Financial News Update – 05/07/10

PLUNGE REMAINS MYSTERY; $1 TRILLION BRIEFLY WIPED OFF SHARES

Pressure mounts on eurozone over crisis; Emergency summit

UNEMPLOYMENT UP TO 9.9%

Contagion Fears Go Global

White House doesn’t rule out sabotage in market fluctuation

Krugman: Greece May Default

Senator: Bank Bill Empowers Gov’t to Track Consumers’ ‘Personal Characteristics,’ Force Them to Respond ‘Under Oath’

Pimco: Greek Crisis Set to Infect Rest of the World

Broader Rate Increases to 17.1%

Payrolls Rise 290,000 in April

RNC: OBAMA’S ‘NEW NORMAL’ IS UNACCEPTABLE

Stocks Dive Worldwide on European Debt Concern

Fears for impact on USA

SEC Probes Causes, Exploitation of Stock-Market Turmoil

BUCKLE UP!

Germany approves biggest cheque in history to save debt-swamped Greece

Republicans continue effort to thwart EU bailouts

Bank Default Risk Soars to Record

High-End Homeowners Falling Into Foreclosure Trap

Illinois Budget Woes Come to a Boil

Hold On Tight: Dow Sees More Turbulence

Plan for Congressional Audits of Fed Dies in Senate (Hat Tip: Brian B.)

Fat Thumb? Or Big Fat Liars? Stock Market Crash Is Based On Fundamentals!

Morning Bell: A Recovery Only Washington Could Love

Protecting America Means Preventing Its Decline

Will Greece & Co. Poison US-China Trade?

BOHICA* Bend Over, Here It Comes Again.

U.S. spiraling toward Greece

Jobs Gained: Only 6,662,000 More Needed in 2010 to Fulfill Obama Promise (Hat Tip: Brian B.)

Should a Stock Market Decline Stop Us From Breaking Up the Giant Banks or Fully Auditing the Federal Reserve? (Hat Tip: Brian B.)

US faces inflation or default (Hat Tip: Brian B.)

Greece Today – USA Tomorrow – Under Obama (Hat Tip: Brian B.)

SurvivalBlog:

Stocks were down yesterday, but precious metals were up.

Long-term unemployment soaring.

John Williams: A Hyper-Inflationary Great Depression Is Coming

In a recent issue of his excellent (and free) Outside The Box e-newsletter, John Mauldin had these comments: “It now looks like almost 30% of the Greek financing will come from the IMF, rather than just a small portion. And since 40% of the IMF is funded by US taxpayers, and that debt will be junior to current bond holders (if the rumors are true) I can’t tell you how outraged that makes me. What that means is that US (and Canadian and British, etc.) tax payers will be giving money to Greece who will use a lot of it to roll over old bonds, letting European banks and funds reduce their exposure to Greece while tax-payers all over the world who fund the IMF assume that risk.”

Stocks Plunge, Dow Has Record Drop, Then Recovers. (Dropped almost 1,000 points within 30 minutes almost 90 minutes before close, then somebody propped the market up, to close at only a 347 point loss (down 3.20%). Perhaps it was that “mythical” Plunge Protection Team.

Moody’s Warns Greek Crisis Could Spread to UK

Greek Crisis: Three Bank Workers Killed in Greek Riots

The Laughable Nature of GDP Growth (The Mogambo Guru)

Threats of Civil War

UK Bond Traders Poised for Election-Night Selloff



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