Monday June 30 Housing and Economic stories

Top Stories:
Desperate Housewife - 42 yr old single mom combining offer for her home with shot of marrying her - (www.foxnews.com) - Single Mom Selling Home and Self Online. Deven Trabosh poses at her home in West Palm Beach, Fla. Trabosh listed the home -- and her love-- on Craigslist.

Bank of America's Parking Meter Play - (globaleconomicanalysis.blogspot.com) - As B of A stock continues to fall apart since announcing the acquisition of Countrywide, they are resorting to new cash raising tricks. Reader Gary used his Bank of America credit card to pay $2 on a parking meter in Washington, DC. Bank of America treated it as a cash advance and slapped him with a $10 fee, as well as a higher APR. When Gary called to complain, he learned that it wasn't an error: Bank of America has started treating payments to parking meters as cash advances and may even treat all payments to government entities as cash advances. In the meantime, please remember that any cash or pseudo cash transactions might get you whacked for $10 or higher, plus interest.

- Cash Transactions
- Cash back at grocery stores or service stations on credit card purchases.
- Buying chips at a casino.
- Parking meters.
- Cash Advances.

If you are doing any of those things... Stop now. Banks are so greedy, and/or so desperate that not only are they charging ridiculous interest rates, they are willing to ding you with a $10 fee on a $2 transaction.

The Real Estate Nightmare I Found In Las Vegas - (www.ml-implode.com) - The Indy Mac performing loan sale that was reported to have been done at about 60% of asking price has fallen apart. Most of the bids at the 60% level were withdrawn after further due diligence. The actual prices the stuff went for is between 20% and 45%. By the way Indy Mac had current appraisals supporting their asking price. The Wall Street Wizards are proving to be particularly inept at working out real estate problems. Essentially, they don’t know anything about operating real estate. On top of that, many of the banks don’t have expertise so there seem to be a lot of bad decisions going down (much more about this later). Things are going downhill so fast that deals that were struck 3 months ago need to be restructured.
Congress makes same mistake: lending assuming prices will go up - (www.csmonitor.com) Congress hopes to pass a bill soon that aims to rescue enough at-risk homeowners to put a price floor under a collapsing housing market. In theory, everyone benefits. In practice, well, the rescue plan itself might end up needing a rescue, at taxpayers' expense. While those points may well be grounds for federal action, the bill that is likely to pass could end up committing the same mistake careless lenders and borrowers did in inflating the housing bubble: It assumes prices will soon rise and that the new government-backed loans to be negotiated in coming months won't go belly up. The bill, in other words, sets up Uncle Sam to try and catch a falling dagger. The heart of the measure would allow the Federal Housing Administration to insure up to $300 billion in new loans for at-risk borrowers, but only if lenders take a hit by volunteering to issue a new loan at 15 percent below the appraised value of the borrowers' homes. Sure, borrowers would need to meet strict criteria and show they have the income and credit record to accept the new, lower-interest mortgages. And they must actually be living in the home, which shoos away many speculators. (Studies show a majority of the foreclosures so far involved financial misrepresentations by the borrower.)
CEPR's Dean Baker - "It would be the height of foolishness to create a house price support program to try to sustain the bubble" - (www.ml-implode.com) " CEPR's Dean Baker - "It would be the height of foolishness to create a house price support program to try to sustain the bubble" "
Dow Jones: Worst June Since Depression - (www.bloomberg.com) U.S. stocks tumbled, sending the Dow Jones Industrial Average to its worst June since the Great Depression, as record oil prices, credit-market writedowns and a slowing economy threatened to extend a yearlong profit slump. General Motors Corp., the largest U.S. automaker, plunged the most in three years as Goldman Sachs Group Inc. advised selling the stock and crude rose by $5 a barrel. Citigroup Inc. led the KBW Bank Index to an almost 10-year low as Goldman said the lender may report an $8.9 billion second-quarter charge and cut its dividend. Research In Motion Ltd., maker of the BlackBerry, posted its biggest drop since 2001 on concern competition with Apple Inc.'s iPhone is reducing earnings.
Lawmakers' zeal versus speculators could backfire - (www.reuters.com) U.S. Congress is suddenly determined to bring rampant trading under control. But rather than looking at excess consumption and demand, Congress is entering the murky waters of trying to control soaring prices, mulling bills that could well backfire and drive funds to less transparent but more accommodative bourses offshore. In just one of a slew of bills, the House of Representatives overwhelmingly passed largely symbolic legislation on Thursday ordering regulators to "curb immediately" excessive speculation in commodity markets.
Global markets reel after first-half carnage - (http://www.ft.com/) Global equities were heading for their worst first-half performance in 26 years after a week in which oil surged to a record and there were renewed worries about the health of the financial system and ­global growth - 22:26
Credit-Card Debt Snaring More High-Income People - (www.cnbc.com)
Fed Worried About Its Own Risk During Bear Rescue - (www.cnbc.com)
As Bill Evolves, Mortgage Debt Is Snowballing - (www.nytimes.com) Congress’s rescue package for homeowners may only be able to touch a fraction of those in trouble, analysts say.
Public service work can wipe out student loans - (www.latimes.com) A new law will make it possible for student debt to be forgiven for people who choose public service jobs. >>
Senators warn Fed, SEC to halt expansion of oversight duties - (www.latimes.com) Federal Reserve Chairman Ben S. Bernanke and Securities and Exchange Commission Chairman Christopher Cox were warned by two top senators not to proceed with a plan to take on more oversight of Wall Street until they consult with Congress.
Cramer: GM Should File for Bankruptcy - (www.thestreet.com)

