Decapitation thru Cap & Trade – by John Dalt – The house is working on “cap and trade”, ready to ram it through by the end of the week.  The proponents have written a bill that does not have many teeth in it, until after the CBO cost scoring expires.  CBO estimates a low cost in 2020, the costs escalate after that date! – Galt Stock Research

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Stimulus Lifts Government Transfers – by Donald Marron – A few weeks ago, I posted some charts showing that Americans are increasingly reliant on government transfers as a source of income. Friday’s data on personal income for May confirmed that the trend is continuing.  Government transfers made up a record 18% of personal income in May …

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Pimco’s El-Erian Says Federal Reserve Unlikely to Raise Rates - By Sree Vidya Bhaktavatsalam and Pimm Fox – Bloomberg 
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Barry Ritholtz: Fix what’s broken – Posted by Prieur du Plessis – An excellent interview by Kate Welling with Barry Ritholtz, author of the must-read “Bailout Nation, How Greed and Easy Money Corrupted Wall Street and Shook the World Economy” and editor of The Big Picture blog, has just been published in the welling@weeden series. – Investment Postcards from Cape Town

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PPT Hiring Mortgage Quant – Posted by Tyler Durden – After throwing $1 trillion at the mortgage problem, the president’s working group realized that it needed someone who actually knew what the problem was, so it hired TREPP a few weeks ago. Now that they actually have a cash flow modeling system, the gentle souls with the invisible hands have expanded their hiring efforts, and the latest talent sought by the New York Fed is that of an MBS Quant. – Zero Hedge