Economics and Investing:

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

New Rules: Work ’til You Die

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)