Other Stories:

Merrill weighs sale of stakes worth $15bn - (www.ft.com) Bloomberg, BlackRock holdings under review
Representatives of Financial Irresponsibility? - (baglady.dreamhosters.com)
Open Letter to Borrowers Waiting for Bailout - (www.homeguide123.com)
Countrywide's Giant Fall - (media.sacbee.com)
Wachovia To Dump Loans - (www.charlotteobserver.com)
Deleveraging will transform banking industry - (www.iht.com)
Rates on 30-year mortgages at 9-month high - (www.contracostatimes.com)
Builders Battling Foreclosures Of Own Construction - (money.cnn.com)
Will Housing Bottom in 2010 or 2012? - (www.seekingalpha.com)
Dow Falls In Worst June Since Depression - (www.bloomberg.com)
Are equities entering Great Crash territory? - (www.independent.co.uk)
Inflation becomes Fed's prime focus - (www.signonsandiego.com)
Slump knocks 40% of price of house in four months - (www.thisislondon.co.uk)
Delinquencies Rise at Fannie, Freddie; Taxpayers On Hook - (www.washingtonpost.com)
FHAs Risky Zero Down Payment Loan Program - (www.seekingalpha.com)
It's crazy to buy in Australia at current prices - (www.bubblepedia.net.au)
Family shocked when roofers find skull in attic - (www.sltrib.com)
Local house for sale includes wife - (www.wptv.com)
Comments about that wife - (forums.fark.com)

