Weekly news sum up.

I was thinking perhaps a sum up of events for the week that caught my eye. Unfortunately there are many and none of them positive.

-So far tonight 2 banks and 2 Credit Unions were shut down.

-US GDP was revised up, but the move was all due to inventory reshuffling..sales actually declined.

A closer look at the economy’s 5.9% growth rate in Q4 reveals that two temporary factors, inventories and stimulus, accounted for at least 80% — perhaps over 100% — of that growth.

-Unemployment continued to rise, though the not seasonally adjusted weekly declined...long term is still nasty.
-New and prior owned home sales declined again.

Urban meltdown as Detroit Mayor wants to move residents to consolidate the population and shut down sections of the city.

From Business Insider: The Radar: 10 Brewing Stories You Must Start Paying Attention To

1.Failed Turkey Coup Re-Ignites Doubts Over European Union Membership
2.Falklands Flare Up Has UK And Argentina Back In Conflict
3.Austrian Banks (in trouble)
4.A New War In Kurdistan?
5.John McCain's primary campaign for the soul of the Republican party.
6.China Continues To Tighten As World's Dominant Economic Power Dictates Play
7.Shipping Set To Return To High Amounts Due To Belief In Sustained Global Rebound
8.Health Care Takes Center Stage Again As Obama Continues To Draw Down On Waning Political Capital
9.British Pound Under Threat As New Doubts Emerge Over Country's Ability To Counter Debt
10.Greece Continues To Teeter On The Brink As Bailout Fails To Materialize
Bonus: The Bloom Box (This....if true...will end US dependence on foreign energy...and probably topple a few energy companies).