Readings...

Bear Market Phases
from Mish's Global Economic Trend Analysis by Michael Shedlock
http://feeds.feedburner.com/~r/MishsGlobalEconomicTrendAnalysis/~3/345448011/bear-market-phases.html

Ten Bear Market Phases
1. A huge buy the dip mentality sets in during the initial decline. Most party goes cannot fathom that party has ended.
2. Moderate concern sets in when buy the dip stops working.
3. Initial panic.
4. Numerous bottom calls are made, all wrong.
5. Search for the guilty.
6. Punishment of the innocent.
7. More panic.
8. Lawsuits fly.
9. Regulatory power is given to those most responsible for spiking the punch bowl.
10. Congress gets in the act and makes things worse

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Ridiculous Lawsuits Fly At Taxpayer Expense
from Mish's Global Economic Trend Analysis by Michael Shedlock
http://feeds.feedburner.com/~r/MishsGlobalEconomicTrendAnalysis/~3/344971717/ridiculous-lawsuits-fly-at-taxpayer.html

San Diego sues Bank of America to halt foreclosures
Los Angeles Sues MBIA, Ambac, Others Over Bond Insurance

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Unsecured Creditors Pulling Funds from Washington Mutual
from Jesse's Café Américain by Jesse
http://jessescrossroadscafe.blogspot.com/2008/07/unsecured-creditors-pulling-funds-from.html

Fitch Projects A Further 25% Decline in US Home Prices
from Jesse's Café Américain by Jesse
http://jessescrossroadscafe.blogspot.com/2008/07/fitch-projects-further-25-decline-in-us.html
...and...
same
from Calculated Risk by CalculatedRisk
http://feeds.feedburner.com/~r/CalculatedRisk/~3/345095506/fitch-projects-additional-25-percent.html

Freddie Mac: Mortgage Rates Rise Sharply
from Calculated Risk by CalculatedRisk
http://feeds.feedburner.com/~r/CalculatedRisk/~3/344729016/freddie-mac-mortgage-rates-rise-sharply.html

2.2 million vacant homes for sale
from Calculated Risk by CalculatedRisk
http://feeds.feedburner.com/~r/CalculatedRisk/~3/345363963/22-million-vacant-homes-for-sale.html