Financial News Update – 07/08/2010

U.S. marks 3rd-largest, single-day debt increase (Hat Tip: Brian B.)

Deficit hits $1 trillion in June for second year

Financial regulation bill dictates ethnic, gender quotas

Venezuelan Socialists Replace National Currency With Small Pieces Of Cardboard

Bulk Condo Sales Reveal A Gut-Wrenching Property Price Collapse

Central Banks Dumping Gold At A Torrid Pace

European Stress Tests Terms Are Released, And Jim Rogers Is Grinning From Ear To Ear

Deficit Hysteria Means The Middle Class Is About To Get Squeezed By New Taxes

Jim Rogers: I’m Buying The Euro Even Though It’s A Flawed Fiat Currency

It’s Like We’re Back In 1776 And We Need A Henry Knox

The Yield Curve Is Screaming “SLOWDOWN” But Still No Recession

China Officially Rejects Gold As A Reserve Asset

Gold Selling Is Relentless, While The Dollar Finally Catches A Bid

The Anecdote That Explains Why HFT Traders Will Continue Providing Liquidity -Or Not- Whenever They Want

Brutal Pictures Of India’s Explosive Kashmir Situation

U.S. House plan overturning Obamacare halfway there (Hat Tip: Jean Stoner)

12 Charts That Show Your Blue-Chip Portfolio Getting CRUSHED

Here’s The Real Reason Cities And States Would Never Be Allowed To Default

Let’s Be Honest About What “Stimulated Demand” Really Means

Suddenly, EVERYONE’S On The Stimulus Bandwagon

El-Erian: The Consensus Has Changed, Now Everyone Is Looking For “Self-Insurance”

Is Everyone Bearish, Or Is Everyone Assuming We’re Due For A Big Bounce?

The Water Market Could Be A Thousand Times Bigger Than Oil By 2030

Retail Sales Rise in June as Warm Weather, Bargains Spur Buying

Europe Stress Tests May Underestimate Probable Losses

How the Expiring Bush Tax Cuts Affect You (Hat Tip: Curtis Frantz)

Morning Bell: Federal Government Overpaid $47 Billion a Year

One Hundred Days Later: The Best Way Forward with Obamacare is to End It

CBO Plays “Let’s Pretend” on Kerry–Lieberman Scoring

CBO boosts climate bill

Save the EMU?

Hypocrisy of the Fed

More Power for the Fed

Prechter: Dow Could Plunge to 1,000 as US Sinks Into Deflationary Depression (Hat Tip: Jean Stoner)

Study: ObamaCare will cripple states by skyrocketing Medicaid costs

A Double Dip or Off the Cliff? (Hat Tip: Jean Stoner)

Govt: Obama Drilling Ban to Cut Supply Sharply (Hat Tip: Jean Stoner)

Missouri Lt. Gov. Peter Kinder Files Lawsuit Against Dem’s National Health Care Bill (Video)

PROMISES BROKEN: Hundreds of fishermen don’t get their BP checks

Could High Taxes Influence LeBron James’ Team Decision?

US, EU agree to share citizens’ bank data

Pentagon throws $3 billion at Afghan bombs

IMF presses US to cut debt

China rules out ‘nuclear option’ on T-bills

UPDATE: Obama Bypasses Senate For New Medicare Czar

‘Expert on Rationing’

FLASHBACK: ‘Health care plan must redistribute wealth’

‘Climategate whitewash job’

30-yr mortgage rate drops to record low


The World of the Doomsday Investors

Implications of a Likely Economic Downturn

Job Creation in Private Sector Remained Weak in June

So What Exactly is a Double-Dip Recession?

Mortgage Rates Scream “BUY” But Who’s Listening

State Pension Woes Only Worsening

ISM Says Service Sector Growth Slows in June

Post Office Announces 2-Cent Rate Increase. (Say, what happened to that much-touted deflation?)

Pump Prices Head Down Again After Holiday Weekend


Quote of the Day – 7/8/2010

From: SurvivalBlog

“These are times that try men’s souls; the summer soldier and the sunshine patriot will, in this crisis, shrink from the service of his country; but he that stands it now, deserves the love and thanks of man and woman. Tyranny, like hell, is not easily conquered; yet we have this consolation with us, that the harder the conflict, the more glorious the triumph.” – Thomas Paine, from his essay “The Crisis”