Finanical News Update – 07/31/2010

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A Greek City Just Defaulted On $275 Million Of Debt — Can The State Be Far Behind?

After Revisions, Real GDP And PCE Even Farther From Previous Peak*

Goldman’s Leading Indicator Plummets To A Seven-Month Low, Predicts An ISM Collapse Next Week

Selling Euro Notes To Criminals Is ‘Wildly Profitable’ For The European Central Bank

Hours After Passing Austerity Bill, Berlusconi Government Rocked By Schism

CHART OF THE DAY: A Few More Quarters Like This, And Growth Will Be Finished

Whoops, Turns Out Wall Street Reform Is A Dud Politically

America: It’s Time To Stand Up And Scream “We Want New Leadership”

Q2 GDP Comes In At Mediocre 2.4%, Markets Sliding

The ECRI Falls Even Further Into ‘Certain Recession’ Territory

Senator wants answers about nominee’s windfall (Hat Tip: Brian B.)

‘Undead Zombie Option’ resurrected in Congress

The Middle Class in America Is Radically Shrinking. Here Are the Stats to Prove it (Hat Tip: Nancy Jacques)

Lobbyists Give Millions to Dems As Obama Smears ‘Special Interests’

Heartland Institute Luncheon: This Recession Caused By Over-Regulation Not Market Failure

Jury Damage Award Could Close Calif. Healthcare Facilities

Economy in U.S. Will Probably Keep Cooling as Lack of Jobs Limits Spending

‘Big Spending’ Dems May Face New Anger

SurvivalBlog:

The Aftermath Of The Global Housing Bubble Chokes The World Banking System.

“This debt is like a cancer,” says Erskine Bowles, co-chairman of President Obama’s debt and deficit commission

The Irish Leave the EU.

When Quinn the Governor gets here.

IMF Says U.S. Financial System May Need $76 Billion in Capital

Sun Could Set Suddenly on Superpower as Debt Bites.

China Becomes Second Biggest World Economy

Fed’s Bullard:Worried About Possible Deflationary Outcome For US

Top Hedge Funds That Dodged Crash, Rode Market Back Turn Gloomy

Greek police clash with hauliers amid crippling strike. Mike’s comment: “The truckers’ strike is in its fourth day, gas stations are empty, and the government is implementing emergency measures originally intended for wartime or natural disasters. Does any of this sound familiar?” Reader Tom G. sent a link to a fascinating companion article: Greece Haulier Strike – Your Experiences.

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