HPD mentioned a piece in Mish’s Global Economic Trend Analysis: Bartering Services to Combat the Recession
David V. sent this: Social Security Bomb About To Explode
Items from The Economatrix:
Economic Crisis: No End In Sight; Worse Than The Great Depression. “Today five US banks according to data in the just-released Federal Office of Comptroller of the Currency’s Quarterly Report on Bank Trading and Derivatives Activity, hold 96% of all US bank derivatives positions in terms of nominal values, and an eye-popping 81% of the total net credit risk exposure in event of default.” (JPMorganChase, BofA, Citibank, Goldman Sachs, HSBC, Wells Fargo/Wachovia, which really makes Wells Fargo’s “profit” highly suspicious.)
Top Five Financially Happy States.
America’s 20+% Unemployment Rate
Geithner, Paulson Named in $200 Billion Lawsuit. The class action lawsuit filed in Federal court in Los Angeles is a “wide reaching” claim that will do what Congress cannot…”
Positive Signs Stir Hopes Crisis is Bottoming Out “Government examinations of the finances of the nation’s largest banks – the so-called stress tests – are finding the weakened banking system in better shape than expected…” Playing on a well-known saying, you can’t just be a “little bit bankrupt.” You are or you aren’t.
New Jersey Bank to Return Bailout, Sixth One to Do So
Job Cuts Needed to Stop New York City Bankruptcy
1st Time Jobless Overwhelm Job Center
Federal Budget Deficit Sets March Record, $192.3 Billion (Significantly higher than the $150 Billion that economists expected)