The Crack Up Boom, Part III - Balance Sheet Destruction and Repair! - (www.ml-implode.com) - ``As you can see, this part of the collapse is still in its beginnings as option arms (also known as EXPLODING arms, as when the...
What do Fleck, Fortis, RBS and Barclays Have in Common? - (www.ml-implode.com) - "What they have in common is all have recently predicted a massive unraveling of the US financial 'system' within a few weeks. I...
Developers, investors take Estate to court - (www.ml-implode.com) - "Southern California plaintiffs push for Chapter 11 bankruptcy for Estate Financial"
Risk is still risk, no matter who manages it - (www.ml-implode.com) - "Citi has made huge pricing changes to their government products which make these supposed “affordabilty” products much more exp...
Condo Association Seeks Foreclosure On Wells Fargo - (www.ml-implode.com) - "In an interesting twist to the massive wave of foreclosures in residential mortgages, a Condo Association Seeks Foreclosure On ...
Barclays warns of a financial storm as Federal Reserve's credibility crumbles - (www.ml-implode.com)
Agency Mortgage-Bond Yield Spreads Rise to Highest Since March - (www.ml-implode.com)
Vanguard Update: CEO Joe and Frank Guilty as Charged? - (www.ml-implode.com)
Ginnie Mae Ramps Up Securitization of Reverse Mortgages - (www.ml-implode.com)
Housing Needs to Fall 30% From Peak to Maintain Affordability - (www.ml-implode.com)
1099C: Is Foreclosure Or Short Sale Better? - (www.ml-implode.com)
Bloggers’ Influence on Consumers Continues to Rise - (www.ml-implode.com)
Fish Kill Watch - (www.ml-implode.com)
Homebuilders Get Demolished - (www.ml-implode.com)
Financial Experts Reassure Nervous Investors - (www.ml-implode.com)

In Bear Bailout, Fed Says It Tried to Avert Contagion - (www.ap.com)
Inflation on rise in Europe and US - (www.ft.com)
Fears Mount Over Threats To Economy - (online.wsj.com)
Kohn hints at call to loosen pegs to the dollar - (www.ft.com)

Report: OPEC president sees oil at $170 this year - (www.marketwatch.com)
As Bill Evolves, Mortgage Debt Is Snowballing - (www.nytimes.com)
Dow Hits Bear-Market Territory, Signaling Woe for Economy - (online.wsj.com)
VIX 26% Below 2008 High Points to U.S. Stocks Drop - (www.bloomberg.com)
World Stocks Sag as Oil Price Surges - (www.nytimes.com)
Gloom Descends Over Wall Street Again - (www.nytimes.com)
Value of M&A falls sharply as buy-out boom ends - (www.ft.com)
Homes Less Affordable as Prices Fall, Rates Rise, Zillow Says - (www.bloomberg.com)

Travelers Facing Deep Flight Cuts by Summer’s End - (www.nytimes.com)
Merrill weighs sale of stakes worth $15bn - (www.ft.com)
AIG Poised to Absorb $5 Billion Losses From Securities-Lending - (www.bloomberg.com)
U.S. carmakers are flat-out hurting - (www.latimes.com)
Countrywide CEO Helped Many Get Loans - (online.wsj.com)
Lennar 2Q loss narrows; sees worsening conditions - (www.chicagotribune.com)
Merrill may take $5.4 bln in Q2 writeoffs: Lehman - (www.reuters.com)
Suit Claims UBS Misled Investors - (www.nytimes.com)
Brunswick to cut plants, jobs - (www.chicagotribune.com)
Construction materials costs go through roof - (www.dallasnews.com)
American Airlines to reduce management, support ranks 8% - (www.dallasnews.com)
Analyst sees 10 million fewer cars by 2012 - (www.signonsandiego.com)
Renovators in Limbo - (online.wsj.com)
Fishing industry reeling from leaping fuel prices - (www.chicagotribune.com)

Hot and bothered - (www.economist.com)
Europe Business, Consumer Confidence Falls; Retail Sales Slump - (www.bloomberg.com)
Japan Spending, Inflation Data Fuel Recession Concern - (www.bloomberg.com)
India Inflation Accelerates to 13-Year High of 11.42% - (www.bloomberg.com)
China's forex reserves hit 1.8 trillion dollars: report - (news.yahoo.com/s/afp)
Japan's core inflation surges to decade high - (news.yahoo.com/s/afp)
E-Mail That Investors Might Like to Read - (www.nytimes.com)
Easy Target, but Not the Right One - (www.nytimes.com)

Thursday May 29 Housing and Economic stories

Top Stories:

