Tuesday morning links

TOP STORIES
• Madoff Is Sentenced to 150 Years for Ponzi Scheme - NY Times
• Rhetoric reigns as California IOU deadline nears - Sacramento Bee
• Cash Best as Record Correlation Hints Herd Collapse - Bloomberg
• GM cuts Toyota ties in US joint venture - CNN/Money
• As Iraq Stabilizes, China Eyes Its Oil Fields - Times
• Michigan to California: Send us your prisoners - CNN/Money
• California faces its moment of truth - Reuters
• The Chinese Are Just Like Us - The Atlantic

MARKETS/INVESTING
• Oil up to near $72 on dollar fall, Nigeria attack - AP
• Gold Climbs Over $940, Heading for Third Quarterly Gain - Bloomberg
• US Gold Reserve: Cash4Gold's offer price $240 bn - Commodity Online
• Asian Stocks Extend Quarterly Gain on Commodities - Bloomberg
• The Senate Report - Butler, Investment Rarities
• “GaveKal” - Saut, Raymond James

ECONOMY
• ‘Green Shoots’ Take Over the Lexicon, If Not U.S. - Bloomberg
• Inflationary Pressures Are A Legitimate Concern - Technical Take
• Economy prompts Salvation Army’s first summer fundraiser - Bizjournals
• Wage Deflation in our Midst - Pragamatic Capitalist
• Does USA 2009 = Argentina 2001? - iTulip

INTERNATIONAL
• British Economy Suffers Worst Drop in 50 Years - NY Times
• China’s present growth story is built on malinvestment - Credit Writedowns
• China's banks are an accident waiting to happen to every one of us - Telegraph
• AIG Discloses New Risk on Derivatives Sold to European Banks - Bloomberg
• Young Japanese Raise Their Voices Over Economy - NY Times
• Norway Swapping Government Debt For Mortgages - zero Hedge
• China makes surprise fuel-price hike - MarketWatch
• Japan jobless rate hits five-year high in May - MarketWatch

HOUSING
• The U.S. housing market's 800 lb gorilla - Examiner.com
• Housing Data: The Slow Healing Process Begins - Seeking Alpha
• California legislation aims to revive housing market - SmartBrief
• Caveat Mortgagor - New Yorker

FED/TREASURY/BANKING
• Ruling Adds Teeth to State Oversight of Banks - Wash. Post
• Fed’s Rosengren Says Regulator Should Oversee Capital - Bloomberg
• Federal Reserve past due for an audit - Albany Herald
• Fed Buys More Time for Purchases With Schedule Changes - Bloomberg

INTERESTING
• Billy Mays: An industry loses its voice - CNN/Money
• RUTH-LESS LANDLORDS SLAM DOOR - NY Post
• Steve Jobs' return to Apple different this time - MarketWatch
• The Man in the Mirror - Kunstler, CFN

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