All you need to know about the stress test in one chart.

EmploymentStressJune2009.jpg (image)

7 in one day. Guess someone is working on the 4th.

Calculated Risk: Bank Failure #52, 7th Today, Founders Bank, Worth, Illinois
http://www.calculatedriskblog.com/2009/07/three-more-bank-failures-49-50-51.html
http://www.calculatedriskblog.com/2009/07/three-more-bank-failures-46-47-48.html

Rich Harvard, Poor Harvard: Vanity Fair | Vanity Fair

Rich Harvard, Poor Harvard: Vanity Fair Vanity Fair
Just think where Rubin and Summers are now :)

Is the Latvia intervention team assembling? | afoe | A Fistful of Euros | European Opinion

Is the Latvia intervention team assembling? afoe A Fistful of Euros European Opinion
Looks like something is going to go down in latvia sometime soon.

Consumer credit down a massive 33% in Spain - Credit Writedowns

Consumer credit down a massive 33% in Spain - Credit Writedowns
Spain continues its death spiral.

Table A-12. Alternative measures of labor underutilization

Table A-12. Alternative measures of labor underutilization
9.5% U3 and 16.8% U6
Strange that we only got a single bases point increase in U3. Unadjusted shows 9.7%. Still Looking for 10% before September.

No IOUs For California Pols, They're Still Getting Cash

No IOUs For California Pols, They're Still Getting Cash
Great so the politicans get paid and everyone else gets screwed.

How maths killed Lehman Brothers

How maths killed Lehman Brothers
Must read of the day

Gov. Declares Fiscal Emergency; Orders 3rd Furlough Day | News10.net | Sacramento, California | Local News

Gov. Declares Fiscal Emergency; Orders 3rd Furlough Day News10.net Sacramento, California Local News
So we are going to play chicken with the 8th largest economy. Should be fun to watch.

The Fed botched banking regulation once already. So why does Obama want to give it more power?

The Fed botched banking regulation once already. So why does Obama want to give it more power? - By Eliot Spitzer - Slate Magazine
I know many people hate him, but for god shakes bring him back.

Lost in the Weed: We stopped subsidizing tobacco farming. The result? Tobacco farming’s on the rise. | The Big Money

Lost in the Weed: We stopped subsidizing tobacco farming. The result? Tobacco farming’s on the rise. The Big Money
While some of the conclusions may be off, the tell highlights the foolishness of paying people to not farm. It inflates the price and helps no one. We should end all farm payments like this.

Hotel Loan Defaults Double as Recession Cuts Travel (Update2) - Bloomberg.com

Hotel Loan Defaults Double as Recession Cuts Travel (Update2) - Bloomberg.com
More bad news for hotels and the CRE Market.

Freddie Mac receives additional $6.1B from gov't | TPM News Pages

Freddie Mac receives additional $6.1B from gov't TPM News Pages
Least you think AIG is the only money hole being feed.

The Dreaded California IOU System Becomes A Reality

The Dreaded California IOU System Becomes A Reality – 24/7 Wall Street#more-39524#more-39524
Given a month or so this will start to break the suppliers.

To Dennis Kneale: You're An Idiot

To Dennis Kneale: You're An Idiot - The Market Ticker
Adding to that, If you think that magic will happen and the CRE mess will not cause problems you are delusional. If you think the fall in tax income for the states will not hurt you have head in the sand.

Conglomerate Blog: Business, Law, Economics & Society

Conglomerate Blog: Business, Law, Economics & Society
It always comes down to money and power. A excellent take on Iran.

Goldman again

FT Alphaville » Blog Archive » Goldman again
Follow up to the Rolling Stone Article from last week.

NYSE Halts Transparency, Feels Goldman Program Trading Disclosure Is Unnecessary | zero hedge

NYSE Halts Transparency, Feels Goldman Program Trading Disclosure Is Unnecessary zero hedge
Stop the madness.

The strange, underground world of Chinese counterfeit cigarettes. - By Te-Ping Chen - Slate Magazine

The strange, underground world of Chinese counterfeit cigarettes. - By Te-Ping Chen - Slate Magazine
Really cool article about counterfeit cigarettes.

States brace for shutdowns - Los Angeles Times

States brace for shutdowns - Los Angeles Times
Big Problems for the states and next year will be worse.

AIG: Ready to Blow Up Again

[ The Financial Ninja ]: AIG: Ready to Blow Up Again
The money pit needs feeding again.

For Pro Athletes, Business School Is No Game - BusinessWeek

For Pro Athletes, Business School Is No Game - BusinessWeek
78% of NFL player declare BK after just 5 years of retiring. Sad.

The Oil Drum | DrumBeat: June 30, 2009

The Oil Drum DrumBeat: June 30, 2009
Check out the Peak Oil discussion from the Atlanta Fed.

China Signals End of Stockpiling

naked capitalism: China Signals End of Stockpiling
More signs of problems in China

Guaranty Bank: FDIC assistance needed for survival - Houston Business Journal:

Guaranty Bank: FDIC assistance needed for survival - Houston Business Journal:
A huge failure if it goes down. 14 Billion.

The end of the line: Bankruptcy, sale will close Checker Motors Corp. after 87 years - West Michigan Business News – MLive.com

The end of the line: Bankruptcy, sale will close Checker Motors Corp. after 87 years - West Michigan Business News – MLive.com
Sad farewell to Checker Cab Company.

U.S. Plan to Stem Foreclosures Is Mired in Paper Avalanche - NYTimes.com

U.S. Plan to Stem Foreclosures Is Mired in Paper Avalanche - NYTimes.com
Banks have terrible customer service and are built this way to cause of audit requirements and regulations. Any hope of this changing is furlone.

The Looming Chinese Banking Disaster

The Looming Chinese Banking Disaster
If you think the RMB is safe, I have some lovely CDO's for sale at a discount.

With Unemployment Moving To 9.6%, Economic Impact Of Jobs Is Just Beginning – 24/7 Wall Street

With Unemployment Moving To 9.6%, Economic Impact Of Jobs Is Just Beginning – 24/7 Wall Street

With the last jump we could see 9.8% on thursday based on the velocity of unemployment. There is no signs of hiring in fact with closing of the dealers from Chyrsler and GM we could easly push above 10% next month.