4 Banks go down.

http://www.businessinsider.com/only-4-banks-failed-this-week-2009-7
Still no resolution of Corus or Citi

Stimulus spending faces red tape bottlenecks - Eye on the Economy- msnbc.com

Stimulus spending faces red tape bottlenecks - Eye on the Economy- msnbc.com

If ever there was a sign what a huge waste the stimulis is was this is it. Also it should be cold shower to anyone who thinks the government can do it better. If they wanted results they should have given the money directly or not done it at all.

Bank of America Posts Profit Drop, Sees Weak Economy (Update1) - Bloomberg.com

Bank of America Posts Profit Drop, Sees Weak Economy (Update1) - Bloomberg.com
Still big problems here.

Disclosure
Short BOA

Georgia, Alabama Top 10% Unemployment as Firings Gain (Update1) - Bloomberg.com

Georgia, Alabama Top 10% Unemployment as Firings Gain (Update1) - Bloomberg.com
It is 1976, what a great time! Kidding.

Swedbank Losses Show Deeper Troubles in Baltic - DealBook Blog - NYTimes.com#more-89967

Swedbank Losses Show Deeper Troubles in Baltic - DealBook Blog - NYTimes.com#more-89967
More problems in the baltics

AIG’s European Derivatives May Take Decades to Expire (Update1) - Bloomberg.com

AIG’s European Derivatives May Take Decades to Expire (Update1) - Bloomberg.com
Thanks to all us, the taxpayers, we are back stopping this.

“There’s no question that asset values have soured on a global basis. With the faith and credit of the U.S. government backing those guarantees, why would they give that up?”

Paulson reveals US concerns of breakdown in law and order - Business News, Business - The Independent

Paulson reveals US concerns of breakdown in law and order - Business News, Business - The Independent
I think he has been reading too many novels.

Federal Spending Will Make Us Broke

Federal Spending Will Make Us Broke
Today's Must Read

MGIC to halt new business; posts steep loss | Markets | Markets News | Reuters

UPDATE 2-MGIC to halt new business; posts steep loss Markets Markets News Reuters
Is it me or are we reapting last year. First the run up in Oil, now MGIC in trouble. Damn what is next, oh yeah CIT goes BK tomorrow, ala Lehman.

Mish's Global Economic Trend Analysis: Foreclosure Filings Hit Record 1.5 Million; One in Eight Americans Delinquent; Obama's Mortgage Rescues Create ‘Confusion’

Mish's Global Economic Trend Analysis: Foreclosure Filings Hit Record 1.5 Million; One in Eight Americans Delinquent; Obama's Mortgage Rescues Create ‘Confusion’

As a said some time ago, stopping foreclosure and unemployment from accelerating should be the only priority.

Instead we get heath care, cap and trade and supreme court nominations.

Now Watch The CIT Backlash Begin

Now Watch The CIT Backlash Begin
Wow, we are going to let the markets work. Not sure what happen must be the sun.

Obama Punting On Fannie, Freddie Could Prove Costly

Obama Punting On Fannie, Freddie Could Prove Costly
Why worry, the only have 1/4 of all the mortage paper in the US? I mean how bad could the loses get? If we are int the 4 or 5 inning it could be bad.

Florida ‘a state in trouble’ - South Florida Business Journal:

Report: Florida ‘a state in trouble’ - South Florida Business Journal:
No big shock here. Florida needs to do some soul searching to fix it issues.

The Great Cabernet Ripoff - Page 1 - The Daily Beast

The Great Cabernet Ripoff - Page 1 - The Daily Beast
Drink what you like. Don't use price as a factor. And for the love of god don't drink white zinfandial.

American Express suspends payments into UK stakeholder pensions - Telegraph

American Express suspends payments into UK stakeholder pensions - Telegraph
Following up from several months ago. American Express appears to be in serious trouble. This is just a further sign of what they are doing. Along with massive credit line cuts.

Latvia PM says latest talks with IMF difficult - Forbes.com

Latvia PM says latest talks with IMF difficult - Forbes.com
More problems as the IMF push Latvia to the edge.

CIT Presses U.S. Regulators for Aid to Forestall Cash Crunch - Bloomberg.com

CIT Presses U.S. Regulators for Aid to Forestall Cash Crunch - Bloomberg.com
Bank run in progress, please help. Really?

Calpers Sues Over Ratings of Securities - NYTimes.com

Calpers Sues Over Ratings of Securities - NYTimes.com
I am surpirsed it took this long.

News from 1930: Monday, July 14, 1930: Dow 229.23 +4.37 (1.9%)

News from 1930: Monday, July 14, 1930: Dow 229.23 +4.37 (1.9%)
or 2009

Important economists strongly believe current seasonal lull is low point of
the industrial depression; some good news in week-over week freight increase
and
June rise in construction contracts. Drop in steel backlog not as bad as
feared;
oil curtailment making progress; increase in rail freight
rates.

Spitzer Says Banks Made ‘Bloody Fortune’ on U.S. Aid (Update3) - Bloomberg.com

Spitzer Says Banks Made ‘Bloody Fortune’ on U.S. Aid (Update3) - Bloomberg.com
If only hooker had jack you life up people might care more.

Drug cartels launch Mexico's 'Tet offensive' | csmonitor.com

Drug cartels launch Mexico's 'Tet offensive' csmonitor.com
Least you think I forgot about Mexico.

Is Bailing Out California Necessary To Save The Union?

Is Bailing Out California Necessary To Save The Union?
Let them sink.

Average length of unemployment highest since 1948. - WSJ.com

Average length of unemployment highest since 1948. - WSJ.com
Right on target. We may have plateau but the end is not near.

Retail Sales Still Stink | The Big Picture

Retail Sales Still Stink The Big Picture
No big surprise here and from yesterday post we can expect July to be worse.

The Doctrine of Preemptive Bailouts and the Biggest Bailout you haven’t Heard About: The U.S. Treasury Plan C and the $3.5 Trillion You will be Paying.

The Doctrine of Preemptive Bailouts and the Biggest Bailout you haven’t Heard About: The U.S. Treasury Plan C and the $3.5 Trillion You will be Paying.
Must read of the day.

The Bust of the Williamsburg Condo Boom -- New York Magazine

The Bust of the Williamsburg Condo Boom -- New York Magazine
Awesome read. Just remember Condo's are not caculted in the housiong numbers. So we have a whole bunch of foreclosed properties not even counted.

California's budget crisis: Meltdown on the ocean | The Economist

California's budget crisis: Meltdown on the ocean The Economist
Awesome read.

Don't Gamble On Casino Stocks-Minyanville

Don't Gamble On Casino Stocks-Minyanville

My sense as well, we over played the rally. This article talks retail which is the back bone of the recovery. Does not look good.

Detroit Public School System Ponders Bankruptcy

Mish's Global Economic Trend Analysis: Detroit Public School System Ponders Bankruptcy
I agree this is one of many pension blow ups on the horizon.

CIT Group Says Its Failure Risks Demise of Customers (Update2) - Bloomberg.com

CIT Group Says Its Failure Risks Demise of Customers (Update2) - Bloomberg.com
Going to be the story of the morning.