Claims Rise Unexpectedly to 627,000 Continuing claims rise to 6.74 million; 2.4 million are receiving extended benefits
After Spending, GOP Asks: Where Are The Jobs? “White House spokesman Robert Gibbs said early this week that the president expects the nation will reach 10 percent unemployment within the next few months. In January, President Barack Obama’s economic team predicted unemployment would rise no higher than 8 percent with the help of $787 billion in new government spending. The unemployment rate in May reached a 25-year high of 9.4 percent. Obama aides have said that the economy took a turn for the worse since their initial forecast. Republicans concerned about the Obama administration’s big spending on economic stimulus, energy and health care are asking, “Where are the jobs?” “It’s about to get worse for middle-class families and small businesses,” [Boehner] said. “Democrats are pushing a government takeover of our health care system that will cost at least a trillion dollars.”
Obama Advisor Not Ready to Back Second Stimulus Axelrod says we are going to go through rough times, unemployment to jump