GM Is Said to Plan Shutdowns for 1,100 U.S. Dealers (Update2) - Bloomberg.com

GM Is Said to Plan Shutdowns for 1,100 U.S. Dealers (Update2) - Bloomberg.com
50,000-100,000 in direct job losses.

Trade Wars Launched With Ruses, End Runs - washingtonpost.com

Trade Wars Launched With Ruses, End Runs - washingtonpost.com

History Rhymes it does not repeat. Right now I feel a big old beat.

Treasury Agrees To Aid Insurers - washingtonpost.com

Treasury Agrees To Aid Insurers - washingtonpost.com

We are all bank holding companies!

Zero Hedge: FOIA Disclosure Busts Paulson, Geithner And Bair

Zero Hedge: FOIA Disclosure Busts Paulson, Geithner And Bair

Wow.

White House Czar Calls for End to 'War on Drugs' - WSJ.com

White House Czar Calls for End to 'War on Drugs' - WSJ.com
Is this the begin of the end? We can only hope so.

Financial Armageddon: On Borrowed Time Must read of the Day

Financial Armageddon: On Borrowed Time

The Epicurean Dealmaker: More of a Kickin' Sitcheyation

The Epicurean Dealmaker: More of a Kickin' Sitcheyation
Just a hilarious read. While I dont agree that no long term damage was done. I do agree if you are going to play the game you better know when to hold em and when to fold em.

Ships Tread Water, Waiting for Cargo - NYTimes.com

Ships Tread Water, Waiting for Cargo - NYTimes.com

More signs of bad things. If no ships are coming, what does that forecast for retail.

Mish's Global Economic Trend Analysis: California is a Complete Basket Case; Treasurer Requests Tarp Funds; LA Mayor Declares Emergency

Mish's Global Economic Trend Analysis: California is a Complete Basket Case; Treasurer Requests Tarp Funds; LA Mayor Declares Emergency

LOL. As California goes, so go we all. Superman Barney Frank will make sure they get money.

Five Things for Thursday, May 14-Minyanville

Five Things for Thursday, May 14-Minyanville
Awesome post.

Jobs Picture Still Getting Worse

Jobs Picture Still Getting Worse
More weeds. Less flowers.

Advanta’s Card-Lending Shutdown May Imperil Customers (Update2) - Bloomberg.com

Advanta’s Card-Lending Shutdown May Imperil Customers (Update2) - Bloomberg.com

A sign of things to come? With American Express and other major Credit cards companies slashing credit lines it is going to get tougher for the consumer.

Consumer Spending Drops 0.4%, Far More Than Expected

Consumer Spending Drops 0.4%, Far More Than Expected

Whoops. Looks like the green signs are weeds.

When Money Dies: The Nightmare of the Weimar Collapse

When Money Dies: The Nightmare of the Weimar Collapse
Some summer reading

naked capitalism: Federal Reserve Inspector General Unable to Answer Basic Questions on Where the Trillions Went

naked capitalism: Federal Reserve Inspector General Unable to Answer Basic Questions on Where the Trillions Went

I would hope someone is trying to make sure the FDIC knows what it is doing. Cause if we lose faith in the FDIC we are all goners.

FT Alphaville » Blog Archive » Whitney: “I call this the great government momentum trade”

FT Alphaville » Blog Archive » Whitney: “I call this the great government momentum trade”
"Hard and Fast correction" I think we are standing on the edge and it will be a long way down.

Zero Hedge: Even Moody's Thinks Fed's "Adverse Case" Is A Joke

Zero Hedge: Even Moody's Thinks Fed's "Adverse Case" Is A Joke
lite posting for the day

White House forecasts higher U.S. budget deficit | Reuters

White House forecasts higher U.S. budget deficit Reuters

Has hired weather men for future forecasts since they might have a better chances of being right.

naked capitalism: Guest Post: "Why I'm Freaking Out"

naked capitalism: Guest Post: "Why I'm Freaking Out"

Excellent read.

Allen Stanford Bought Protection From SEC With Drug Information

Allen Stanford Bought Protection From SEC With Drug Information

Really? I had to check twice that I was reading the BBC.

Zero Hedge: Will The Real Chryslergate Fallout Please Stand Up

Zero Hedge: Will The Real Chryslergate Fallout Please Stand Up
Quick and painless will soon be replaced by Very painful and longer than a year.

Zero Hedge: Deutsche Bank's Socialization Of Risk Culture Redux

Zero Hedge: Deutsche Bank's Socialization Of Risk Culture Redux
Must read for the weekend