Economics and Investing:

GG sent this article by Henry Blodget: Gary Shilling: Stock Market Will Crash as US Consumers Retrench

Reader HPD sent a link to a recent post by Mish Shedlock: 500,000 Will Exhaust Unemployment Benefits by September, 1.5 Million by Year-end

Desert T flagged this: As Boom Times Sour in Vegas, Upward Mobility Goes Bust

Summers urges Banks to Lend Mores, Says Recovery Pace ‘in doubt.

Americans Pay Back Debts Most Since ’52 as Jobless Spur Savings

More bodies go unclaimed as families can’t afford funeral costs. (First family pets, now family members)

DD Sent these three items:

Subprime brokers mutate into loan fixers

Tough Times for Dairymen

Why the economy won’t recover soon

Items from The Economatrix:

USPS May be Unable to Make Payroll in October and Retiree Health Plan Costs, Union Says

White House Putting Off Release of Budget Update The 2009 Deficit is $2 Trillion–Four times that of 2008!

As Economy Bites, White House Delays Budget Review

Faber: Next Stimulus Will Be Worse

Imminent Erosion of US Dollar Seawall

Rogers: America Bordering on Communism “Let’s be honest about what this is: an attempt to hide a record-breaking deficit”

Cost of Bailout to US: $24 Trillion Maximum exposure could be $80,000 for every American

Examples of How Tax Increases Could Hit the Rich

US Commerce Chief Worried About Firms’ Liquidity “Could cause small, medium manufacturers to go out of business.”

Economic Indicators Up More than Expected in June
“We’re now getting data which points to stabilization,” said Josh Shapiro, chief U.S. economist at research firm MFR Inc. “The overall signal they’re sending is the slide in economic activity is poised to end. The jury is still very much out in terms of what happens after that.”

United Airlines Set to Cause Financial Turbulence “Looks to raise ticket prices for thousands of fliers” and “stop taking credit cards for travel from certain travel agencies.”