Credit default swaps on Lehman Brothers and Merrill Lynch debt have risen - (www.telegraph.co.uk) - The debt markets in the US and Europe have begun to flash warning signals yet again, raising fears that the global credit crisis could be entering another turbulent phase. The cost of insuring against default on the bonds of Lehman Brothers, Merrill Lynch and other big banks and brokerages has surged over the last two weeks, threatening to reach the stress levels seen before the Bear Stearns debacle. Spreads on inter-bank Libor and Euribor rates in Europe are back near record levels.
S&P Slashes $34 Billion in ALT-A Securities. ALT-A…The Next ‘Crisis’ - [2008-05-28] - The ALT-A crisis may make the subprime crisis look like a bump in the road when all is said and done.This story is really picking up steam lately, but it seems like as with the suprime crisis at the beginning, the mainstream media and definitely Washington is not giving this much attention. In my opinion, the ALT-A space collapsing could cause much larger crisis for the broader economy because ALT-A loans cut across all socio-economic boundaries and were used most heavily in in the nation’s most affluent cities/regions.
Banks yanking away equity lines of credit - (blog.cleveland.com)
KeyCorp plunge sparks fears for smaller lenders - (www.ft.com) - Shares of US regional banks slumped Wednesday after KeyCorp (NYSE:KEY) , the third-largest bank in Ohio, doubled its forecast for loan losses and prompted concerns that small US banks may have underestimated the cost of the housing slump.
Hedge Funds Foment Russia Credit Crunch With 16% Puts - (www.bloomberg.com) - Even with record oil prices pumping the economy, the global credit crunch is penalizing Russian borrowers as the put options leave companies liable for refinancing nearly a third of their 1.5 trillion rubles of bonds at higher rates by yearend, Bloomberg data show. Soaring interest costs may contribute to a slowdown in economic growth to 6.5 percent from 8.1 percent in 2007, said Ivailo Vesselinov, senior economist at Dresdner Kleinwort in London.
Investment banks split over Fed loan facility - (www.ml-implode.com) - A rift is developing among large US investment banks over whether continued access to a special Federal Reserve borrowing facility is worth the expected trade-off in further regulation by the central bank. Investment banks such as Goldman Sachs that have been less affected by the credit crisis are reluctant to accept any significant new limits by the Fed, while those more affected, such as Lehman Brothers, are seen as more eager to maintain access to the Fed facility even if it means new limits on risk-taking.
Rating Agencies Face New Standards; Cannot Recommend Deal Structure - (www.ml-implode.com)
Ambac writes down $228 million in CDOs in April - (www.ml-implode.com) - Bond insurer Ambac Financial Group Inc. said Wednesday it continued to take millions of dollars in charges in April tied to its credit derivative and investment portfolio
Investors Putting Bad Loans Back To Lenders - This Is Only The Beginning. - (www.ml-implode.com) - The auditing of defaulted loans looking for fraud or lender negligence is escalating at a feverish pace. This is being spearheaded in many cases by the mortgage insurer but even Fannie and Freddie are in the game. If any sign of fraud is found on a defaulted loan, in most cases the originating or selling lender/investor is liable. If the originating lender is no longer in business, as is the case with most middle market mortgage bankers and brokers, then the original ‘investor’ or loan purchaser carries the burden. In most cases, these are your big named banks and Wall Street banks."
Moody's Changes Tone Over Probe - (online.wsj.com) – Ah, the great thing about being a corporation. You can find a few fall guys and company takes no blame. Moody's Corp. employees may be fired if the firm finds that errors in calculating credit ratings for certain products were covered up, people familiar with the matter said, marking a turn away from the firm's more-defensive stance for months. Moody's had been saying it did nothing wrong in its rating business during the last few years, despite dramatically lowering many of the ratings on the securities it tracked.
Shuttered Houses, Thriving Wildlife - (www.washingtonpost.com)
Realtor group continue to spew bullshit; press prints it - (blogs.businessweek.com)
Supervisors Covered Up Risky Loans - (www.npr.org)


Other Stories:

