The annual 2009 US Government Deficit is reported to be 1.42 Trillion Dollars.

What is $1.42 trillion? It’s more than the total national debt for the first 200 years of the Republic, more than the entire economy of India, almost as much as Canada’s, and more than $4,700 for every man, woman and child in the United States.

It’s the federal budget deficit for 2009, more than three times the most red ink ever amassed in a single year. (more…)

by Bill Bonner
London, England

We have spent the last few days holding back tears…

Michael Jackson! Robert MacNamara!

And now our heart goes out to Nantucket Island. Word came this morning that
the rich are not living it up like they used to. The New York Times reports
that it’s the slowest summer on Nantucket locals have ever seen. There are
over 600 properties for sale – and none of them are selling. Even at discounts
of up to a third off! Restaurants and bars are offering discounts too – anything
to lure in the customers. (more…)