The New York Times - "This Is the Sound of a Bubble Bursting" (12-23-07)

"Waiting, scrimping, taking stock: This is the vernacular of the moment for a nation reckoning with the leftovers of a real estate boom gone sour. From the dense suburbs of northern Virginia to communities arrayed across former farmland in California, these are the days of pullback: with real estate values falling, local governments are cutting services, eliminating staff and shelving projects."

Daily News - "Trim tax loopholes, legislative analyst urges" (12-23-07)

"California faces an estimated $14 billion budget deficit, but the state's independent fiscal watchdog has an answer - trim some of the tax loopholes that total $50 billion. Simple idea. Difficult to make happen. That's because each of the hundreds of tax breaks are important to some interest group, political analysts said, and a few of those loopholes are perceived almost as a constitutional right."

Financial Armageddon - "Will they Call them 'Bushvilles'?" (12-23-07)

"Nationally, foreclosures are at an all-time high. Filings are up nearly 100 percent from a year ago, according to the data firm RealtyTrac. Officials say that as many as half a million people could lose their homes as adjustable mortgage rates rise over the next two years. California ranks second in the nation for foreclosure filings -- one per 88 households last quarter. Within California, San Bernardino county in the Inland Empire is worse -- one filing for every 43 households, according to RealtyTrac."

Yahoo - "Unpaid credit cards bedevil Americans" (12-23-07)

"Americans are falling behind on their credit card payments at an alarming rate, sending delinquencies and defaults surging by double-digit percentages in the last year and prompting warnings of worse to come."