Financial News Update – 05/12/10

BUDGET BLOWOUT: DEFICIT 4X HIGHER IN YEAR

A Capital City Nears Bankruptcy

Democrats to unveil their economy-killing energy takeover

CNBC’s Rick Santelli Rips Key Democrat For Ignoring Fannie/Freddie Reform (Hat Tip: Brian B.)

Goldman Sachs Has First Quarter With No Trading Loss (Update2) (Hat Tip: Brian B.)

Samuelson: Death Spiral of the Welfare State (Hat Tip: Brian B.)

DEBORCHGRAVE: Stock market time bomb? (Hat Tip: Brian B.)

Harry Reid’s “Smaller” Energy Bill Would Come with Big Costs

Federal Reserve Opens Credit Line to Europe (Hat Tip: Brian B.)

Bernanke: Liar (Again) (Hat Tip: Brian B.)

Bailout Is ‘Nail in the Coffin’ for Euro, Rogers Says (Update1) (Hat Tip: Brian B.)

Federal Mutual Fund (Hat Tip: Brian B.)

Gold flies to record as investors seek safety (Hat Tip: Brian B.)

Administration Threatens to Veto Health Spending Bill After Price Tag Jumps (Hat Tip: Brian B.)

Morning Bell: The Road to Repeal is Well Under Way

Closing the Deficit Requires an Open Mind, Not an Open Wallet

The America Competes Act: Business-As-Usual in Washington

Side Effects: What’s a Medical Expense?

Europe Faces Reality

CBO discovers more hidden ObamaCare costs

In Greek Debt Crisis, Some See Parallels to U.S. (Hat Tip: Jean Stoner)

Senate To Take Up Cap And Trade Legislation Today (Hat Tip: Jean Stoner)

Greek workers call 24-hour general strike

US Exposure to EU Bailout: $50 Billion and Counting

Who’s running Europe? Now Obama pressures Spain

Schwarzenegger Readies ‘Terrible Cuts’ to Close California Budget Deficit

NY Gov. Approves Staff Raises After Forced Furloughs of 100,000

Texas considers legalizing gambling to close $11 billion shortfall

Gold hits all-time high

‘We are once again the schmucks of Europe!’ German media’s verdict as anger at Greek bailout swells

‘Browbeaten’ Merkel weakens

BANKERS JAILED, SUED AS ICELAND SEEKS CULPRITS OF ECONOMIC CRISIS

U.S. Investigating Morgan Stanley Deals

SurvivalBlog:

Federal Reserve opens credit line to Europe

Breakfast with the FT: Nouriel Roubini.

U.S. Debt Shock May Hit in 2018, Maybe as Soon as 2013: Moody’s.

Fed Restarts Currency Swaps as EU Debt Crisis Flares

Stocks Mostly Hold Gains After European Bailout

SEC: Regulators Yet to Determine Cause of Plunge

US Gold Coin Sales Surge as Investors Flee Risk

Who’s on the Hook for the IMF’s Greek Bailout?

Fears Intensify About Greek Crisis’ Impact on US

Celente on the Greece Riots

Taking Weighty Steps Making a Golden Getaway (The Mogambo Guru)

US Gold Coin Sales Soar on Economic Anxiety

Has Gold Become a New Reserve Currency?

Broader U-6 Unemployment Rate Increases to 17.1% in April


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