Telegraph.Co.Uk - "Barclays warns of a financial storm as Federal Reserve's credibility crumbles" (6-28-08)

"Barclays Capital has advised clients to batten down the hatches for a worldwide financial storm, warning that the US Federal Reserve has allowed the inflation genie out of the bottle and let its credibility fall 'below zero'."

The Market Oracle - "US House Prices Forecast 2008-2010" (6-29-08)

"US House prices continued to plunge for April 08 data, reaching an extreme low reading of down 16.3% on a year earlier as measured by the S&P/ Case-Shiller Composite-10 and down more than 19% from the mid 2006 peak. The rate of decline is the worst since the Great Depression and signals further distress in the real estate linked credit markets and therefore a continuing drag on the US economy in the face of the continuing deleveraging of the mortgage backed derivatives markets. "

The New York Times - "As Housing Bill Evolves, Crisis Grows Deeper" (6-29-08)

"More than three million borrowers are in distress, and analysts are forecasting a couple of million more will fall behind on their payments in the coming year as home prices fall further and the economy weakens."

Orange County Register - "Gov. Arnold says Calif. will ‘grow out’ of housing ills by ‘09" (6-29-08)

"GOV. SCHWARZENEGGER: Well, no, I think that, you know, there were big mistakes made by borrowers and there were big mistakes made by lenders. And I think that everyone was on such a roll and the real estate market always, every year, went up and up and up, and so people started speculating. And, of course, what happened was the housing market was like the dot-com bubble, it was a housing bubble, and it finally — the whole thing collapsed. And now we have to just wait until we grow our way out of this situation. And I think that by next year we will grow out of it."