Majority of Renters Have No Plans to Purchase a Home: Survey - (www.ml-implode.com) - "Origination volume for new mortgage may take awhile to rebound, if the nation’s renters have any say in the matter. The vast ma...
Alt-A Problems Grow, While Subprime Takes Turn for the Worse - (www.ml-implode.com) - Despite an absolute dearth of ARM resets, the number of severely delinquent Alt-A borrower continues to grow, according to a report released late last week by Clayton Holdings, Inc. The number of troubled Alt-A borrowers in the 2007 vintage rose an eye-popping 26.5 percent from March to April alone, nearly reaching 17 percent of loan volume
BofA gives Countrywide's Sambol the Boot - (www.ml-implode.com) - BofA said Wednesday that David Sambol, the Countrywide operating chief who was to lead the combined company’s mortgage business after they merge this summer, will retire
Will AIG Need Even More Capital? - (www.ml-implode.com) - The $20 billion in capital raised by American International Group may not be enough for both itself and its troubled subsidiaries, an analyst told clients Wednesday. AIG shares were recently faring worst among the Dow industrials, falling 4.7%
ResCap’s Servicer Ratings Cut; “Weak” Financial Condition Cited - (www.ml-implode.com) - Fitch Ratings said Tuesday afternoon that it had cut its residential mortgage servicer ratings on troubled lender Residential Capital LLC, as the ratings agency said questions over the company’s “weakening financial condition” continue to run unanswered
Banks Choking Home Sales– Should Have Done It Earlier - (www.ml-implode.com)
National Realtors Association Opens Multiple Listings to Internet Brokers - (www.ml-implode.com) - In a settlement of an anti-trust lawsuit (one might more accurately call it a capitulation), the National Association of Realtors will open its multiple listing service to Internet brokers

With Bold Steps, Fed Chief Quiets Some Criticism - (www.nytimes.com)
Fed's Fisher: Rate hikes could come sooner vs later - (www.reuters.com)
In Housing, the Strong Turn Weak - (www.nytimes.com)
Making a good living, but still feeling strapped - (money.cnn.com)
Dow: Country in "true energy crisis" - (www.ap.com)
Obama Pitches Housing Plans - (online.wsj.com)
Mortgage applications down 4.6% last week: MBA - (www.marketwatch.com)
Atlanta's tallest buildings face soaring taxes - (www.ajc.com)
Mishkin to Leave Fed in August, Return to Columbia - (www.bloomberg.com)
Bernanke Met With BlackRock's Fink Five Weeks After Bear Stearns Bailout - (www.bloomberg.com)

Lenders Pressed on Bad Loans - (online.wsj.com)
Investors increase bets on US rate rise - (www.ft.com)
Choosing Bankruptcy to Stay Afloat - (www.washingtonpost.com)
Banks launch central clearer for derivatives - (www.ft.com)
Banking regulator promotes more inflated appraisals - (www.reuters.com)
Empty houses now for all to see - (www.smh.com.au)
Give my stimulus check to the rich - (www.latimes.com)

Fear Led to Run on Bear Stearns - (online.wsj.com) ($) (05/28/2008 05:41 AM)
GM to speed up production cuts in Flint, Mich. - (www.chicagotribune.com)
Why Rivals Don't Copy Southwest's Hedging - (online.wsj.com)
Dow Chemical bumps prices up to 20 percent - (www.chron.com)
Bear Bond Traders Odd Men Out in Merger - (www.thestreet.com)
As food prices spiral, farmers, others profit - (www.chicagotribune.com)
Four reasons housing won't recover quickly - (msnbc.msn.com)
Aggressive lending and borrowing caused housing bubble - (news.bbc.co.uk)

French Consumer Confidence Unexpectedly Drops to Record Low on Fuel Prices - (www.bloomberg.com)
German Import Prices Rise More Than Expected as Costs for Oil, Gas Surge - (www.bloomberg.com)
China cries "Inflation!" but plays it cool - (www.reuters.com)
Now an importer, Indonesia pulls out of OPEC - (money.cnn.com)

