Readers “Bigbird” and Trapper Mike both sent this: Brazil and China eye plan to axe dollar
John Hussman warns: Inflation Ahead! The Destructive Implications of the Bailout – Understanding Equilibrium (Thanks to GG for the link)
Frequent content contributor GG sent us this: Tax Revenues Tanking. Yikes! Look at the tax receipts for April of ’08 versus April of ’09. I suspect that the panic reaction in Congress will be raise the marginal tax rates.
Thanks to DS for sending this: Stocks waver after surprise drop in housing data (This leads me to ask: Why are journalists so surprised that the housing numbers are continuing to decline?)
Items from The Economatrix:
GM Bankruptcy Seen as All But Inevitable
Notes from Another Credit Card Crisis
Economy Limiting Services of Local Police
Obamarket Update #80: Jussssttt a Bit Outside
Condo Associations Dying as Fees Dry Up
Chrysler Expands Buyouts, Early Retirement Packages
Geithner: Economy Expanding But Jobs at Risk
US Workers Paying More For Healthcare
Hotel Crime Rises In Recession, But Hotels Say They Are Still Safe “The current downtrend is associated with significant cuts in security.”
Stocks Waver After Surprise Drop in Housing Data
Housing Construction, Permits Hit Record Lows
Oil Prices Bounce Above $60 in New York
American Express to Cut 4,000 Jobs
Jobless Horrors (The Mogambo Guru)