Six examples of a continued contraction in the economy; i.e., more deflation on the way:
1. Houston is bankrupt and so is California and Oregon.
2. Is there anymore taxpayer money for more bailouts? GMAC Financial Services Inc. is asking for a $2.8 billion lifeline.
3. Nation's largest commercial-real-estate lender filed for bankruptcy protection in Delaware. Who? Capmark Financial Group Inc., owned by Goldman Sachs Group Inc. and KKR & Co.
4. People are mad. First, at banks, as shown during the Showdown in Chigago where "Thousands of people gathered in Chicago today in front of the American Bankers Association annual convention to protest what they consider to be the group's long history of resistance to financial reform."
Second, at banks again, as shown by Ann Minch who in a YouTube video, that has had 41,804 views, asked Chase Bank "Are you stupid?" after it raised the interest rate on her credit card to 21.24 percent.
And third, at loan-modification agents, who were beaten and tortured by an angry couple in Los Angeles.
5. The Federal Reserve Bank of Atlanta makes a case for a jobless recovery, which we think is hopeful given that there may not be a recovery.
6. To conclude, consider Detroit's housing catastrophe. "After five hours of calling out a drumbeat of "no bid" for properties listed in an auction book as thick as a city phone directory, the energy of the county auctioneer began to flag. "OK," he said. "We only have 300 more pages to go."
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