Financial News Update – 07/09/2010

From Politico:

Attorney General Eric Holder signaled that the Justice Department may be conducting a sweeping criminal investigation into the Gulf Coast oil spill, saying that its suspected targets may cover more than just BP. “There are a variety of entities and a variety of people who are the subjects of that investigation,” Holder told CBS’s Bob Schieffer at the Aspen Ideas Festival in Colorado. “For people to conclude that BP is the focus of this investigation might not be correct.” Saying the investigation was “ongoing,” Holder added that there has been a “certain commonality of the way oil companies had been operating” in the Gulf.

Congressman Etheridge: You Better Ask “Who Is Dr. Berwick?” (Hat Tip: Lorie Byrd)

More Than 5,000 Protest in Greece

Obama Calls for $5B in Energy Tax Credits

REAL ESTATE: CIRCLING THE DRAIN IN SACRAMENTO

Obama continues bogus finger-pointing over economy

Unions and States Want Your Money

A Strategy For Making Huge Returns In The Coming Deflationary Environment

THE TRUTH REVEALED: Yes, Gold Is A Decent Inflation Hedge — But It’s 3X Overvalued And A Lousy Investment

This Ridiculous Gold And Dollar Correlation Has To Be Opening Up Arbitrage Opportunities

Here’s Why Ben Bernanke Can’t Save The Economy This Time

MAP OF THE DAY: The Unemployment Situation Still Looks Horrific

Here’s Why Commercial Real Estate Hasn’t (Yet) Been A Disaster — But Probably Will Be

The Rally Is Fizzling, Gold Is Diving

The Most Profitable Company In The World Is Now…

Here Are The 10 Brands That Will Disappear In 2011

24 Depressing Pieces Of Evidence That Difficult Economic Times Lie Ahead

U.S. Futures Already Forecasting Losses Despite Surging Global Markets

Sell Bonds, Buy Precious Metals, Rice as ‘Refuge,’ Rogers Says (Hat Tip: Brian B.)

David Rosenberg: Here’s 9 Charts That Will Fool You Into Seeing A V-Shaped Recovery

Here Are The 6 European Banks That May Need A Bailout

ING Paints Scary Worse-Than-Lehman Scenario If EU Tries To Break Up

Central Bankers Losing Control

40,000 Illinois State Workers To Get 14% Payraises

Morning Bell: Anti-Business Obama

Court rejects Obama’s moratorium appeal

A debt-free America? Yes — it’s possible (Hat Tip: Brian B.)

Krugman: The Third Depression

Rosenberg: Dow Could Fall to 5,000

Spain Approves Savings-Bank Law, Reducing Political Influence

Anadarko Tells BP It’s Withholding Reimbursement

Flawed Financial Bill Contains Huge Surprise: Simon Johnson

Internet Cop at FTC Targets Threats to Facebook, Twitter Users

Former Congressman Pleads Guilty in Terrorism Finance Case

Figures. Obama Praises Electric Vehicle Manufacturer That Makes Trucks That Cost Twice as Much as Normal Truck

Venezuela nabs 2 for trying to ‘TWITTER’ run on banks

Dem Lame Duck Strategy: Union ‘card-check,’ cap and trade, and so much more

‘Tan tax’ prompts cries of racism

SUN VALLEY: Media, Tech Chiefs Fret Over Economy

Greenspan: Economy May Be Undergoing ‘Pause’

Christie recommends massive privatization of NJ services

WH’s Gibbs Mocks Question on Medicare Czar’s ‘Redistribution’

Labor Dept. Estimates $7.1 Billion in Overpayments to Unemployed

SurvivalBlog:

Frankenstein real estate market – $3.5 trillion in commercial real estate debt and $10.3 trillion in residential real estate debt.

AP Analysis: Economic Stress is Easing More Slowly

Investors Shake Off Slowdown in Services Growth

Deficit Hysteria in Times of Depression

New, Nearly Dictatorial Powers Go to Fed

Economic Gloom Shrouds Spain

Market Forecaster Sees Plunge to 1,000

Dow Repeats Great Depression Pattern

Retailers Launch Their Own Stimulus Packages

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