$4 a gallon means beer costs more - (articles.moneycentral.msn.com)
Smart money betting against Fed's weak dollar - (optionarmageddon.blogspot.com)
Crude Oil Bubble Trouble - (greatdepression2006.blogspot.com)
US house prices tumble a record 14% in 1Q - (biz.yahoo.com)
L.A. house prices down 21.7% in last year - (latimesblogs.latimes.com)
Chicago house prices fall 10% in March - (www.chicagobusiness.com)
Housing even worse than expected - (www.nytimes.com)
Case-Shiller index makes housing bottom look distant - (www.businessweek.com)
Yikes! FL house prices continue freefall - (www.palmbeachpost.com)
FL trails only Vegas in plunging house prices - (www.miamiherald.com)
Realtors Group Settles Anti-Trust Case - (www.bloomberg.com)

Friday May 2 Housing and Economic stories

Top Stories:

Is Bank of America headed towards principal reductions? - (www.ml-implode.com) - ''If Bank of America is truly making principal reductions a part of it’s “home-saving” playbook it would have incredibly wide-spread implications across not only the banking industry but the housing market and general economy.''
Business partner held in San Ramon mortgage broker killing - (www.sfgate.com) – A possible real estate/business partnership gone bad?
Credit Card Debt Soars to Unprecedented Heights - (www.blacklistednews.com) - Statistics show that about 35 percent of all credit card holders are already exhibiting signs of possible default. Late credit card payments result in fees many consumers can't afford. Credit card debt accelerated to unprecedented heights since bank loans began to dry up due to mortgage defaults. Total U.S. credit card debt reached almost $800 billion in November 2007, up from around $680 billion in March of last year, according to the latest available government statistics.
Houses Razed in Spain Stun Foreigners as Slump Deepens - (www.bloomberg.com) – Families lose everything overnight. Leo Levett-Smith and his wife, Jean, thought they did everything right when they bought their retirement home in Spain. They used a registered real estate agent, a Spanish notary and obtained their mortgage through one of then country's largest savings banks. Then in January they received a demolition order saying the house had been built without a permit.
Investors move in to save broken mortgages - (www.latimes.com)
Suburbs: The Next Slum? - (www.theatlantic.com) – Well, if you drive through Modesto, Stockton, parts of Sacramento, you can definitely see these remote cities turning into slums.
Agency Floats a Proposal to Help With Home Loans - (www.nytimes.com)
Federal Reserve to propose credit card lender limits - (www.chicagotribune.com)
As Food Prices Rise, Shopper Stock Up - (online.wsj.com)
Calpers Takes Hit on Land Deal - (online.wsj.com)
Jumbo Mortgage Was Supposed to Get Easier - (www.nytimes.com)
Huge falls in US property prices - (www.independent.co.uk)
Stop Begging Ben for Help Cooking Banks' Books - (www.bloomberg.com)
The Fed's Financial Bailouts Will Rob Americans of Their Future - (www.naturalnews.com)
Disappearing now: $6 trillion in housing wealth - (latimesblogs.latimes.com)


Other Stories:

MBA Opposed to OFHEO Appraisal Changes - (www.ml-implode.com) - ''The Mortgage Bankers Association sent a letter yesterday to Fannie Mae, Freddie Mac, and the OFHEO, challenging the proposed c...
19 Lenders, 4 Title Companies, 31 counts -- Colorado Fraud Scheme - (www.ml-implode.com) - According to the most recent Amended Complaint filed 2008-04-07 in the U.S. District Court in Denver, 61 Colorado properties are...
Mr. Mortgage - New ‘Conforming-Jumbos’ Already a Bust (Part 2) - (www.ml-implode.com) - ``“The program “is so much of a failure that it’s really unbelievable,” said Daniel M. Shlufman, president of the FCMC Mortgage ..
CNBC Interview: Why the Worst is Ahead of US - (www.ml-implode.com)
Will Credit-Default-Swaps-Induced Distortions Continue? - (www.ml-implode.com)
Unrepentant, Intransigent Lenders: Overplaying Their Hand? - (www.ml-implode.com)

