Friday morning links

TOP STORIES
The Economy? Words Fail Me. - Washington Post
Gas prices hit another high for holiday weekend - AP
European banks need to raise up to $141 billion: Goldman - Reuters
Chinese agree to iron ore price hikes up to 96.5% - AP
Spain, Ireland `Thrown to the Wolves' After ECB Move - Bloomberg

MARKETS
Oil steady above $145 in Asia on Saudi declaration - AP
Gold bounces on bargain hunting, record oil helps - Reuters

ECONOMY
Kimmitt confident in U.S. economic fundamentals - Reuters
'If there's no recession, someone forgot to tell the labour market' - Globe & Mail

HOUSING
Housing market seen getting worse - Reuters
Analyst sees 'ghost town' in Inland Empire - LA Land
The rate of option ARM delinquencies is already spiking - BusinessWeek

FED/TREASURY
Weak dollar is global concern: EU's Barroso - Reuters
Eyes On Bernanke As Second Half Gets Into Gear - Forbes

INTERNATIONAL
Britain is edging closer to recession, economists warn - Telegraph UK
G-8 leaders face ominous economic woes this year - AP
Fresh record for Indian inflation - BBC

INTERESTING
Fund Manager Turned Fugitive Is Sent to Prison - NY Times
Gasoline seller MyGallons.com gets 'F' from Better Business Bureau - LA Times