Financial News Update – 05/17/10

IMF: US Debt Nearing 100 Percent of GDP

China: Bankers Confirm Wall Street’s Barbarianism (Hat Tip: Jean Stoner)

Experts: More Local Cities Will Be Forced into Bankruptcy

Europe’s Finance Ministers Panic: The Euro Continues to Go Down

EURO EXPERIMENT: EU Bullied into $1T Banking Bonanza. (Hat Tip: Brian B.)

Congress may override efforts by Secretary Gates to cut defense spending

Deal with Fannie and Freddie now or we’ll pay later

Euro Falls to 4-year low


NY to close 55 parks due to budget cuts

New Tax Credit for Small Business Health Care


The Meltup

Four Big Banks Score Perfect 61-Day Run. Something is rotten in Denmark on Wall Street.

Blood in the Streets! Bank Bailout Protesters Storm Ireland’s Parliament.

401(k)/IRA Nationalization Quietly Moves Forward

US faces one of biggest budget crunches in world – IMF

Government Data Shows Solid Recovery But Concerns Remain. [JWR Adds: I would counter that the apparent “Recovery” is nothing more than a short term artificial blip created by hundreds of billions of stimulus spending amidst the early stages of a deep, long-lasting Depression.]

Big Seller in Market Drop Identified as Waddell & Reed

Gulf Oil Spill Disaster: The Trigger of the American Economic Collapse?

Rigged-Market Theory Scores a Perfect Quarter

Finance 101: Blame The Poor

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