A Comparison of U.S. House Prices - (www.homeguide123.com)
Not Many Positives Coming Out of Jumbo Market Changes - (www.ml-implode.com)
Construction Spending Declines in March - (www.ml-implode.com)
How much house can you afford? Are you sure? - (mrmortgage.ml-implode.com)
Is the Fed Bankrupting America? - (www.seekingalpha.com)
Is Bernanke Worse Than Greenspan? - (www.usnews.com)
The Dollar Looks Ready to Rally - (online.barrons.com)
Thais Gawk As US Houseowners Walk - (www.dealbreaker.com)

Treasuries Decline as Gains in Stocks Lure Investors From Debt - (www.bloomberg.com)
Gold Falls to 4-Month Low in N.Y. as Dollar Rises Against Euro - (www.bloomberg.com)
Dollar Rises to Five-Week High on Bets Fed May Halt Rate Cuts - (www.bloomberg.com)
U.S. Stocks Climb, Led by Shares of Banks, Technology Companies - (www.bloomberg.com)
U.S. Unemployment Benefit Rolls Exceed 3 Million, a 4-Year High - (www.bloomberg.com)
U.S. Consumer Spending Increased 0.4 Percent in March - (www.bloomberg.com)
Vacancies Are Up- Way Up - (www.ml-implode.com)
Wachovia's hidden 'Watch Market Area' Guidelines - (www.ml-implode.com)
Proposed Fascist Powers For The Fed - (www.ml-implode.com)

High cost of houseownership argues for RENTAL aid! - (www.marketwatch.com)
Can't Keep Home Prices from Falling - (www.seekingalpha.com)
Unstoppable Credit Contraction - (Mish at globaleconomicanalysis.blogspot.com)
Case-Shiller House-Price Index Fell 12.7% - (www.bloomberg.com)
Fed Cuts Key Rate, Signals a Pause - (online.wsj.com)
U.S. ISM Manufacturing Index Unchanged in April at 48.6 - (www.bloomberg.com)
The Fed, the falling dollar and the commodities boom - (www.economist.com)
Fed May Take Breather After Seven Rate Cuts, Emergency Loans - (www.bloomberg.com)
Low Spending Is Taking Toll on Economy - (www.nytimes.com)
Layoffs jump to 19-month high in April - (www.marketwatch.com)
Poole, Bies Say More Fed Rate Cuts Wouldn't Stem Slowdown Much - (www.bloomberg.com)

European Company Bond Sales Reach Record $147 Billion in April - (www.bloomberg.com)

Ethanol vs. food debate growing - (www.chicagotribune.com)
Exxon Profit Rises Less Than Estimated on Output Drop - (www.bloomberg.com)
Rising costs reshaping air travel across the USA - (www.usatoday.com)
Starbucks to slash U.S. store openings through 2011 - (www.reuters.com)


For Europe’s Middle-Class, Stagnant Wages Stunt Lifestyle - (www.nytimes.com)
China's Manufacturing Index Expands at Fastest Pace on Record - (www.bloomberg.com)
Gulf States May End Dollar Pegs, Kuwait Minister Says - (www.bloomberg.com)
Shortage of Laborers Plagues India - (online.wsj.com)
Alberta home prices sliding - (www.thestar.com)
5 Asian Nations Are Weighing a Rice Cartel - (www.nytimes.com)
Three Chinese banks in world's top four - (news.yahoo.com)
U.K. Factory-Price Index Increases Most Since 1999 - (www.bloomberg.com)

The Big Easy - (online.wsj.com)
Fed is runnning out of room to help the economy - (www.nypost.com)
Fed Has Bought Enough Anti-Recession Insurance: John M. Berry - (www.bloomberg.com)
ECB Sketches a Line in Currency Sands at $1.60: Mark Gilbert - (www.bloomberg.com)