Financial News Update – 07/12/2010

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Fox Business: Does a Depression Loom?

Central banks start to abandon the U.S. dollar (Hat Tip: Brian B.)

Suttmeier: Dow Flirting With Plunge of Nearly 25 Percent

States Can’t Count on Federal Bailout, Obama Appointees Say

Aon to Purchase Hewitt for $4.9 Billion in Cash, Stock

Bernanke Says `Creditworthy’ Small Businesses Can’t Get Loans

Medicare Fraud Effort Gives Elderly Surprise Hospital Bills

Ireland’s Cowen Says Allied Irish Banks May Need State Support

EU Under Pressure to Spell Out Stress Tests

Bank Profits Depend on Debt-Writedown `Abomination’

Rush Limbaugh Sells Condo, Vetoes NY Taxes

Financial Regulatory Bill Approved by House Gives Feds Power to Subpoena Any Record from Any Financial Institution Without Establishing Any Probable Cause (Hat Tip: Brian B.)

BP faces ExxonMobil takeover bid speculation (Hat Tip: Brian B.)

BP Rumormill Update: Sunday Times Reports Exxon And Chevron Receive Green Light From Obama To Plot Takeover (Hat Tip: Brian B.)

How All ‘Consumer’ Spending Since Lehman Was Actually Government Money By Another Name

Stephen Roach: Here’s Why There’s A 40% Chance Of A Double Dip

Check Out The Huge Number Of People Who Are Being Cut Off From Unemployment Benefits

Why It’s Clear Investors Have No Idea What’s Safe Anymore

Household Misery Index Shows We’re Leveling Off Near An All Time High

Figures. Dems Attack Republicans For Meeting with US Business Leaders

What’s Behind Gold’s Recent Moves?

Debt commission leaders paint gloomy picture

Doctors Threaten to Pull Out of Texas Medicaid (Hat Tip: Brian B.)

Crisis Awaits World’s Banks as Trillions Come Due (Hat Tip: Brian B.)

Obama’s debt commission warns of fiscal ‘cancer’ (Hat Tip: Brian B.)

Live from the Gulf: Government Attorney on Moratorium: The Environment Trumps Jobs

‘Secret gold swap spooks the market’

Big Sis delivers job offers on pizza boxes



IRS starts mopping up Congress’s tax-reporting mess.

Bank Fix for Unpaid Commercial Property Loans: ‘Extend and Pretend’

The New York Times is claiming that there has been a recovery.

Zero Hedge on bank financing of the Federal Reserve.

The rich do it too – Los Angeles County and million dollar distressed properties. 1,947 homes in L.A. County valued at $1 million or more are three payments behind or in foreclosure.

Debt Commission Chiefs Give Gloomy Fiscal Outlook

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