7 more in the most busy weekend since the S&L crises.

http://www.calculatedriskblog.com/2009/07/bank-failures-59-through-64-georgia.html

Dewalt leaving Roush Fenway at end of season

Dewalt leaving Roush Fenway at end of season
Bad sign for NASCAR which is already struggling with a massive drop in Fan attendance.

Momentum Shifts to Iran's Reformers - The Daily Beast

Momentum Shifts to Iran's Reformers - The Daily Beast
Updates from Iran

Open Letter to President Obama on Healthcare and the Economy

Mish's Global Economic Trend Analysis: Open Letter to President Obama on Healthcare and the Economy
Awesome

Latvia jitters creeping back

FT Alphaville » Blog Archive » Latvia jitters creeping back
Just another stone in the pond causing waves.

UPS Comments: Sitting at Bottom, No Improvement to date in Q3

Calculated Risk: UPS Comments: Sitting at Bottom, No Improvement to date in Q3
I feel the same way. We are taking a breather. Up/Down who knows. Feels like down thou.

PBGC Deficit Climbs to $33.5 Billion at Mid-Year, Snowbarger to Tell Senate Panel

PBGC Deficit Climbs to $33.5 Billion at Mid-Year, Snowbarger to Tell Senate Panel
Sounds like a coming bailout.

Oakland to Tax marijuana

Green shoots Free exchange Economist.com
1st in the country. Is this the begin of the end of the drug war on marijuana?

Nothing bullish in crude

-FT Alphaville » Blog Archive » Nothing bullish in crude

Short Term Oil remains high. Looking for a pull back for the end of the year.

World | Has anyone seen the American Dream?

TheStar.com World Has anyone seen the American Dream?
Awesome read.

"Peak Civilization": The Fall of the Roman Empire

The Oil Drum: Europe "Peak Civilization": The Fall of the Roman Empire
Very interesting read

Pension Pulse: California's $100 Billion Whooping

Pension Pulse: California's $100 Billion Whooping
The pension mess is now in full blown crises. This will drain more money from all the parties (State,local, and cities).

News from 1930: Monday, July 21, 1930: Dow 236.65 -3.92 (1.6%)

News from 1930: Monday, July 21, 1930: Dow 236.65 -3.92 (1.6%)
or 2009

Governor R.A. Young of Fed. Reserve Bd. warns banks to be careful
about the increasing amount of loans against securities. About the crash last
fall, says: “there is food for serious thought in the fact that, under our
excellent banking system ... we nevertheless came to the brink of a collapse,
had to resort to heroic action to prevent a panic, and were not able to avoid
... severe liquidation and what appears to be a business depression. Is this
unavoidable? Is it necessary for this country to go through periods of reckless
exuberance, accompanied by enormous credit expansion and fantastic levels of
money rates that profoundly disturb the financial structure not only here but
all over the world?” The cost of these episodes is paid in unemployment and
worldwide depression. Reminds banks that security loans are safe only if a
liquid market exists for the security; large scale sales can cause a drop in
value, “and there is no telling when such a drop may terminate and what
catastrophe may follow ...” Calls on banks not to assume Fed will always be able
to help them, since its resources are “not inexhaustible.”

CIT $3 Billion Rescue May Not Provide Permanent Cure (Update3) - Bloomberg.com

CIT $3 Billion Rescue May Not Provide Permanent Cure (Update3) - Bloomberg.com
Citi not out of the woods and looks like Chapter 11 may be likely anyway.

The Case Against Larry Summers at Emac’s Stock Watch | Fox Business

The Case Against Larry Summers at Emac’s Stock Watch Fox Business
Just say no to larry.

Philadelphia Halts Payments in Crunch - WSJ.com

Philadelphia Halts Payments in Crunch - WSJ.com
In case you thought CA was the only one out of cash.

Ron Paul's Solution To The Economic Collapse

Ron Paul's Solution To The Economic Collapse
Today's must read.

California Budget Deal Reached By Legislators, Schwarzenegger - Bloomberg.com

California Budget Deal Reached By Legislators, Schwarzenegger - Bloomberg.com
Very tough choices and it will get worse next year. They need reform on taxes and spending.

Negative Equity Nation for 1 out of 5

Negative Equity Nation for 1 out of 5 Homeowners: The Psychology of the 10 Million American Homeowners with Zero Equity.
Very bad and getting worse.

20 Brands & Products that Died in 2009

Business Pundit » Blog Archive » 20 Brands & Products that Died in 2009
Interesting

California's budget gap won't close for long | Reuters

California's budget gap won't close for long Reuters
In case you thought this year was bad.

Advanta Says Defaults More Than Doubled to 56.95% (Update1) - Bloomberg.com

Advanta Says Defaults More Than Doubled to 56.95% (Update1) - Bloomberg.com
Just uglyness here.

Study Finds Steep Drop in State Tax Revenues - NYTimes.com

Study Finds Steep Drop in State Tax Revenues - NYTimes.com
As I have said in the past, hard choices are coming.

PBGC Takes Over Nortel's Pension Plan

Pension Pulse: PBGC Takes Over Nortel's Pension Plan
Very interesting developments here.

Neil Armstrong Took One Small Step, Then Made a Giant Retreat Into Private Life - washingtonpost.com

Neil Armstrong Took One Small Step, Then Made a Giant Retreat Into Private Life - washingtonpost.com
A special salute to a real hero.

500,000 Will Exhaust Unemployment Benefits by September, 1.5 Million by Year-end

Mish's Global Economic Trend Analysis: 500,000 Will Exhaust Unemployment Benefits by September, 1.5 Million by Year-end

This is key to the next leg down. With more people out of the systems safely net it will start to cause even more problems then before.

EU-IMF breakdown over Latvia?

FT Alphaville » Blog Archive » EU-IMF breakdown over Latvia?
Still no solutions just more limping.

Back to Business - A Second Act in the Mortgage Disaster - Series - NYTimes.com

Back to Business - A Second Act in the Mortgage Disaster - Series - NYTimes.com
Maybe we need to look at making some things illegal.

Marijuana First, Then the Oil | Gregor.us

Marijuana First, Then the Oil Gregor.us
Excellent read.

CIT far from out of the woods | Blogs |

Commentaries » Blog Archive » CIT far from out of the woods Blogs
Look at this the free markert working! Shocking!