Financial News Update – 05/06/10

MARKET VIOLENCE: FEAR, EURO WEAKENS, RIOTS CONTINUE IN GREECE, RETAIL DISAPPOINTS

Dow on Roller Coaster Ride

Dow Crashes Nearly 1,000 Points on Fears Greece Will Infect U.S.

DOW SWINGS 1010 POINTS, 2ND LARGEST IN HISTORY

‘MANIPULATION’

VIDEO OF DRAMA

CNBC: FAT FINGER, HUMAN ERROR IN TRADE CAUSED PLUNGE… PUSHED ‘B’ INSTEAD OF ‘M’?

REPORT: BAD TRADE TRACED TO CITI

‘No Evidence that CITI was Involved in Any Erroneous Transactions’

Merkel blasts ‘treacherous’ banks in Greek crisis

Senate to vote on key Wall Street reform component (Hat Tip: Jean Stoner)

Breaking–ObamaCare Prompts Top Companies to Consider Dropping Employee Coverage (Hat Tip: Jean Stoner)

UPDATE: Aetna Disqualified From Tricare Contract (Hat Tip: Jean Stoner)

No Obamacare For Muslims (Hat Tip: Jean Stoner)

On National Teacher Day, unions rail against school cuts ($23 billion “education jobs fund”?) (Hat Tip: Jean Stoner)

Greece Fuels Fears of Contagion in U.S.

Morning Bell: Fannie and Freddie Failure Forever

Renewable Energy: Free as the Wind?

No US Taxpayer Dollars for Greek Bailouts

The Cost of Goldman’s Freedom

Dow Plunges Over 900 But Then Pares Losses

MARKET VIOLENCE!

FREDDIE MAC seeks $11 billion dollars from feds to cover losses

SurvivalBlog:

CMBS Delinquencies Hit Fresh Record, Now at $51 Billion, 268% Increase.

Still No Credit Where It’s Due

Idle rail cars generate cash for Boise

The Mother of All Bubbles Could Push Euro Zone into Bankruptcy.

China May ‘Crash’ in Next 9 to 12 Months, Faber Says

Greece’s Costs Seen Exceeding EU-IMF Help

Trickle of Nonsense (The Mogambo Guru)

Frugality Among Consumers Outliving Recession. (Could it be, because people realize that the “recovery” is a fraud?)

Government Debt Explosion Hits Turning Point

Stocks Extend Decline On European Debt Worries

Gold Hits 5-Month High on Greek Aid Uncertainty

No Guarantees at the Pension Benefit Guaranty Corporation

“As the dollar breaks down, you’ll also likely see disruptions in supply chains, including shipments of food to grocery stores. People should consider maintaining stockpiles of basic goods needed for living, much as they would for a natural disaster. I sit on the Hayward fault in California. I have a supply of goods and basic necessities in case something terrible happens—natural or man-made—that will carry me for a couple of months. It may take that long for a barter system to evolve, which I think is what you’re going to end up with; at least until a new currency system is reorganized and you get a government that’s able to bring its fiscal house into order. No currency system in the U.S. is going to work unless the fiscal conditions that drove it into oblivion are also addressed.” – John Williams of ShadowStats, by way of Jim Sinclair’s JSMineset web site


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