Financial News Update – 08/21/10

ShoreBank of Chicago Said to Be Closed Today by FDIC

And Now We’re Headed For The GREATEST Depression, Says Gerald Celente

It Looks Like U.S. Government Bonds Aren’t Supported By China Anymore

A Record Number Of Workers Could Be Burning Away Retirement Savings Just To Survive

15 Signs The U.S. Housing Market Is Headed For Complete And Total Collapse

The Five Stages of America’s Housing Bubble

Jim Rogers: If You Want Your Family To Be Silly Rich In The Future, Then Leave America And Move To Asia Now

CHART OF THE DAY: How To Blow A Bond Bubble

Here’s Why It’s Not A Good Idea To Take Out A Loan On Your 401(k)

Oh Look, The Social Security Trust Fund Has Lost Track Of $25 Billion

Nobody Wants To Bail Out Newspapers, Especially Not Readers

George Soros Just Made a Huge Bet On An Indian Stock Exchange

Leaked White House Memo Advises Democrats on How to Spin Obamacare (Hat Tip: Brian B.)

North Korea attacking U.S. with fake $100 bills

Tax debate turns to growth (Hat Tip: Ron the Cop)

ShoreBank seized by regulators, gets overhaul (Hat Tip: Jean Stoner)

Homeowners’ Rebellion: Could 62 Million Homes Be Foreclosure-Proof? (Hat Tip: Brian B.)

Malkin: Stimulus Money Helping Cities Spy On Citizens (Hat Tip: Brian B.)

Health Care Premiums Are Already Soaring In Advance of Obamacare (Hat Tip: Brian B.)

Fidelity: 401(k) hardship withdrawals and loans up (Hat Tip: Larwyn)

Joe Biden Admits: “Voter’s Anger & Frustration Understandable Given High Unemployment & Sluggish Economy” (Hat Tip: Larwyn)

Democrats: ObamaCare is a Failure (Hat Tip: Larwyn)

It’s FDIC Bank Failure Friday! (Hat Tip: Larwyn)

Record Number of 401(k) Hardship Withdrawals Reported; Retirement No Longer a Concern Given Vaunted Stability of Social Security Per President Obama (Hat Tip: Larwyn)

U.S. Stocks Drop for Second Week on Signs Corporate-Profit Growth to Slow

Ireland May Buy Anglo Irish Loans at Discount of More Than 60%

European Stocks Retreat for Second Consecutive Week Amid Slowdown Concern

Saudi Shares Drop to One-Month Low on Oil Price, Faltering Global Recovery

Housing Has a Home Without Fannie, Freddie: Caroline Baum

A Year After Claiming Economy Was His… Obama Blames Bush Again

Unreal… Obama Knew Gulf Drilling Moratorium Would Cost At Least 23,000 Jobs But Went Ahead With It Anyway

Now Democrats Want Another $34 Billion to Bailout Teamsters Pension

Obama’s Union Bailout: A Good Crisis Going to Waste

Obama: We Must Stop the Corporate Takeover of Our Democracy

‘Crash the Tea Party’ Teacher Now Unemployed — If Only There Was a Movement Dedicated to Improving the Jobs Market He Could Join

ShoreBank update: A shutdown…and a quick, smelly reincarnation

Your porkulus dollars at work: Eco-snitch trash cans

Nearly 50% fall out of gov’t mortgage-aid program

USA DEBT: $13,310,379,000,000.00


$1.342 trillion budget deficit for 2010.

The Dallas Fed Reminds That The Economy Is Doing Much Worse Than In The Administration’s Worst Nightmare

US Says Bankruptcies Reach Nearly Five-Year High

When Will Financial Armageddon Begin?

Marc Faber – “Don’t touch US bonds”

Tensions Rise in Greece

Ex-Bank of England Official: Dumping Bush Tax Cuts May Bring Depression

Unemployment Spreads Like a Plague

Accountability and Transparency in the World of Big Money: Too Big to Fail and Too Big to Jail

Stocks Drop As Jobless Claims Rise Unexpectedly

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